I have a client who got relocated for work, can he do a new purchase AND a short sale on his current home?

I have a client who just got a job transfer and has to move.  He is financed through B of A(was Countrywide) and has excelent credit.  He is not behind on payments at all, but he is upside down in his current home.  He would love to purchase a new home where his new job is.   Does Bank of America offer a program that would allow him to short sell his current home, while at the same time, purchase a new home, as long as he finances through Bank of America?  My client said a friend of his did this exact same thing with a different bank, and I have heard of it, but I don't really know much about it.   Does anybody out there know or have some insight?   I would appreciate any info!!   Thanks.

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I didnt know there was a "program" but "job relocation" qualifies as a hardship with most banks. You never know with BofA.
Hopefully he doesn't have assets enough to make up the difference for the short sale. I would get it on the market, get an offer, submit it as a short sale with his hardship being relocated and hope for the best. I would say he should not buy another house till the short closes. just my opinion.
I agree with Mori, job relocation is a hardship with BofA. Logic would say that it would be easier to purchase a home before going thru with the short sale.
Hey Eric, I saw your post and figured I would reply to this rather than create my own. I have a client that relocated from Ohio down to Texas due to her inability to find a job in her profession. She appears to be a wonderful candidate for a short sale as her dti is now well over 100%, she has zero money in the bank and actually has nsf fees on her bank statement. Anyway I am telling you all of this because BofA actually just declined our short sale soley because she is not behind on her mortgage. Although I explained to them that she is making mortgage payments by taking cash advances on credit cards at this point. They didn't care. They said they simply won't review a short sale unless the owner is behind on payments. So that should answer your question unless someone can give me additional insight on how to get around this.



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