Attention: Wellington Homeowners in Foreclosure or behind on your payments.

 If your loan is being serviced by Bank of America- the nations largest mortage servicer- you may just happen to qualify to get up to $20,000 to do a short sale instead of waiting for the day you lose your home to foreclosure. 

You must have your short sale submitted before November 30, 2011 in order to qualify for minimum payout of $5000 and up to $20,000. You get the $20,000 or less at a successful closing of your short sale which also means you will need to move out of your home. 

Your home will need to get listed with a real estate agent or broker who knows how to negotiate short sales. You also have to submit your request to do a short sale without an offer.

Your closing date has to be before August 31, 2012 in order to qualify. There are pros and cons to submitting a short sale package without the offer. The biggest negative to this method is that in many of the cases where you start the short sale process prior to an offer, the bank gets a bad appraisal and asks us to list the house way above what it would ever sell for. 

But it may just be worth the gamble for a $20,000 check in your hand at closing. 

Why would the Bank of America do this? Because the foreclosures here in Florida are taking an average of 676 days to finish. There are two, three, four years before there is any resolve to many foreclosure cases. 

The other reason the banks are offering this incentive is to help encourage you not to steal all the appliances and trash the house. If you accept the offer you also must promise to keep your home clean and in good shape and in tact. 

This program is being tested in Florida by Bank Of America. If it works well here in Wellington and the rest of Florida they will consider offering this program in some other states. 

If you have a Ginnie Mae, VA or FHA loan that is being serviced by Bank Of America you will not be able to get this incentive as those do not qualify for the program. 

The best part about the Bank Of America Florida incentive program is that most of the time they are also going to waive any deficiency against you. Remember that all deficiency waivers come with one exception- if they believe you committed fraud, they can rescind on the deficiency waiver. 

If you have a home in Wellington Florida or anywhere else in Florida and you are in the foreclosure process call us today to see if you may qualify for one of these cash pay out programs for doing a short sale at 561-753-0135. There is no cost and we are not attorneys and not giving legal advice. You call is totally confidential. 

 

3 Responses to Bank Of America Offers Wellington Homeowners $20,000 For You To Do A Short Sale

  1. The foreclosure process is never pretty, no one wants to lose their home to foreclosure. Its a good thing Bank of America has this incentive program. This way distressed home owners can just opt to short sell their homes and get a little bit of financial support from the bank.

    Thanks for sharing this, Katerina, and the whole team of Wellington Short Sale Agents.

    Petra Norris
    Lakeland Fl Short Sale Agents

  2. It appears that Bank of America has come forward with an alternative to foreclosure, but as stated in your post..Homeowners will need to list with an experienced short sale agent.

    Thanks Wellington Short Sale Agents for posting this new program.

    Jimmy Williams
    Eustis Short Sale Agents

  3. It is interesting that the request for short sale needs to be submitted without an offer to receive this money…hopefully this process moves the short sales along and encourages people underwater to seek alternatives to foreclosure. When FL homeowners have the Wellington short sale agents to assist them with their knowledge here and experience in the short sale process, call them now and get your home sold by experienced short sale agents.
    Ginny Lacey Gorman
    Phillips Post Road Realty

    North Kingstown short sale agents

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