Just 15 percent of the 20,000 Florida homeowners to whom Bank of America offered up to $20,000 to expedite a short sale expressed interest in the incentive, the Palm Beach Post reported, showing the mixed-results of bank’s unusual solution to the foreclosure program.
Chase and Wells Fargo offered similar programs to Florida homeowners, figuring they’d rather recoup whatever money they can than endure the time and expenses associated with the foreclosure process. A recent report suggested that the typical Florida foreclosure takes an average of 749 days.
But brokers say though there were some successes — including one homeowner who earned $45,000 from Chase for a short sale — there was a lot of confusion surrounding the computer systems Bank of America used, scaring off potential participants. [Palm Beach Post via Sun-Sentinel]