The Institute for Luxury Home Marketing (ILHM) has announced the creation of a new division – The Center for Asset Preservation (CAP). “Recognizing the reality of today’s market, with millions of homeowners facing possible foreclosure, our members asked us for up-to-date information and training for helping homeowners who are suffering financial hardship and need to sell their homes,” said Laurie Moore-Moore, ILHM founder. “We created CAP to meet this need.”
CAP’s core offering is a Short Sale Success course covering the government’s new Making Home Affordable Program (MHA) which defines the new processes, rules, guidelines and paperwork required in the vast majority of short sales today. Training is available online and will also be offered at the CAP Short Sale Summit 2009, a two-day special event in Houston (TX), October 7th and 8th.
“We created CAP and began developing this training for our ILHM members, but when we discovered that no one was offering timely, detailed training covering Making Home Affordable and the Mortgage Forgiveness Debt Relief Act, we decided to open the CAP training to all agents, said Moore-Moore.
“This information is ‘must have’ information for agents hoping to help homeowners avoid foreclosure. It is essential for completing successful short sales at any price point,” she added. The course includes a special module on luxury home short sales.
“Most agents don’t realize that the Making Home Affordable Program changes almost everything about completing successful short sales,” Moore-Moore said. “The program covers nine out of ten loans, is mandatory, and is in effect today. With jumbo loans defaulting at twice the rate of conventional loan defaults, luxury agents need information about short sales.”
“Lender’s loss mitigators are currently being trained to implement MHA. Freddie Mac is starting to audit implementation. Realtors must understand the program, it’s not an option. We invite agents to take the quick quiz about short sales on our website. We think most agents, even those who’ve taken general short sale training, will be surprised by the correct answers,” said Moore-Moore.
“We believe strongly that America’s REALTORS® must get involved, get trained and get to work to help homeowners in distress. As an industry, we are key to helping get American households back on their feet and the economy back to good health. Training is essential to this effort. CAP’s goal is to help”
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