BANK OF AMERICA MORTGAGE TO LEASE SHORT SALE PROGRAM FOR Wildomar HOMEOWNERS
Based on specific criteria homeowners will receive a solicitation from Bank of America through a third party company Carrington Property Services, Inc. Because these select homeowners have already met certain requirements and the files have been reviewed upfront, Bank of America may be able to better assist qualified homeowners with the short sale process.The program, in a nutshell, is as follows: Subject to an acceptable purchase price and terms, the program conditions the short sale upon a buyer’s willingness to enter into a long term lease agreement (up to three years) with the seller. This agreement, would out of necessity, limit the likely buyer pool to investors who are willing to purchase the property subject to a three year lease agreement, with a set first year rental rate. Homeowners, selling their property under this arrangement would be able to stay in their homes, avoid foreclosure and perhaps build their credit sooner than they may have done otherwise as they would be building a track record as a renter.
Letters of solicitation are being mailed to homeowners now, please call us if you have any questions on your options about a SHORT SALE please call Odalys Simon 951-440-6029