The housing collapse left many homeowners owing more than their homes were worth, often leading them to default on their mortgages. As an alternative, Bank of America has announced that it will offer more relocation aid to certain people hoping to sell their home and move into a new one, according to Reuters.
After inheriting a large number of bad loans when it bought Countrywide Financial in 2008, the bank is searching for ways to help homeowners avoid foreclosure, the news source stated. In this latest effort, the bank has said it will offer payments ranging between $2,500 and $30,000 to homeowners looking to relocate - whether they will be moving out of state or across town.
If homeowners intend to receive such assistance from Bank of America, they must negotiate with the bank to reach an approved sales price lower than the amount owed on the mortgage. These "short sales" can allow homeowners to get out of underwater mortgages, hopefully to a better, more manageable mortgage for a new home.
When relocating - due to an underwater mortgage or simply for a change of scenery - using a household moving company can help ease the transition and allow more time for dealing with the complexities of home sales.