FHA, through its National Servicing Center, is looking to close the education and communication gap between FHA servicers and real estate professionals to aid FHA borrowers in the preforeclosure process (otherwise known as the short sale). The Webinars are designed for all real estate professionals but HUD specifically asked NAR for broad participation from our REALTOR members. FHA is offering a series of eight regional Webinars to ensure real estate agents and their clients have the most up-to-date information on the HUD pre-foreclosure program and other resources available to reduce foreclosures for borrowers. The Webinars begin May 16th (see link below for full schedule) and have the following objectives:
· Identify REALTOR “Best Practices when utilizing FHA’s Preforeclosure Program.
· Describe how HUD Servicers are required to apply loss mitigation tools to customers in need.
· Identify the benefits, features, and qualification criteria for FHA’s Preforclosure Program.
· Recognize the difference between the market/appraised value for a property and the minimum acceptable net sale proceeds.