Thursday, December 29, 2011

Short Sale program flops

The St. Petersburg Times reports that the Bank of America short sales program has been offered to 20,000 of the 253,000 Florida homeowners delinquent on their B of A mortgages.  Unimpressed, only 3,000 or so have taken the bank up on its offers.  The Times reports that qualified program participants could receive up to 5% of their unpaid mortgage balance from B of A with a maximum of $20,000; yet a real estate agent is quoted saying:  "I don't see how anyone...will get the $20,000." 

It should be noted that not all Bank of America Florida mortgage holders were eligible for the program which had a December 12th deadline.  Link

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