Bank of America has just extened the Florida Enhanced Short Sale Assistance Program to December 12, 2011. The program was previously set to expire November 30, 2011.
Read my previous blog post for a more in depth description of the program.
When BOA first rolled this program out in September of this year, I have to admit that a lot of professionals had their doubts on the sincerity of this Bank of America program. There have been many promises made by BOA and other lenders and servicers to simplify the short sale process or offer incentives to homeowners that are eventually reversed or not honored causing anxiety for the homeowner and frustration for their agents and attorneys. I just had a Bank of America short sale file that took a full year to get approved and closed because of the problems with Bank of America's back office on these short sales. We had to resubmit the file over 6 times because their system "accidentally" closed the file or it was sent to a different department or the paperwork was lost. If it wasn't for the diligence of our short sale team to keep pushing it never would have been completed and it was very much worth it for our client. The seller was able to sell their home and in this case received a full debt release and is very happy and relieved to be released of the burden of a property with an underwater mortgage they could no longer afford.
Now, I do have this to say about this new program. Bank of America has made me a believer. I have submitted 5 of my clients for application into the program, since it was rolled out in September. I have one client that has already been fully approved to receive over $7,000 in relocation assistance, plus a full debt release upon the sale of his home. I have 2 other clients that have been "pre-approved" for over $9,000 in relocation assistance in this program and we are still waiting to hear back from Bank of America on the other 2 clients. There was also a woman who found this blog post online and called me for more information. She wasn't in my area but had her house up for sale as a short sale and had just received a contract. I gave her the contact info for the program and she called me back 30 minutes later ecstatic that she had just been approved and I think was going to get over $8,000. So, from what I can tell this program is legit and this extension from Bank of America must mean that they are receiving positive feedback and results from the program.
If you have a Bank of America loan and have been considering a short sale then now would be the time to take the first step in initiating a short sale. You have nothing to lose.
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