NAR, U.S. Treasury, Bring Short Sale Assistance to Illinois Homeowners

Mon Apr 23, 2012 9:45am EDT

* Reuters is not responsible for the content in this press release.

  WASHINGTON, DC, Apr 23 (Marketwire) -- 
The National Association of Realtors(R) is joining forces once again with
the U.S. Department of the Treasury to offer aid to homeowners who are
struggling to keep their homes and avoid foreclosure and to help
Realtors(R) better assist clients through the short sale process. 

    At a Making Home Affordable "Help for Homeowners" outreach event today in
Chicago, Realtors(R) and homeowners will gain valuable insights and
information about short sales and have the opportunity to meet directly
with loan servicers for assistance with difficult transactions. The
event, sponsored by the Treasury Department, is the latest in a series of
community events and workshops taking place throughout the country to
give real estate professionals and homeowners the opportunity to learn
more about short sales as a foreclosure prevention strategy.

    "As the nation's leading advocate for homeownership, Realtors(R) 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 NAR President Moe Veissi, broker-owner of Veissi & Associates Inc.,
in Miami. "These events offer a tremendous opportunity for Realtors(R)
and homeowners to gather the tools and information they need to achieve
the best possible outcome for their family." 

    "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."

    Realtors(R) at the event will hear directly from lenders and loan
servicers about executing short sales and will have the opportunity to
attend workshops to learn helpful information and tips on how to
successfully navigate short sale transactions, negotiate short sale
offers and expedite slow-moving transactions.

    "This event is well-timed," said Veissi. "Just last week, 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." 

    Free homeowner sessions are also available to borrowers who are in
financial distress and concerned about losing their home. 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. 

    Today's event is the latest in a series of community events and workshops
taking place throughout the year across the nation to give real estate
professionals and homeowners the opportunity to learn more about the
short sales as a foreclosure prevention strategy. 

    Additional information for consumers about the "Help for Homeowners"
events is at
www.makinghomeaffordable.gov/get-assistance/homeowner-events/Pages/default.aspx.
Live webinars from the workshop will be available to real estate
professionals who are unable to attend in person; for more information or
to register to attend, visit
www.hmpadmin.com/portal/resources/eventinfo.jsp. 

    The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing 1 million members
involved in all aspects of the residential and commercial real estate
industries. 

    Information about NAR is available at www.realtor.org. This and other
news releases are posted under the "News and Commentary" tab. 

    

For further information contact:
Sara Wiskerchen
202-383-1013
swiskerchen@realtors.org 

Copyright 2012, Marketwire, All rights reserved.

-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.