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Sue Woodard joins Lakeland Mortgage Corporation

National Mortgage Professional
Feb 09, 2009

Coldwell Banker launches short sale program in California and ArizonaMortgagePress.comColdwell Banker Residential Brokerage, short sales, Short Sale Trusted Advisor, Kathy Mehringer, loss mitigation Coldwell Banker Residential Brokerage has announced the launch of a new program called, "Short Sale Trusted Advisor," which helps streamline the short sale process. It is the first program of its kind to be developed by a residential brokerage firm in California and Arizona. "In response to the unprecedented challenges some homeowners face in today's market, we have created a new initiative that streamlines the short sale transaction for lenders and educates the public, our managers and sales associates about the short sale process," said Kathy Mehringer, director of risk management, Southern California at Coldwell Banker Residential Brokerage, who has conducted training sessions for more than 3,500 Coldwell Banker sales associates throughout California and Arizona. "For over 100 years, Coldwell Banker has been dedicated to helping our clients preserve the dream of homeownership. We want to continue that tradition with the Short Sale Trusted Advisor program. Ultimately, we want to be part of the solution." A short sale is a sales transaction in which the seller's lender agrees to accept a payoff of less than the balance due on the loan. The advantage of a short sale for the bank is that it can result in a smaller financial loss than foreclosing. For the homeowner, the advantage is avoiding foreclosure. The Short Sale Trusted Advisor program includes a half-day training and education seminar for managers and sales associates, as well as a nine-page short sale package that is presented to the lender for approval. The package has already been distributed to sales associates throughout California and Arizona for their immediate implementation. "When loss mitigation specialists receive a short sale package from a Coldwell Banker sales associate, they know it will include all of the required documents they need to move forward with a proper financial analysis of the proposal," said Mehringer. "It increases the chances of a successful and swift transaction." When the amount of the loan and other costs of the sale exceed the current market value of the property, there are a number of options struggling homeowners may consider, including loan modification, deed in lieu of foreclosure, foreclosure, bankruptcy and short sale. Any homeowner considering a short sale should consult with legal and tax advisors. A complete list of non-profit counselors is available at www.hud.gov. For more information, visit www.camoves.com or www.azmoves.com.
Published
Feb 09, 2009
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