New Web Site Presents Options For Homeowners Confronted With The Possibility Of Foreclosure

May 7, 2010 - PRLog -- New Web site presents options for homeowners confronted
with the possibility of foreclosure.

San Jose, CA – May 7, 2010 – Local real estate agent and community advocate, George Saghafian of Intero Real Estate, today announced the creation of a new information Web site for Santa Clara County area homeowners in distress. http://www.GeorgeHelpsPeople.com contains vital facts about the options available to these homeowners, to help them make the educated decisions about their future.

“I developed this site with my community in mind,” Saghafian said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. These people didn’t know the options available, or even how to find any information on their situation.

“I want more for the people of Santa Clara County and Bay Area, and more comes with making informed decisions.”

http://www.GeorgeHelpsPeople.com acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements, and industry updates.

It is  said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

“Agents with the Certified Distressed Property Expert® designation are helping distressed homeowners understand that there may be options available to them,  Said George Saghafian.  George has been trained to help homeowners avoid foreclosure, and this Web site resource to educate the community is a commendable public service.”

In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirement--and sunsets on December 31, 2012.

HAFA Provisions

Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
Uses standard processes, documents, and timeframes/deadlines.
Provides the following financial incentives:
$3,000 for borrower relocation assistance;
$1,500 for servicers to cover administrative and processing costs;
Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market.


George Sagahfian-Realtor, CDPE, SFRs
Certified Distressed Property Expert
Intero Real Estate
http://www.GeorgeHelpsPeople.com

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In July of 2005 Intero was recognized by REALTOR® Magazine, the official magazine of the National Association of REALTORS®, as the fastest growing real estate company in the nation. Intero was ranked #1 out of the approximately 80,000 brokerages nationwide in growth of sales and transaction sides with 167.6% and 128.3% increases respectively. Currently, Intero has over 60 offices with more than 2200 sales associates serving Arizona, California, Colorado, Florida, Hawaii, Nevada and Texas.

Intero's senior management, with more than 375 years of combined real estate experience, is comprised of well-known and respected industry professionals. Our sales associate staff is also highly regarded - with many years of combined experience, expertise, and professional service to their communities.