Bank of America has just announced a new pilot program in Florida to test whether extra monetary incentives will be enough to get troubled homeowners to agree to and successfully close short sales. The incentives will range from $5,000 to $20,000 and are only offered on investor-approved, pre-offer short sales. In order to be eligible for the short sale program, the short sale must be initiated between September 26 and November 30, 2011 and be completed prior to August 31, 2012.
A Bank of America spokesman stated that the bank chose Florida because the state is experiencing higher than average foreclosure rates and is a "viable market to gauge incremental short sale response and completion rates when presenting homeowners with relocation assistance at closing." This is not the first time Bank of America has offered incentives for completed short sales but it is the first time the mortgage giant has offered incentives this large.
Homeowners eligible for the "Test-and-Learn" program will receive a solicitation letter directly from Bank of America or may call the bank directly at 877-459-2852 to determine their eligibility. A Bank of America spokesman has stated that if the pilot program is deemed a success, it may be spread to other parts of the country.
If you are facing a Florida Foreclosure Lawsuit and have been denied the opportunity to short sale your home, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to determine what foreclosure alternatives may be available to you.
