WEST PALM BEACH, Fla. - If you're behind on your mortgage payments, you better keep opening your mail. Banks are sending out cash offers to help delinquent borrowers exit gracefully. Bank of America is now offering as much as $30,000 for a short sale.
It's a foreclosure prevention incentive for qualified individuals. The goal is to sell the house in a short sale. A short sale is a piece of property which sells for less than what the homeowner owes on the home.
Chuck Goldstein, a real estate agent with Keller Williams has helped several clients through a short sale.
"It's been very successful and we have helped a lot of clients, in fact a few of my clients have received monies from Chase, one received $30,000 and the other received $20,000," Goldstein said.
The incentive program is based on several factors, including how much the house is worth and how much the homeowner owes.
Those who qualify will receive a letter from the bank of a possibility of a short sale.
"We will set a price, we will market it, we will put it on our multiple listing service and send it out to the entire community as well as other avenues, web sites to let people know that this home is for sale."
Victoria Coyne with Short Sales Innovations helps walk her clients through the process.
"It's important for homeowners to know that if they receive a letter in the mail from bank of America, making them an offer of relocation money for a short sale, that they should call their bank and accept that from them," Coyne said.
Bank of America isn't the only bank offering incentives.
"We have had many successful short sale relocation programs through Chase. And they have done a great job in getting those letters out and reaching out to that homeowner," Coyne said.
If a homeowner does not qualify for a short sale, there are other options.
"One is HAFA, that's through the making homes affordable program, that's the federal Obama program and that does offer relocation money and a guarantee of waiver of deficiency," Coyne said.
Not everyone qualifies for a short sale. Make sure to check your mail, because the bank is sending out letters to homeowners who qualify.