BREAKING NEWS - SHORT SALE YOUR HOME AND GET PAID UP TO $20,000 BY YOUR LENDER! We have just learned that Bank of America is offering Florida homeowners as much as $20,000 to short sale their homes rather than allowing them linger in foreclosure. This limited time offer hasn't received very much promotion from Bank of America, but they sent emails to select Florida Realtors earlier this week outlining basic details of the plan. We have not seen the details yet but want to make our readers aware of the opportunity now! To qualify, the short sales must be submitted for approval to Bank of America before Nov. 30. The homes must have no offers on them already and the sale must close before Aug. 31, 2012. According to the information we received, the plan, which has a minimum payout amount of $5,000, is a genuine incentive to Florida homeowners who may otherwise be facing foreclosure. The thought process behind the offer is to provide a sort of bribe incentive encouraging the borrower to leave the house in good condition. All too many homes that have fallen into foreclosure have been neglected by the homeowners or even deliberately damaged in some cases. This move is a preventive measure which will hopefully save the bank thousands of dollars in losses due to damage and/or neglect when the property is left vacant for many months or years prior to selling. Perhaps this is a sign that banks are finally beginning to realize that there is no advantage to them by not working with the struggling homeowner. It is much better for the banks to accept the fact that there is just nothing these distressed homeowners can do to prevent the inevitable due to job losses or other unfortunate circumstances brought on by the horrible economy we've all had to endure. A spokesman for Bank of America said the program is being tested in Florida, and if successful, could be expanded to other states. Wells Fargo and J.P. Morgan Chase apparently also have similar short sale programs although we have no additional details on them at this time either. From what we understand, the Wells Fargo short sale incentive is only good on first lien loans that it owns, which is about 20 percent of its total portfolio. Also, you need to know that Bank of America’s plan excludes Ginnie Mae, Federal Housing Administration and VA loans. Similar to the federal Home Affordable Foreclosure Alternatives program, or HAFA, which offers $3,000 in relocation assistance, the Bank of America program may also waive a homeowner’s deficiency judgment at closing. Remember, we are here to assist you with your short sale and our close working relationship with a local real estate attorney provides opportunity for you to receive a free legal consult prior to making any decisions. Contact us for more information on this or any other real estate related questions.
ABOUT THE BLOG OWNER
TIMOTHY H. FENNELL, PA
Tim Fennell is a Florida licensed Real Estate Broker with The Legends of Real Estate, REALTORS® in Jacksonville, Florida.
His strong background in business development, real estate investments, counseling and marketing greatly enhance his skills as a Listing and Internet Marketing Specialist.
Tim and his wife, Susan, have over 30 years experience in Jacksonville Real Estate sales, marketing and investing. Both are Accredited Consultants in Real Estate (ACRE®). When you're ready to be consulted with, rather than sold to, give Tim and Susan Fennell a call.