Apparently, Bank of America is enhancing its offerings to exceed federal HAFA guidelines, which currently suggest a $3000 relocation incentive to the short sale seller, and its own Co-op Program, which pays less. They are only offering the incentive to eligible Florida sellers before they get a contract at this time, but hint at future program changes
Some loans don't qualify for the program - VA Compromise Sales, Ginnie Mae, FHA and USDA, lot loans and others. If you own a property in Destin, Sandestin, Santa Rosa Beach or surrounding towns, have a Bank of America mortgage and need to short sale, the time may be now. So get a Destin short sale agent on your side, and maybe get some cash. The deadline is November 30.
Florida Enhanced Short Sale Relo Assistance
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
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Comments
Wendy, you are correct, it is a self serving idea for Bank of America. Cooperative homeowners who are getting some cash will keep the home in good condition, leave it clean and they won't steal every single fixture and cabinet out of the home. I list REO and you would be shocked at how many times I have paid a contractor tens of thousands of dollars to fix a $100,000 home just to make it marketable.
Tara - I think the banks are trying to save money for themselves in the end. A homeowner who allows a foreclosure, instead of a short sale, will typically cost the lender $50,000. So if they give them a credit to do the short sale instead, they are preventing the foreclosure. I agree, some of the programs, especially the proposed reduction of principal ideas, seem to penalize good payers.
I have read this on many sites and to be honest, it is just a ridiculous idea! How about we reward home owners who keep making payments on homes that are underwater? Or how about home owners who are paying 6%-7% because they can't refinance their current mortgage....but they keep plugging away?