Bank of America Short Sale Programs for South Florida Homeowners
Bank of America has come into the aid of distressed home owners in South Florida and other areas of Miami and Broward County where people are opting for the short sale option. BoA has initiated short sale programs that are making it easy for homeowners faced with the risk of losing their homes to foreclosures. The most interesting part of the program is that the bank is offering $30,000 as relocation money to all potential short sale clients. In other words, BoA is willing to pay borrowers between $5,000 and $30,000 for moving expenses in order to incentivize them into finalizing a short sale. The amount given is calculated based on the value of the house and the mortgage balance. The best part is that Florida home owners that missed the initial trial period can still register.
Although the test run on the short sale program was well subscribed, many homeowners were still unsure of whether they should further hold on to their homes with the hope of somehow raising enough money to pay the remaining balance on their mortgage despite the threat of losing their home to a foreclosure. The bank has been targeting these home owners and signed about 20,000 short sales in the trial phase, giving amounts between $5,000 and $20,000 to these homeowners. Moreover, they also provided additional amounts in form of waiving the difference between the unpaid mortgage and amount of the short sale, thus allowing the homeowners on the program to reduce the amounts they are owing to the banks. The bank is also making it possible to access this program even when there is a short period of at least 20 days before a foreclosure. The idea of losing a home is quite destabilizing emotionally and it takes time to accept the short sale exit option, and therefore this 20 day window comes in handy.
Although the Bank of America program is popular in South Florida cities, such as Miami, Miami Beach, Pembroke Pines, Miramar, Hollywood, and Fort Lauderdale, the program is not limited to these cities. BoA has extended the program throughout the state of Florida, where the housing crisis has hit hard. In Miami-Dade and Broward County, many homeowners have taken the incentive seriously and have wisely been signing up.
If you are interested in taking advantage of the Bank of America short sale program or in learning what short sale program your bank may be offering, make sure to contact us for a free consultation.