New Foreclosure Alternatives Program Offers Opportunity for REALTORS®

Published on Jul 31, 2009

The end of July launch date for the new Foreclosure Alternatives Program is rapidly approaching and Program 3648 is certifying Realtors® in the few remaining territories to help with our short sale effort.

U.S. Department of the Treasury Secretary Geithner announced details on the expansion of the Making Home Affordable program to include short sales under the new Foreclosure Alternatives Program. Under the plan, incentives would be provided for mortgage servicers and borrowers to pursue short sales. Financial incentives include $1,000 to servicers for a successful short sale, and borrowers may receive up to $1,500 to assist with relocation expenses. Reasonable and customary real estate commissions and selling costs will be permitted and the servicer will agree not to negotiate a lower sales commission after an offer has been received.

Program 3648, a nationwide initiative originally based on HR 3648 the Mortgage Forgiveness Debt Relief Act, is leveraging this and other legislation to help as many homeowners as possible avoid foreclosure with a primary focus on short sales.

Program 3648 certifies Realtors® to service a territory, where they typically receive 200 Distressed Homeowner Leads per month to contact with Program 3648's help.

All short sales are processed by Program 3648's processing center for streamlined approvals, and to allow our Certified Program 3648 Representatives to stay focused on helping as many homeowners as possible through listing and selling their properties. Average short sale turn-time in Q1 of 2009 was 45.9 days.

Average over 5.5% commission on a volume of transactions. (6% guaranteed on Fannie Mae loans.)

The territories are filling up very quickly. You can see if your Territory is open at http://www.program3648.org


For Certification take the following steps:

1 - Go to the http://www.program3648.org

2 - Click the BECOME CERTIFIED TO HELP button on the upper right corner of the website, and watch a short video presentation that explains the program. Due to high call volume, you must watch the video presentation before calling.

3 - Call Program 3648 to see if your territory is available at 1-800-303-8531.
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Reprinted on behalf of:
James Russell
Certification Specialist
Program 3648
140 Whittington Pkwy. Ste. 200
Louisville, KY 40222
1-800-303-8531
www.Program3648.org