As the banks and the government continue their attempts to resolve the Housing Crisis every now and then they fall upon a great idea. Home Retention Counselors are one of those great ideas.
Many of the major banks have hired third party companies to contact homeowners in distress. These companies have contracted with trained real estate professionals to visit clients homes in person. The Banks want a pleasant human face to share the fact they want to help. The Banks believe their clients need to know the new Treasury Department programs may help when other options have failed.
In some cases HRC’s are there to offer help with getting documents together, in other cases they are there to let the client know there may be an opportunity to Short Sell the home. In some cases Major Banks are offering as much as one percent of the value of the home if someone “Short Sells” instead of forcing a Foreclosure.
Banks using HRC’s in my opinion is legitimate attempt by the banks, to an aid clients come to “Win Win” situations by using programs sponsored by the Government like the Foreclosure Alternative Program. That is one of the reasons that many of the Short Sale Nurse staff are trained Home Retention Counselors.
If an HRC has come to your door, again in my opinion they are not the enemy they are real estate professionals that want to direct you to some of the most up to date information about some of your options. Because they are paid a stipend by the Bank thought a third party HRC”s are subject to Federal Fair Debt Collection Practices Act. They may report back to the bank what you want to do and thus must disclose they are working for a “Bill Collector.
If you have any question about the role of an HRC I am happy to answer your question or direct you to one of the third party companies that are aiding the banks. More times than not the HRC will only request that you again open the lines of communication with the Bank to discuss the possibilities that exist based upon the Treasury Departments Foreclosure Alternative Program
As is customary in Real Estate the rule is disclose disclose, disclose. For that reason I will say I am not giving legal advise, it is always your right to consult and attorney as you feel it appropriate, no one should advise you not to contact and attorney.
If you want to learn more about the options that are going to be presented to you before your bank assigns a Home Retention Counselor any of the Short Sale Nurse Staff members would be happy to visit you and discuss the options.
All marketing done with the assistance of Kalabash Marketing
“Good Nite Mrs. Kalabash where ever you are.”
George Kenner is a Broker Associate at Keller Williams Realty in La Mesa, Ca. Lic Number 01229951