RE/MAX International and HEART Financial Services created a short sale program to help families sell their homes and avoid foreclosure. The collaborators provide a bank of customer service representatives to detail information on short sales to homeowners who cannot secure a loan modification. If the customers believe a short sale is the right option, they can select a real estate agent specifically trained on the short sale process, according to the release. Millions of short sales could be in demand as a possible “shadow inventory” of 7m foreclosures has yet to hit the market. Only 50% of applications for a loan modification succeed, and a high percentage eventually re-defaults, according to the release. “We have been talking to numerous industry leaders, legislators and Administration officials trying to draw attention to the short sale situation,” said Dave Liniger, chairman and co-founder of RE/MAX International. “It’s just not possible for the housing market to recover fully until the inventory of foreclosed properties is significantly reduced, and Short Sales offers one practical way to help do this.” Write to Jon Prior.
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