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Florida homeowners largely neglect BofA short sale incentive

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.

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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]

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