Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

A couple of weeks ago, Bank of America announced a short sale incentive program. This program will provide up to $20,000 to qualified sellers. They haven’t specified exact criteria, other than restrictions apply, and each case may be different. Nevertheless, this is what I know about the program.

• Payouts range from $5,000 to $20,000 and is based on the unpaid balance of the mortgage as of August 2011. Homeowners might be able to receive 5% of the unpaid balance. For example, if you owe $200,000, the payout would be $10,000. It is not based on the sale price. It is based on what you owe.
• The program is not limited to delinquent borrowers. Even if you have a good payment history and want to sell your home, you may be able to qualify.
• Bank of America may also consider waiving the deficiency judgment (the difference between what is owed and the sale price of the house).
• To see if you qualify, contact Bank of America if you haven’t already received a letter in the mail from Bank of America.
• Time may be running out. If you do qualify, you must have your home listed by November 30 and the transaction must close by August 31, 2012.
• Right now, this is a test program for Florida homeowners only. If the bank is successful in reducing their costs and getting bad mortgages off their books, it will be rolled out to other parts of the country.

If you or someone you know can take advantage of this program, please contact me in order to get your home listed by November 30. To get more information from Bank of America, you can call them at 877-459-2852.