Real Estate Central

WASHINGTON, May 16 /PRNewswire-USNewswire/ — Stemming the rise of
foreclosures is an important part of the National Association of
Realtors(R)’ legislative agenda this week at NAR’s Midyear Legislative
Meetings & Trade Expo. But Realtors(R) aren’t just working in Washington to
address the problem — they’re also working with neighborhood organizations
and agencies back in their communities to help families stay in their
homes.

Realtors(R) and others shared their experiences and insights in
assisting people in all stages of foreclosure in the session, Before,
During and After Foreclosures - Real Solutions at this week’s conference.
According the U.S. Census Bureau, only 2 percent of properties are in
foreclosure, but foreclosures are up 60 percent nationally from one year
ago.

“As the leading advocate for homeownership and housing issues, NAR
believes that any family who loses its home to foreclosure is one family
too many,” said NAR President Dick Gaylord, a broker with RE/MAX Real
Estate Specialists in Long Beach, Calif. “That’s why the Realtors(R) at
this week’s meetings are urging Congress to enact legislation that will
help more people keep their homes.”

Moderator Lynn M. Ross of the National Housing Conference and Center
for Housing Policy outlined NHC’s recommendations for addressing the
foreclosure crisis, including a federally chartered and funded process to
restructure loans, expanded funding for foreclosure counseling and legal
assistance, and neighborhood stabilization strategies.

“Foreclosures affect not only individuals and families, but also entire
communities,” Ross said. “We must develop comprehensive solutions to this
complex problem to steady the housing market and help borrowers and
communities regain stability.”

Panelist Joanna Smith-Ramani, co-chair of the Baltimore Homeownership
Preservation Coalition, which is taking proactive efforts to fight
foreclosures and save homes in the Baltimore area. BHPC works with city and
state government to reach out to families in need and connect them with
direct service providers. Smith-Ramani reports that recent call volume is
up significantly at all of Baltimore’s hotlines and housing counseling
agencies, indicating the extent to which people need these services.

“Preventing foreclosure is a collective effort,” she said. “Realtors(R)
must work together with community organizations and government agencies to
help families keep their homes.”



Panelist and Realtor(R) Donna Hurley, a member of the Prince George’s
County, Md., Association of Realtors(R) and a HUD-certified counselor,
helps people avoid foreclosure through short sales. A short sale is a
transaction in which the seller’s mortgage lender agrees to accept a payoff
of less than the balance due on the loan.

“People facing foreclosure don’t always know about the options
available to them,” said Hurley, who is actively involved with the Prince
George’s Homeownership Preservation Coalition. “Working with a HUD-approved
counseling agency, Realtors(R) can use short sales to help families who may
not be able to keep their homes avoid the additional financial and
emotional pain of foreclosure.”

Sometimes the unthinkable happens, however, and people lose their homes
to foreclosure. Some of the resources available to families in need include
post-foreclosure financial and credit counseling as well as rental and
financial assistance programs. “There are situations that dictate that you
might not be able to keep your home. Things like loss of income, divorce –
these things happen. Regardless of the situation, we encourage people to be
proactive, not reactive,” said Geoffrey Tate of the Greater Washington
Urban League.

Homeowners who are concerned about the possibility of foreclosure can
access the NAR brochure, Learn How to Avoid Foreclosure and Keep Your Home,
online at http://www.REALTOR.org/subprime.

The National Association of Realtors(R), “The Voice for Real Estate,”
is America’s largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.

Information about NAR is available at http://www.realtor.org. News releases
are posted in the Web site’s “News Media” section in the NAR Media Center.

REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.



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Source: Real Estate Newswire