Our short sale seminar and foreclosure prevention had a great turnout! Was picked up by the local newspaper who did an article about it, as well as the local TV station. Article below from the Dailey Times, will post the TV clips later.
SALISBURY — With the number of housing foreclosures still climbing and home sales slow, now is the time for homeowners in mortgage trouble and their lenders to turn to short sales and a relatively new financial tool that could ease their dilemma.
Home Affordable Foreclosure Alternatives, of HAFA, streamlines short sales, or deeds-in-lieu of foreclosure, offering the seller relocation funds that could ease their transition into more affordable living space.
The relocation incentive could slow the number of homes going into foreclosure and help a homeowner faced with losing their home a financially attractive opportunity to resettle and start anew.
Through government-legislated HAFA, a homeowner approved for a short sale of their home also could qualify for $3,000 in moving expenses. Starting Nov. 1, Long & Foster Realtors Inc. in Salisbury will be serving homeowners of a major mortgage lender that is offering a type of HAFA for relocation, said Brandon Brittingham, a firm real estate agent and regional short sale expert.
“HAFA helps the seller because it is designed to give the seller money to relocate,” Brittingham said. “It makes the process simpler, makes the timeline easier regarding the length of time to do a short sale. And in most short sales, the debt is wiped out.”
One of the nation’s leading mortgage lenders has selected Long & Foster to be its exclusive executor of short sale transactions in the Lower Shore housing market, Brittingham said.
Long & Foster has scheduled a public awareness forum on today to educate the public on short sale options and the HAFA incentive.
The forum starts at 6 p.m. at the Long & Foster office on Mount Hermon Road in Salisbury, where Brittingham and his staff will answer questions and provide details about the options to foreclosures.
Brittingham is not ready to announce the lender that selected Long & Foster for the program. But he underscores that the Realtor also will continue to assist homeowners whose mortgages are tied to other lending institutions.
“We are the only company picked in this area to lead the program; one of the nation’s biggest lenders with a presence here has selected us,” he said. “This is groundbreaking and new. Banks are saying they need to be active in initiating short sales as an option. The big thing is, the program prevents the house from going to foreclosure.”