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Realprompt FHFA Sets Short Sale Timeline Requirement(April 24, 2012)
Phoenix, AZ (PRWEB) April 24, 2012
Program HR3648 is seeing increasing demand from both homeowners with distressed properties and real estate professionals looking to capitalize on the increasing acceptance of short sales among lenders, said Jeremy Bowman President and Co-Founder of RealPrompt. With many banks struggling to reduce their losses from defaulted mortgages, and agencies like the Federal Housing Finance Agency forcing loan servicers to approve or reject all short sale offers within 30-60 days its a win-win situation for agents and distressed homeowners, added Bowman.
The Federal Housing Finance Agency, who oversees vital components of our countrys secondary mortgage markets Fannie Mae, Freddie Mac, and the Federal Home Loan Banks has now implemented timeline requirements to facilitate more effective and efficient short sales transactions. Starting June 15, 2012 real estate professionals and distressed homeowners (with loans backed by Freddie Mac & Fannie Mae) can expect to be approved or rejected on their short sale offer within 30-60 days.
This is a tremendous opportunity for real estate professionals who are Program HR3648 certified or for agents with extensive experience in short sale processing, said Woods Davis Vice President of Sales & Marketing for RealPrompt. If you are a real estate professional and not focusing your efforts on short sales you are suffocating your business. Short sales have now surpassed foreclosures which indicates the U.S. is making progress and working through its inventory of distressed properties, added Davis.
According to Lender Processing Services Inc., a Florida-based company, showed short sales accounted for 23.9 percent of home purchases in January, compared to 19.7 percent of foreclosed homes sold. Only a year prior, 24.9 percent involved foreclosures and 16.3 percent were short sale transactions.
RealPrompt Real Estate Services (Chandler, AZ) is an innovative short sale servicer that has revolutionized a FREE nation-wide program which provides real estate agents and brokers with all of the leads, tools, technology, training, assistance and short sale processing needed to help distressed homeowners avoid foreclosure. Through its two main divisions Program HR 3648 and TruDocs, RealPrompt, has helped over 4,000 homeowners find alternative solutions to foreclosure.
Director of Online Marketing & Public Relations
RealPrompt Real Estate Services
1.800.915.1988 Ext: 225
"We Support The H.O.M.E. Foundation"
About The H.O.M.E. Foundation:
The Helping Others Means Everything, or The H.O.M.E. Foundation, is a not-for-profit organization dedicated to helping our Family of Charities. Frankie Verdugo, President of The HOME Foundation, wants to help as many worthy charities as possible as they struggle during these tough economic times. Frankie Verdugo helps raise funds through luxury dream home raffles, home giveaways, prizes, and high profile celebrity events in Hollywood... "Our mission is to help charities reach their fundraising goals and to bring awareness to their praiseworthy causes." Please visit our 2012 Dream Home Raffle Giveaway at: http://www.HOMEFoundationRaffle.com and http://www.facebook.com/HOMEFoundationRaffle.
Read the full story at http://www.prweb.com/releases/2012/4/prweb9435179.htm.
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