BROKER RISK MANAGEMENT

 WEEKLY PRACTICE TIP

 Tips for Sellers on Avoiding and Dealing with Foreclosures

 

With many homeowners facing the possibility of foreclosure, the Federal government has prepared a number of helpful online sites, articles and tips for homeowners facing foreclosure and related financial difficulties. 

 PRACTICE TIP:  Rather than trying to answer seller’s questions, you should send them to these sites if they need answers to difficult questions related to possible foreclosure.

 1.  How to Avoid Foreclosure” by the U.S. Department of Housing and Urban Development (“HUD”) at:

http://www.hud.gov/offices/adm/hudclips/forms/files/pa426h.pdf

 2.  Tips for Avoiding Foreclosure,” also by HUD, at:

                        http://www.hud.gov/foreclosure/index.cfm

 3.  List of Approved Credit Counseling Agencies”  by the U.S. Department of Justice: http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc approved.htm

4.  “You Can Avoid Foreclosure and Keep Your Home” by FHA at:  http://www.fha.gov/foreclosure/index.cfm

5.  “Mortgage Payments Sending You Reeling?  Here's What to Do.

                    http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

6.  “Questions and Answers on Home Foreclosure and Debt Cancellation” by the Internal Revenue Service at:

                   http://www.irs.gov/newsroom/article/0..id=174034,00.html 

7.  Neighborhood Networks Center for Foreclosure Solutions as presented on the Federal Reserve Board site at:

            http://www.nw.org/network/neighborworksProgs/foreclosuresolutions/default.asp

 

     This Weekly Practice Tip is for the exclusive use of clients of Broker Risk Management and their agents.  It may not be reproduced or distributed without the express written consent of Broker Risk Management.  The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices.

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