A similar program was tested in Florida last year from September 26th through November 30th, where nearly 11,000 Florida borrowers verbally agreed to complete their short sales by August of 2012. So far, 847 of the deals have closed.
To qualify for the national program, the homeowner to obtain a preapproved price prior to submitting an offer from a prospective buyer. The short sale must be started by the end of 2012 and must close by Sept. 26, 2013. Additionally, BofA must own and service the mortgage. Homeowners in the process of a short sale with BofA may also be eligible for the program.