Dec 11
5
$20,000 Short Sale Incentive Extended in FL
by Agi Anderson, FL RE Broker, Certified Distressed Property Expert
It was the Palm Beach Post, where I saw Bank of America extended the Florida-only incentive program that offers property owners “up to” $20,000 for a short sale, rather than going through a lengthy foreclosure. These short sale cash incentive programs include investors as well as homeowners. Along with Bank of America, Chase, Citi Bank, many other lenders are also offering similar programs. So why are lenders offering cash to close in a short sale? Simple, lenders don’t want anymore empty houses. The $50 per day carrying costs to maintain vacant properties is far more costly then offering property owners cash to sell in a short sale.
Borrowers who have exhausted attempts for HARP or HAMP, may qualify for HAFA in addition to the lender cash incentive for a short sale. Wondering how all this works and how you qualify? Get connected with a Certified Distressed Property Expert (CDPE) in your area. Those of us who have this designation are trained real estate professionals who know and understand how all of the mortgage relief programs work.
Keep up homeowners association fees for a short sale
If you’re thinking. “I’ll just sell my property myself,” no can do. Lenders will only work with Realtors to conduct a short sale, but the good news, the lender will pay the real estate commission for a short sale. They will also pay delinquent taxes, what they have been refusing to pay is homeowner association fees (HOA). What ever you do, if you have association fees keep up the payments, even if you are unable to pay your mortgage payment.
If you are struggling with an upside down mortgage and not sure what options you have, I suggest you get the A1A Mortgage Relief Guide. This comprehensive guide is chock full of information to help you understand options and alternations you have to eliminate mortgage misery. Perhaps a short sale with a lender intensive will be the best option, you won’t known unless you investigate your options, chances are, they are better than you think.
Complete request for short sale assistance:
Related posts:
Agi Anderson, CDPE, compiled changes made to Make Affordable HARP refinancing program, October 2011 ~ to see if you qualify, just enter your name and email to request HARP guidelines. (make sure to check spam for email confirmation)
