Bank of America has joined the Transition Assistance Program (TAP) of Keep Your Home California. Homeowners can get as much as $5,000 if their mortgage servicer agrees to a short sale or deed-in-lieu of foreclosure. The money allows families to relocate and set up a new home.
The TAP program is a federally-funded program developed to provide eligible homeowners with transition assistance when it is determined that they can no longer afford their home. Homeowners will be required to occupy and maintain the property until the home is sold or returned to the lender as negotiated.
Homeowners must qualify as a low-to-moderate income household. In Santa Clara County the Income Limit is currently $124,300.
The current unpaid principal balance of the first lien mortgage loan cannot be greater than $729,750. The property cannot be abandoned, vacant or condemned. The applicant must own and occupy the single family home, 1-4 units located in California and must be their primary residence.
Homeowners in “active” bankruptcy are ineligible for this program. Homeowners who have previously filed bankruptcy are eligible for consideration with proof of court order “Dismissal” or “Discharge”