BofA short sale program doles out $12,000 to distressed Florida homeowners

Miami /
Apr.April 16, 2012 04:30 PM

Bank of America has paid an average of $12,000 to the 678 Florida homeowners who participated in its short sale program, Palm Beach Post reported. The program was launched in October and targeted 20,000 distressed Florida homeowners, in hopes of convincing them to opt for a short sale rather than endure the state’s prolonged foreclosure process, which increases costs for banks. BofA said it was excited about the initial results, and more payouts are anticipated as the contracted short sales continue to close.

But Florida real estate agents and attorneys said confusion over who qualifies for the payouts, and how much the payouts would ultimately be worth, mitigated the success of the program. One attorney complained they have “general guidelines but nothing specific.”

While the submission period for the program has ended, the Palm Beach Post said BofA is taking a new initiative to help spur short sales, by launching a new computer program next weekend that could cut the short sale time frame to as little as 20 days.

“Any steps that major lenders such as Bank of America take to speed short sales serve to strengthen the ongoing real estate recovery,” said Florida Association of Realtors President Summer Greene. [Palm Beach Post]


Related Articles

arrow_forward_ios
Suzanne Amaducci-Adams, Len Blavatnik, George Gleason, Josh Zegen, and Russell Galbut
Here are South Florida’s top construction loans of the past year
Here are South Florida’s top construction loans of the past year
Renderings of the Mainstreet at Boynton Beach mixed-use project with Pebb Enterprises’ President and CEO Ian Weiner (Pebb Enterprises)
Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project
Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project
220 Alhambra Circle in Coral Gables, FL. and Fortress Investment Group’s Wesley Edens and Pete Briger Jr. (Google Maps, Getty, Long Arc)
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
4238-4276 Northwest 7th Street in Miami, Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth
Mixed-use Le Jeune Road dev site heads to market for $17M
Mixed-use Le Jeune Road dev site heads to market for $17M
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)
Developer of Aman-branded towers in Miami Beach scores $35M loan
Developer of Aman-branded towers in Miami Beach scores $35M loan
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)
57 Ocean in Miami Beach scores $59M construction loan
57 Ocean in Miami Beach scores $59M construction loan
JPMorgan Chase CEO Jamie Dimon (Credit: Win McNamee/Getty Images, Google Maps, iStock)
JPMorgan Chase buys own branch in West Palm
JPMorgan Chase buys own branch in West Palm
South Florida lenders and landlords battle new coronavirus reality
South Florida lenders and landlords battle new coronavirus reality
South Florida lenders and landlords battle new coronavirus reality
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...