Cooperative Short Sale
Call us
800 669 6650
800 669 6650 Mon-Fri 8 a.m. - 8 p.m. EasternHelp is available in English,
Spanish and many other languages
Is a Cooperative Short Sale right for you?
If you were evaluated for a loan modification and did not qualify or were unable to complete the modification trial and are looking to settle your home loan debt to prevent foreclosure, this may be right for you. Plus, you may qualify for assistance with relocation costs.
Eligibility
You may be eligible if:
- Your loan is owned by Bank of America or other participating investors
- You owe more on your house than its current value
- You're experiencing financial hardship such as reduced income, medical expenses or divorce
- You're unable to modify your current home loan, or don't wish to remain in your house due to other circumstances, such as a job relocation
What if I'm not eligible or get declined?
It may be possible to sell your house through a traditional short sale. If that's not an option, you may talk with your Customer Relationship Manager about a deed in lieu of foreclosure. This allows you to transfer the title or ownership to the servicer of your home loan.
Call us
800 669 6650
800 669 6650 Monday - Friday 8 a.m. - 8 p.m. EasternHelp is available in English, Spanish and many other languages
1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify. The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If you do not comply with all terms and conditions of the program, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.