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RE/MAX TODAY'S REALTY255 Hwy 7 EastSte 1 Hutchinson, MN 55350 Phone:(320) 587-2341 |
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U.S. Plan Will Help Homeowners Avoid Foreclosure
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Homeowners across the United States could avoid foreclosure under a plan announced on Nov. 30 by the U.S. Treasury Department. Under the plan, millions of at-risk homeowners could be free of mortgage debt without going through foreclosure, and given $1,500 for relocation.
The Treasury plan, which applies to 75 percent of the mortgages in the U.S., including those backed by Freddie Mac or Fannie Mae, provides incentives for lenders and homeowners for completing short sales - transactions in which the lender agrees to a sale price that's less than the borrower owes on the mortgage. Short sales are preferred to foreclosure because homeowners take less of a hit on their credit and lenders realize a smaller loss.
However, short sales often get bogged down because of the complicated nature of the transaction. Deals can fall through because they take too long.
Under the plan, which speeds up and simplifies the short-sale process, mortgage servicers have 10 days to approve or reject a request for a short sale. And when the sale is done, the borrower must be fully released from the debt.
Read more details of the Treasury plan.
The announcement is a positive step for the real estate market and for communities across the country, RE/MAX International CEO Margaret Kelly says. RE/MAX has been advocating simplified short sales for more than a year and has been working actively with U.S. government officials, including legislators and Obama administration officials.
"We're extremely pleased with this development," Kelly says. "Foreclosures have played a major role in keeping housing values down. This will help the market return to normal, stabilize prices, improve neighborhoods and prevent hundreds of thousands of homeowners from suffering the agony of being evicted from their homes. It should also play a role in the continued recovery of the economy."
RE/MAX has been training its agents to help homeowners avoid foreclosure by offering courses on short sales. More than 8,300 RE/MAX Affiliates hold the Certified Distressed Properties Expert designation – 58 percent of the total U.S. CDPE-holders. Many other RE/MAX Associates have extensive experience with foreclosures and pre-foreclosures.
If you've fallen behind in your mortgage payments or received a pre-foreclosure letter from your lender, a RE/MAX Associate can help.
Find a RE/MAX agent to help with a short sale or pre-foreclosure. Under Designations, select "Certified Distressed Property Expert" or "Short Sales and Foreclosures Resource. " Or, under Residential Sub-Specialties, select "Short Sales" or "Foreclosure Property."
The Treasury plan, which applies to 75 percent of the mortgages in the U.S., including those backed by Freddie Mac or Fannie Mae, provides incentives for lenders and homeowners for completing short sales - transactions in which the lender agrees to a sale price that's less than the borrower owes on the mortgage. Short sales are preferred to foreclosure because homeowners take less of a hit on their credit and lenders realize a smaller loss.
However, short sales often get bogged down because of the complicated nature of the transaction. Deals can fall through because they take too long.
Under the plan, which speeds up and simplifies the short-sale process, mortgage servicers have 10 days to approve or reject a request for a short sale. And when the sale is done, the borrower must be fully released from the debt.
Read more details of the Treasury plan.
The announcement is a positive step for the real estate market and for communities across the country, RE/MAX International CEO Margaret Kelly says. RE/MAX has been advocating simplified short sales for more than a year and has been working actively with U.S. government officials, including legislators and Obama administration officials.
"We're extremely pleased with this development," Kelly says. "Foreclosures have played a major role in keeping housing values down. This will help the market return to normal, stabilize prices, improve neighborhoods and prevent hundreds of thousands of homeowners from suffering the agony of being evicted from their homes. It should also play a role in the continued recovery of the economy."
RE/MAX has been training its agents to help homeowners avoid foreclosure by offering courses on short sales. More than 8,300 RE/MAX Affiliates hold the Certified Distressed Properties Expert designation – 58 percent of the total U.S. CDPE-holders. Many other RE/MAX Associates have extensive experience with foreclosures and pre-foreclosures.
If you've fallen behind in your mortgage payments or received a pre-foreclosure letter from your lender, a RE/MAX Associate can help.
Find a RE/MAX agent to help with a short sale or pre-foreclosure. Under Designations, select "Certified Distressed Property Expert" or "Short Sales and Foreclosures Resource. " Or, under Residential Sub-Specialties, select "Short Sales" or "Foreclosure Property."
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RE/MAX Raises Millions
(February 23, 2009) Denver, CO - Children's Miracle Network, based in Salt Lake City, UT, is proud to announce that RE/MAX real estate agents raised more than $8 million for the charity in 2008. From the time that RE/MAX began its relationship with CMN in 1992, RE/MAX associates worldwide have raised more than $93 million for the cause.
"We are so proud of the support our agents have shown for CMN, espeically during this ecomomic downturn," said Mike Reagen, Senion VP of Brand Marketing at RE/MAX International. "The bottom line remains the millions of kids with health challenges, who benefit from CMN, still need our help, and we're glad so many of our dedicated agents have been able to give so much to these deserving kids."
RE/MAX International is the offical real estate sponsor of CMN, and offers many options for real estate agents to become involved with the charity. Through the Miracle Home Program, exclusive to RE/MAX, Sales Associate are able to donate a portion of every transaction to CMN. Each year, these donations made by RE/MAX Associates across North America directly help children in need by supporting hospitals in the Children's Miracle Network.
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