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Follow on Google News | Bank of America To Pay $30,000 To Underwater Home OwnersBank of America has announced that they will pay up to $30,000 to underwater homeowners if they will choose to short sale their home and not let it go into Foreclosure. This includes Investors!
By: The Sold Home Solutions Group at Keller Williams Under the plan, Bank of America will offer homeowners so-called relocation payments of between $2,500 and $30,000 if they sell their home in a short sale. In short sale deals, the sale price of the home is less than what the seller owes the bank. The bank first tested the payments in a pilot program in Florida last fall. Under that initiative, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales. "This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home," said Bob Hora, an executive for the bank. Short sale make up 1-in-4 homes sold Chase started a similar initiative in late 2010 that pays as much as $35,000 to short sellers. Wells Fargo has also paid five-figure incentives to short sellers or to owners who turned over their deeds to the bank. BofA said it has completed 200,000 short sales over the past two years. These sales are generally more cost effective for banks than foreclosures. By avoiding foreclosure, the lenders get distressed properties back from delinquent borrowers more quickly, which helps them to avoid property tax payments, maintenance expenses and legal fees that can build up for months, even years, as foreclosures work through the system. For more info, call us today at 407-617-7808 or go to: http://markalanadams.com/ We are the Premiere Short Sale Team in Central Florida. We specialize in gettting homes sold in which the owner owes more than the home is worth, without the owner bringing funds to the table. Building a business is all about doing something to be proud of, bringing talented people together and creating something that’s going to make a real difference to other people’s lives. One philosophy that separates us from the rest is that we don't focus on profit but rather on customer satisfaction and the end result of a "SOLD" sign in your front yard. It's that type of thinking and "mindset" that puts us at the top of our industry. We believe that if a businessperson sets out to make a real difference to other people’s lives, and achieves that, he or she will be able to pay the bills and have a successful business to.Contact us today at 407-617-7808. We look forward to serving you! End
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