Mortgage servicer Wingspan Portfolio Advisors and its Wingspan Real Estate Network for brokers rolled out the American Home Remedy platform to expedite the short-sale process this week.
Wingspan Portfolio Advisors said the new American Home Remedy platform is the result of a partnership between Florida technology company, Realty Legal Service, and the Home Counsel Group. The program was established to quicken the short-sale process and eliminate impediments that often cause transactions to fail.
The platform is a one-stop resource where parties can initiate a short sale, manage negotiations and legal issues while handling closing and title services as well as lending and insurance plans. The goal is to accelerate attorney-assisted short sales, offering legal guidance every step of the way.
The process of having attorneys involved in a short sale creates a more streamlined process by offering easily available legal advice. Attorneys will also review paperwork for compliance purposes. This helps agents deal with homeowner association issues that could arise during a short sale, added a spokesperson for the company.
The real estate agency can also handle negotiations with the bank, allowing the agent to focus on the home sale and deal with the buyer's agent, the spokesperson said.
"American Home Remedy leverages the tremendous strengths of its partners to create a powerful tool for fast, compliant and accurate short-sale management," said Chris Plummer, WREN’s managing director.
"Wingspan Portfolio Advisors, a leading mortgage servicer, and WREN, with its real estate expertise, are the ideal complement for the RLS technology platform and HCG, with their existing and growing network of law firms."
Short sales that are officiated in a streamlined manner can help distressed homeowners avoid foreclosure.
Recognizing it as a helpful tool when conducted efficiently, the National Association of Realtors also said it is working with the Treasury to educate and help Realtors to assist homeowners through the short-sale process.