Bank of America Short sale facility is for those who are unable to repay their home loan and in fact cannot afford the home mortgages, thus resulting in selling off of the property on short notice and coming out of the debt to your home lender bank. The Bank of America short sale tips help borrowers to come out of their existing home loans, and also helps in assistance with the relocation funds so that the home owners can find a suitable place to live within their budget.
The main aim of the bank here is if the home you own is lesser than the amount of mortgage you have with the Bank of America thus selling the property will give a certain amount the bank can take and nullify your loan. Here the bank agrees to clear off the mortgage even if the money got by selling is lesser than the loan amount, thus stating that the bank will repay the excess remaining amount. In short sale you sell the property even though the amount of loan remaining to be repaid is larger. This step is to avoid the decision of foreclosure of your home loan as with this you lose the property to the bank you owe. You sell and settle the amount for lesser than you owe.
Short sales are considered when the property or home you have taken on home loan suddenly shows drop in rates. Thus reducing the total value of your home, and it may be such that the total value of your home may be lower that the amount of repayment remaining with the Bank of America. Also in cases of job loss or sudden death of a spouse such short sales are a simple way out for the home loan borrowers.
Here the situation is a win win one for the borrowers if they cannot afford the mortgage repayments they can with the help of short sale facility sell the home and the Bank of America also offers relocation funds to eligible borrowers.
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