Bank of America offering $20,000 to Florida homeowners
Bank of America, the nations' largest mortgage servicer has just announced a new program that offers up to $20,000 to Florida homeowners who short sale their homes.
While the program has several requirements, it could be a windfall for homeowners who are behind on their mortgage payments and are willing to avoid foreclosure.
To be eligible for the program homeowners must:
* Submit a purchase agreement from a buyer to Bank of America by November 30, 2011 and
close the transaction before August 31, 2012.
* The home must have a Bank of America first mortgage.
* There cannot be a previous or existing offer on the home.
For further information, homeowners are advised to contact Bank of America at 877-459-2852.
Homeowners may also contact Guarantee Title at 561-296-0904 or Rent 1 Sale 1 Realty at
877-471-7620 for assistance contacting Bank of America or if you would like to know what your lender is offering.
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We have talked about this on our blog and were also offered this for one of our clients. The bank was stating that they would be willing to offer the borrower around $10,000 to do a short sale. Foreclosure is clearly not the direction the banks want to go in today's market.