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 16^th 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.

Here’s the link to the Webinar Series:

http://www.realtor.org/topics/fha/fha-preforeclosure-webinar-series-for-realtors

Thursday, July 12, 2-4 p.m. – FHA Preforeclosure Sale Program Training For Real Estate Professionals (HUD Region 3)
Region 3: Pennsylvania, Virginia, West Virginia, Maryland, Delaware, Washington, D.C.
Register now

In March of 2012, 49 state attorneys general and the federal agreement reached a historic settlement with the nation’s five largest loan servicers to provide relief for distressed homeowners. State and federal investigations found that mortgage servicers routinely broke the law by “robo-signing” foreclosure documents without verifying the information. The settlement provides up to $25 billion in financial resources to provide relief for borrowers and direct payments for states.

In Virginia, the settlement means $69 million in funds to assist distressed homeowners and promote homeownership throughout the Commonwealth. The housing industry is advocating that a portion of the funds be directed to the state’s Housing Trust Fund to be used for gap financing. Gap financing could be used by homebuyers who would otherwise qualify for a mortgage but do not have the cash assets to provide a sufficient down payment or pay for closing costs. Buyers could apply to a state administered fund for either a grant or low-interest loan to cover those expenses. The program would be available to low- and moderate-income individuals and families.

In addition to the monetary settlement, mortgage services are also required to comply with a series of servicing reforms aimed at streamlining the short sales process and making it easier for both buyers and sellers. Here is a breakdown of the four major reforms:

1. Short sale standards
   • Requirements must be made publicly available
   • Establishment of a cooperative program
   • 30-day time limit on decisions (clock starts running once offer is submitted and 3rd party approves)
2. End of dual-tracking
3. Single point of contact
4. Creation of loan portals

There is also a strong enforcement mechanism so that the servicers don’t just keep doing business as usual.  Banks can be fined up to $5 million for reported violations.  These changes are not immediate.  NAR estimates that they may take up to 180 days to implement, but they are coming and they are steps that realtors® have been calling for repeatedly. 

Very quickly the Fredericksburg REALTORS Foundation Art Show will be here. The art show is scheduled for May 12^th, 2012 10:00-4:00 at the EXPO Center. As a Governor for the Foundation, I can share with you that quite a bit of time and energy has been volunteered to make this a success. But we are not finished yet!

To give a little background on the event, we must first thank the EXPO Center for allowing us the use of their facilities. Without them, this would not have happened! A huge thank you in advance! Secondly, we have to thank all the area students who have agreed to donate pieces of their art work so that we can sell them and keep the proceeds. Of course our Corporate Sponsors thank you – thank you – thank you!

This is the first year our Foundation has ever attempted something of this size and magnitude. While it is exciting, we are still very nervous about the event and we are hoping that our fellow friends, neighbors and associates will come to the event, and of course support the Foundation by purchasing the art work and help making the event a success.

We must highlight our schools and sponsors. The area High Schools that are participating: Within the City of Fredericksburg – Fredericksburg Christian, James Monroe. Stafford High Schools – Brooke Point, Mountain View, Stafford. Spotsylvania High Schools – Courtland, Massaponax, Riverbend. From King George – King George High School.

Art Show Sponsors, we are very grateful for your support.

• Tier 1 Sponsors
• EXPO Center
• M&T Mortgage
• C&F Mortgage
• Tier 2 Sponsors
• Coldwell Banker Elite
• NSWC Federal Credit Union
• Tier 3 Sponsors
• PNC Mortgage
• Realty World Select
• Mac Doc Realty
• Pat Breme
• Patrons of the Foundation
• Exit Realty Expertise
• Rt. 3 Storage
• Sharon Toombs
• Heather Hagerman

As detailed in this previous blog, mortgage cancellation relief is expiring at the end of this year.  That means sellers who engage in short sales or foreclosures will have to count that forgiven debt as income.  NAR recently published the following update about this issue.  There seems to be some understanding of the chilling impact this will have on real estate, but it’s no guarantee that it will be extended. 

Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012. Senators Stabenow (D-MI) and Heller (R-NV) have introduced S 2250 along with several bipartisan cosponsors. Almost all members of the House Ways and Means Committee have cosponsored either H.R. 4336 (Reed — R-NY) or H.R. 4202 (Rangel – D-NY). While these bills are unlikely to move as stand-alone legislation, having these extensions introduced as separate legislation underscores their importance. More than five dozen tax provisions expired at the end of 2011, and a few dozen more, including mortgage cancellation tax relief, will expire at the end of 2012. Congress has not yet given any signal as to how or when to package these provisions and move them through the process.

If you live in the City of Fredericksburg, you will have the opportunity to head to the polls next Tuesday and cast your ballot for Mayor and City Council.  After meeting with all of the candidates, FAAR has endorsed the following people: 

Mayor:  Mary Katherine Greenlaw

City Council: Kerry Devine (At-Large) and Roy McAfee (At-Large)

The Government Affairs Working Group takes their stewardship of RPAC dollars and FAAR endorsements very seriously.  The group developed a detailed candidate questionnaire focused on issues that impact real estate such as growth, transportation, taxes, and environment.  

Every candidate is contacted and given the opportunity to fill out the questionnaire and schedule an in-person interview with members of the Working Group.  The interviews are a chance to expand upon the individual’s answers on the questionnaire and for both parties to exchange information.  

Once the interviews are concluded, the Working Group comes together and votes on who to support and how much money to provide each individual.  The Working Group endorses candidates who demonstrate an understanding of the importance of real estate in our local economy and a willingness to be open-minded on issues of importance to the industry.          

The Fredericksburg REALTORS® Foundation is hosting a Regional High School Art Show to raise money to benefit area housing-related charities. Art work produced by local students will be on display and available for purchase. Many area high schools are participating in the event including those from Stafford, Spotsylvania, King George, and the City of Fredericksburg. The art work will be professionally judged and students are eligible to win up to $1,000 in cash prizes!

The Art Show is being held at the Fredericksburg Expo Center on Saturday May 12, 2012 from 10:00am to 4:00pm. The art work being displayed includes many different mediums such as photography, sculpture, paint, watercolors, and more. Proceeds from Art Show will benefit local housing-related charities through grants made by the Fredericksburg REALTORS® Foundation.

Since its inception in 1990, the Foundation has been granting thousands of dollars each year to area charities to help those in need secure and retain quality, affordable housing. Visit www.FAARfoundationartshow.com for more information.

Don’t miss the chance for a FREE trip to DC to attend the Rally to Protect the American Dream!  NAR will be providing FAAR with a bus to take everyone who wants to attend up to DC for the day to rally for homeownership and attend the Trade Show.  Everything is FREE including breakfast, lunch, and a packet of goodies.  Register by clicking the image above and FAAR will provide you with more details about the schedule as they become available. 

Real Estate Business Intelligence is hosting two free upcoming webinars about how to use MRIS data to educate yourself and your clients about current market conditions. 

Join the webinar to learn:
•Where to find and read the latest Market Statistics from MRIS
•How to embed charts & graphs into websites & blogs with an “auto update” feature
•Ability to answer the question “How’s the Market” with complete confidence
•How to upload market stats to Facebook, Twitter, e-mail or 317+ social media venues in a few clicks
•Set realistic expectations with buyers and sellers using relevant, accurate, local data

Wednesday, April 4, 2012
10:00am
Click here for log-in info
OR
Wednesday, April 11, 2012
10:00am
Click here for log-in info

Connect with your clients and prospects using this great new product created by FAAR for the  exclusive use of our members.  This FREE publication features graphics, commentary, and statistics from the local market that you are free to use however you would like. 
FAAR will issue these reports on a quarterly basis.  Check out this great new product and please let us know if there is anything missing, feedback is always welcome! 
FAAR Year-End Report

Please note that this document is currently in PDF form.  You are able to copy all of the text, but you will not be able to copy the charts and graphs.  If you would like to use any of the charts or graphs in your own work, please email Kim McClellan for the Microsoft Word version. 

Did you like the stats you saw at FAAR’s 2012 Economic Summit?  Want to learn how to customize those stats and graphics for your own use?  Join one of two upcoming webinars with RBI to learn how to embed graphics, look up statistics, and create customizable reports just for your market.
Wednesday, April 4, 2012
10:00am
Click here for log-in info
OR
Wednesday, April 11, 2012
10:00am
Click here for log-in info

The Richmond Association of REALTORS® in cooperation with FAAR and other associations is putting on an event featuring both candidates running for the Virginia Senate seat being vacated by Jim Webb.  Former governors Tim Kaine and George Allen will be on hand to discuss their approaches to fostering a healthy real estate market in the Commonwealth.  If you would like to attend, you must register through the Richmond Association of REALTORS®. 

• What:  Joint Senate Candidate appearance by Tim Kaine and George Allen
• When:  Wednesday, May 2, 2012 from 9:00am to 11:00am
• Where:  Hilton Short Pump, 12042 W. Broad Street, Richmond

For more information about registering, click here to view the official event flier.