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

Media Contact: Sara Wiskerchen / 202-383-1013 / Email

WASHINGTON (April 23, 2012) - The National Association of Realtors® 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® better assist clients through the short sale process.

At a Making Home Affordable "Help for Homeowners" outreach event today in Chicago, Realtors® 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® 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® 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® 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®, "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.

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