Bank of America Offering Up to $20,000 to Florida Short Sellers

bank of america short sellers
bank of america short sellers

It's not mortgage principal reduction, but it's a start.

Bank of America is quietly rolling out an incentive program in parts of Florida in which they'll pay distressed homeowners up to $20,000 if they successfully short-sell their home, according to ThePalm Beach Post.

A short sale is an arrangement in which the lender agrees to accept less than what's owed on the mortgage to avoid a lengthy (and expensive) foreclosure process. Foreclosures in Florida take an average of 23 months to be processed -- nearly twice the national average, according to analytics firm RealtyTrac.