North Kona Home Sales

THIS CAME MY WAY through Space321Talk, a Blog conducted by and for members of Florida’s Space Coast Association of Realtors. Almost everyone has heard Florida has been one of the states hit hardest by foreclosures. Realtors there are struggling to find ways of dealing with short sales. This may contain good news for everyone. 

HOPE NOW Adopts New Guidelines for Second Mortgages and Short Sales Wednesday, June 18, 2008 -    WASHINGTON, D.C. - HOPE NOW, the industry alliance of mortgage lenders, servicers, investors, and counselors, announced that its servicer members have agreed to a uniform set of procedures and guidelines that will greatly enhance the ability of homeowners to quickly receive the help they need and ensure that the assistance process is respectful, understandable, and transparent.

The agreement also includes the mortgage lending industry’s first-ever guidance for dealing with second mortgages and short sales. “These new guidelines will greatly expedite the process of preventing foreclosures,” said Faith Schwartz, executive director of HOPE NOW. “The industry is committed to helping distressed borrowers stay in their homes whenever possible and these guidelines will help in that effort.”

For the first time, the new guidelines establish a common, streamlined timetable that will be used by each HOPE NOW mortgage servicer when working with a homeowner to prevent a foreclosure. The guidelines establish a common set of principles on the possible foreclosure prevention alternatives including loan modifications, repayment plans, partial claims, and temporarily suspending the need to make monthly payments.

The agreement also includes procedures to keep homeowners informed about the status of their request to their servicer for help. Additionally, it encourages servicers to provide access to objective, independent, and free counseling for homeowners while putting in place detailed procedures that will allow servicers to reach out to homeowners who may be in danger of losing their home. “The guidelines also include an agreement relating to second mortgages which is important to help clear the path for increased modifications and re-financing,” said Schwartz.

“It’s critical to remember that nobody benefits when a homeowner faces foreclosure,” said Jonathan L. Kempner, President and CEO of the Mortgage Bankers Association. “Creating these servicing procedures was the right thing to do, both for consumers and for the industry, and it’s something that the HOPE NOW Alliance is entirely united on as it continues to fulfill its mission of helping as many homeowners as possible stay in their homes each and every day.”

“This is another clear sign of the industry’s commitment to helping more homeowners avoid foreclosure,” said Steve Bartlett, President and CEO of the Financial Services Roundtable. “We are bringing more transparency and clarity to the process and that is a positive for the homeowner.”

 ”These new guidelines will bolster some of the existing policies that servicers have already had in place, while creating important new ones,”said John Dalton, President of the Housing Policy Council. “We are seeing more coordination within in the industry with the hope of preventing more foreclosures.”

The new agreement was developed between April and June 2008. “Although many of the HOPE NOW mortgage servicers have been implementing some procedures similar to many of these for some time, they are now agreeing to fully implement this uniform plan in 60 days or less.”  Interesting Article I received thru my mortgage publications…..

Please call me with any questions or need any help, W alter Ferrero,Vice President Union America Mortgage 321-452-2660

I DO NOT TAKE CREDIT OR RESPONCIBILITY for the content of the article above.  As you can see it came to me third hand. Most Realtors are dedicated to the idea of a home for everyone. Helping people find the right home for their family creates a very personal bond. Foreclosures are not just bad for business, they are heartbreaking. Some of the states hardest hit have gone to great lengths to help homeowners retain their property. If you are in need of more information about ‘HOPE NOW’, contact your mortgage company, lender or Realtor.

Joyce Murphy, Realtor Broker BIC
Accredited Luxury Home Specialist
Hawaiian Isle Real Estate LLC and Luxury Real Estate Florida, Inc.
“In Real Estate, Experience Counts!”
808-443-4302 / 808-327-1155
More Kona Real Estate Information at:
www.LuxuryRealEstateHI.com

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