Bank of America continues its trend of being all over real estate news as of late by offering new cash incentives for distressed homeowners whom decide to utilize short sales in lieu of foreclosing.
If this sounds familiar, it’s because this is a nationwide extension of the program they tried out here in Florida last fall.
The new incentives extend beyond the original plan offered in Florida, with up to $30,000 in relocation funds available. The exact amount of money offered will be based on the value of the home and mortgage total.
Eligible homeowners must begin the short sale process by the end of the year and the sale must close by September 26, 2013. Florida homeowners who did not participate in the original program may apply for this new offer.
The total amount of foreclosures in Metro Orlando fell by nine percent in April. This sharp shift is being attributed to the large amount of potential foreclosures being averted through the short sale process.
Bank of America’s motivation to expedite short sales over looming foreclosures could be a golden opportunity to many homeowners who have found themselves underwater as a result of markets shifts. If you or someone you know could benefit from the Bank of America’s offer, don’t hesitate to talk to a short sale expert that can help you through the process.