DION ROGERS 
DL ROGERS GROUP, LLC 
 
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Website:  ibourl.com/82u 
 
Article Tag(s):  mortgages, short sales, foreclosures, homeowners 
 
One would think that desperate homeowners would be jumping for joy in Florida with the opportunity of making up to $20,000 as an incentive for selling an under water house through a Short Sale or deeding it back to the bank with a Deed-In-Lieu for foreclosure. The results of Bank of America’s test program have not been as spectacular as anticipated to date.

Since the program was announced in August only 60 homeowners have collected the incentive payment. Bank spokesman, Richard Simon, said it was too early to tell the results of the program. The bank expects thousands in the end to take advantage of the program which will pay qualified homeowners 5% of the unpaid balance with a minimum of $5000 and a maximum of $20,000 to settle the default short of a foreclosure. Many Agents in Florida have indicated that they do have incentive deals in the pipeline but as yet uncompleted.

Bank of America has targeted about 20,000 of its 1.1 million mortgage holders in Florida for this incentive program. It selected Florida as the pilot state for the program based on the large number of homes in pre-foreclosure there.

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