It was only a matter of time before other banks started offering incentives to homeowners to sell their home as a short sale. Chase Bank started the trend and now Bank of America (BOA) has started offering Florida homeowners who are underwater anywhere between $5,000-$20,000.00. Even better HAFA is offering $3,000 towards moving expenses.
Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale. An additional benefit for these pre-offer programs – such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America’s proprietary program – is that deficiency may be waived for the homeowner.
Eligibility:
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Homeowners with property in Florida
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Short sales initiated without an offer between September 26 and November 30
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The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
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Successful closing of the eligible short sale by August 31, 2012
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Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance
What’s the next step? You must put your home on the market with a Realtor. To find out more about the Short Sale Relocation Assistance program, you may contact one our our Short Sale Experts at Prudential Tropical Realty. We cover Tampa, St. Petersburg and Clearwater areas.
See also: BOA Deadline For Short Sale Incentive Approaching Soon
Prudential Tropical Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Hey BOA, I’ll save you 20k. Reduce my principle to short sale value and current interest rates and I’ll start paying again. No 20k, Realtor, title work or anything. Just write a new loan and we’ll close before values sink any further. Well…… Bet they don’t take me up. They WANT to put me out and give my home away, don’t you BOA!!
Phil, I agree. From a business standpoint none of this makes any sense! More people are going to stop making their mortgage payments knowing they can cash out and walk-away from their home with no deficiency. If you have stopped making your payments, which it sounds like that’s the case, I would call them and try to negotiate something.