This morning I received an email from Bank of America that there is still Transition Assistance for Distressed Homeowners in California. Not all homeowners will qualify, but for those who do, it can be a real blessing. Here’s the email:
Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (TAP).
If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.
The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.
The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:
- Apply for the funds through their state’s website or by calling 1.888.954.5337.
- Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.
For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.
To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit that program’s website at keepyourhomecalifornia.org. You can also direct your clients to call 1.888.954.5337 and identify themselves as Bank of America customers.
“Transition Assistance” is another way of saying “cash for keys”, which is what the bank will give you to get you out of your house more quickly than if they had to evict you. It can make a real difference for owners who need to move and do a short sale, but lack adequate funds to do so. If you are considering a short sale, please check into our resources section and get our Short Sale Guidebook.