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How New Short Sale Rules Can Help You!
Industry Update – 3/28/13
A new report issued today by RealtyTrac says that the U.S. foreclosure inventory has increased by about 12 percent since May 2012 when it hit a five-year low of 1.3 million properties. Today that inventory stands at about 1.5 million and is up 9 percent form the first quarter of 2012. The foreclosure inventory consists of homes actively in the foreclosure process and bank-owned homes or REO. To read the rest of the story click here:
Real estate professionals must become experts in the short sale arena, short sales are not easy, quick or consistent and they create anxiety for all parties involved. To create the easiest transaction possible, you need to create a way to keep you up-to-date in what is happening during the transaction, direct your client to websites that they can obtain answers to their frequent questions, constantly update your database of short sale guidelines, and along the way obtain certificates through education which will help build your client’s confidence in you.
- NEW! Georgia House Bill 83 – Real estate salespeople assisting in short sales – It’s the new law!
- Loss Mitigation - Time sensitive performance requirements
- The FHFA (Federal Housing Finance Agency) issued new guidelines
- Making Home Affordable Supplemental Directive 12-07 – Effective February 1, 2013 – December 31, 2013
- New Fannie Mae & Freddie Mac Guidelines for Short Sale/HAFA II
- How to Apply for the New HAFA II Program
- Homeowner Cash Contribution Test and Formula
- Policies, procedures and issues to be aware of in your short sale transaction
- New Guidelines For: Equator, Citi, Bank of America, Wells Fargo, Chase, Ocwen, NationStar Mortgage and non-mortgage servicers
- Mortgage Forgiveness Debt Relief Act or 2007
When & Where
Cathy McDaniel is the author of "A Road Map To Saving Your Home" which is available at the National Association of REALTORS bookshelf. Being in the real estate and mortgage industry since 1993 she opened "My CE Class, LLC" in 2007, a real estate school approved by the Georgia and South Carolina Real Estate Commission. Cathy has conducted over 800 continuing education courses, authored over 75 training manuals and has met and trained over 50,000 real estate professionals throughout 23 states over the last seven years. She is licensed as a continuing education instructor at many real estate boards and associations across the country.
Cathy is recognized as an industry expert in homeownership and received the 2008 Educator of the Year from GREEA, Georgia Real Estate Educators Association. Today she serves and an Real Estate Instructor, Qualifying Broker for Owners 1st Property Management Company, Education Director for Georgia Realty School and has a partnership with Synovus Mortgage Corp. which allows her to offer free classes and community events.
To predict the future you must create it ...Cathy McDaniel
Cathy's Motto: "Autograph Your Work With Excellence!"