Florida Homeowners Can Get up to $20,000 for Short Selling Property

It seems that Bank of America has reached an epiphany.  The largest bank in the United States understands that it is far less expensive and efficient to allow their distressed mortgage customers in Florida to short sell their properties rather than for BoA to go through the foreclosure process.

Through August, 2012 BoA will give qualifying homeowners up to $20,000 for relocation assistance upon the successful completion of a short sale.  The program applies to Florida residents who have not already entered into a short sale contract on their property.  This should motivate homeowners to engage in a short sale as an alternative to foreclosure.  View the offer from Bank of America.

What Can South Florida Homebuyers Get for $200,000?

Whether homebuyers in South Florida are looking for a single family home or a condo near the beach, there are some terrific deals available at the $200,000 price point.  With mortgage rates at record lows, the average monthly mortgage payment for a $200,000 property would be about $1,300.00.  Here's a sample of what is available:

A 3 Bedroom home with a Pool in Fort Lauderdale

A spacious 3 Bedroom Pool home in Lake Worth

An Ocean and Intracoastal view 2 Bedroom Condo in Aventura

Does Foreclosure Stop the Debt Collectors?

Absolutely not.  Foreclosure basically means you no longer own the property and the mortgage holder can sell the property in an attempt to recoup some of the losses from the defaulted mortgage.  In this real estate market, it is unlikely that the mortgage holder can get back the entire amount owed on the property.  In Florida they're lucky if they get back 50% of what was originally loaned against the property.  Do they eat the difference?  Yes and no.