At the recent Making Home Affordable outreach event held in Chicago, Illinois, industry leaders discussed the state of today's market. These community events are just part of the NAR's actions in helping homeowners deal with today's difficult economy and housing market.
Real estate professionals and lenders discussed at the Chicago event how homeowners can reach out for help as well as what to expect during a short sale. Events have also been held in Atlanta, New Orleans, and Indianapolis.
Moe Veissi, NAR President, noted, "The Federal Housing Finance Agency issued new guidelines to help streamline the short sales process, requiring Fannie Mae and Freddie Mac loan servicers to acknowledge receipt of short sale purchase offers within three business days; respond to short sale requests within 30 days (with a possible 30-day extension); and make a final decision within 60 days of receiving purchase offers."
How can you get help? If you are in financial distress then you have access to free homeowner sessions. These sessions address your concerns over losing your home. According to the NAR, "Homeowners will be able to meet one-on-one with loan servicers and housing counselors to explore foreclosure prevention options; real estate professionals are encouraged to invite and accompany their clients to those meetings."
"As the nation's leading advocate for homeownership, Realtors are working hard on behalf of homeowners who are unable keep their home and considering a short sale as an option to help them avoid foreclosure," said Viessi. "From day one, the administration has been focused on utilizing every tool possible to stabilize the housing market. For many homeowners, a short sale is the best way to avoid foreclosure and get back on track to financial stability," said Treasury Homeownership Preservation Chief Darius Kingsley. "We will continue our outreach efforts to make sure that homeowners across the country have every opportunity to understand the right options for their family."
You can find help on the web by visiting "Help for Homeowners" on Makinghomeaffordable.gov.
From this site you can explore your eligibility for different government backed programs. You can read more on what to expect and what you'll need to move forward. Being prepared is half the battle! You can find contact information for your lender on this site as well.
Need to talk to an expert? This service is available for free. You can find a HUD-approved counselor by calling 888-995-HOPE (4673), 24 hours a day, 7 days a week, 365 days a year. Expert advise is available in over 160 languages. Calls are answered within seconds.
Published: July 11, 2012, Realty Times, Carla Hill