The Basics: Foreclosure
In recent years, unprecedented job losses, market fluctuations, and economic uncertainty have caused a spike in the number of home owners in foreclosure or in danger of becoming so. As more home owners have fallen behind on their mortgages, many local markets have been flooded with distressed sale properties—short sales or actual foreclosures. This situation has demanded that REALTORS® develop new skills to respond on behalf of their clients and their communities.
Latest News:
The Protecting Tenants at Foreclosure Act, part of the Helping Families Save Their Homes Act of 2009, includes provisions to protect tenants from eviction as a consequence of foreclosure affecting the property being rented. It is important that buyers and sellers of rental properties—and their agents—are familiar with this law and what it entails. NAR has developed a set of frequently asked questions about this law to help buyers and sellers understand their responsibilities. For additional information about the rights of tenants in eviction situations, visit the National Law Center on Homelessness & Poverty, which is working with NAR to educate REALTORS® and the public on tenant rights.
View NAR Issue Brief > (PDF: 402KB)
View NAR FAQs > (PDF: 605KB)
Reducing High REO Inventories (Sept. 15, 2011)
Foreclosure Freeze: Your Questions Answered (Nov 3, 2010)
Listen: Foreclosure Freeze: Understanding the Issues Webinar Recording (Oct. 28, 2010)
Bank of America and GMAC to Resume Foreclosures (Oct. 19, 2010)
NAR Writes Federal Officials About Foreclosure Mess; FHFA Releases Statement (Oct. 12, 2010)
Video: Bank Foreclosure Reviews: What They Mean for REALTORS® (Oct. 14, 2010)
Foreclosure Reviews: Media Talking Points (member login required) (Oct. 11, 2010)
Tips, Tools and Resources
Resources For Realtors®
Field Guide to Foreclosures
Realtor® Magazine Ethics Column: When the Seller Is Bankrupt
Quiz: Test Your Foreclosure IQ
Video: Learn from a Foreclosure Specialist
NAR Research's Trends in Foreclosures Webinar
Foreclosure Prevention and Response Tool Kit: For REALTORS®
Educational Opportunities
Realtor University: Short Sales and Foreclosures--What Real Estate Professionals Need to Know
Short Sales and Foreclosure Certification Program
Resources For Homeowners, Buyers and Sellers
HouseLogic.com: Foreclosure Counsellors: What They Can and Can't Do
HouseLogic.com: Foreclosure Process: How State Laws Vary
6 Questions Foreclosure Buyers Should Ask
Homeowners: Concerned About Your Existing Mortgage?
Resources and Programs For Realtor® Associations
Foreclosure Prevention and Response Program
Foreclosure Prevention and Response: Best Practices
Foreclosure Prevention and Response Tool Kit: For Associations
Neighborhood Stabilization Project
Archived News:
NeighborWorks® Warns Consumers about Loan Modification Scams (June 7, 2010)
