Exclusive Short Sale Interview with Laurie Maggiano Of The US Treasury

By
Real Estate Agent with www.easternshorehomesolutions.com

 Exclusive Short Sale  interview with Laurie Maggiano From The US Treasury

You may not be aware of the role the US Treasury has played in the housing market over the last few years, but it has had a huge role in getting us on the road to recovery. There is no one single person who has been as influential as Laurie Maggiano, who is one of the architects of the government-backed Making Home Affordable program which created uniform guidelines for loan modifications, HAFA short sales, and foreclosure prevention. Laurie is the Director of Policy for this office at the Treasury Dept. Laurie used to be involved in real estate as a broker and has worked for FHA and in many other housing related positions.

 

 

Laurie’s work at Treasury helped servicers and investors not only adopt HAFA short sales, but helped forge new guidelines that include making deficiency releases and relocation money a standard when it comes to short sales.

Her work along with her team’s work was responsible for many of the programs that have helped so many people across the country avoid foreclosure.

I recently had a dream come true and was invited to the US Treasury to get an exclusive interview with Laurie where she gave us an exclusive in-depth interview on everything from MHA to HAFA short sales.  

See below a clip for the recent interview and for the full interview go to www.shortsalecampus.com

 

 

 

 

In the interview she also goes through the recent changes for 2013 for HAFA short sales and all short sales which are very important for the real estate industry as there have been some drastic changes to guidelines and procedures that all agents and consumers need to be aware of. Many procedures have changed on short sale time lines, occupancy restrictions, increase of payments to second mortgages and relocation assistance to sellers.

If you have ever dealt with a short sale you can attest that sometimes they can be difficult. In the interview Laurie discusses:

·         An escalation tool agents and consumers can use when "stuck" and the servicer or investor are not responding.

·         A detailed explanation of how to use the escalation tool with a link to where to find it on Treasury’s website.

·         How you can access a plethora of FREE marketing materials from the US Treasury to help you with clients in these situations.

·         Tips and advice to be more successful at closing short sales. 

Since learning of this resource I have used it on several of my personal short sales and I can attest, this is a great tool.

The US Treasury also offers a plethora of marketing materials for agents to use to hand out to homeowners that explain all of the foreclosure prevention option in detail. These items can be ordered direct from the US treasury for free, and are great presentation material to give to potential consumers who need further information on this subject. In the video we tell you where to go to get these materials.

Having being involved in several hundred short sales I can say this was one of the best educations I have ever gotten on this subject.

 Never before has so much quality content on this subject been released on video. This is great information for all realtors and consumers. Please feel free to share this on your sites, social media channels, or wherever you see fit.  This is a mountain of valuable content, and I am  grateful that Laurie and the US Treasury were so gracious to share this information.

Below is a link to the full video: www.shortsalecampus.com 

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Comments (21)

Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

Paddy thank you, please do it's great information!

Mar 26, 2013 09:40 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Brandon, I was not aware of this and thanks for pointing it out. Sounds like a great resource. Bookmarked!

Mar 26, 2013 10:11 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Not usually cranked to see Uncle Sam "fix" something ailing in the economy. The more that's done even with good intentions can make it often worse. Natural balance of economic principles should govern and less government interference works best.

Mar 26, 2013 10:31 PM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

That's a really good plug for you.  Heck that more than a plug.  Congrats.

Mar 26, 2013 10:48 PM
Keith Lawrence
Christie's International - Mahwah, NJ
ABR, SFR

The video was great.  I walked away learning some information about the new HAFA program.  For short sales I am still having an issue with over evauluated BPO.  Hopefully the new websites by Fannie Mae will help that.

Thanks again for the article.

Mar 26, 2013 11:03 PM
Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

Michael thanks for the comment!

Andrew I will say in this case with my expereince they are doing all they can to help.

Charita thanks for the comment!

Keith thanks for the comment, I would agree on the Fannie short sale's especially the BPO's have been unrealistically high lately!

Mar 27, 2013 12:16 AM
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Excellent information to share.  I am re-blogging so that more agents can see and hear what is going on with short sales.

Mar 27, 2013 01:29 AM
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

I have heard a lot of agents say short sales have gotten no easier over the past few years, so I don't know why government entities keep getting applauded for all their hard work.  Maybe the new tool you mention will turn out to be a good deal. 

Mar 27, 2013 01:37 AM
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

This was a great post!  Good effort on your part and thanks for making us all aware and better informed as to what is happening.  Congrats on landing that interview.  You have some great info here and thanks for sharing it with all.

Mar 27, 2013 01:39 AM
Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

Rosemary thanks for the feedback!

Joetta: For the most part I would say overall with most of your major servicers(certainly not all!) it has gotten better. Most have opened escalation tools for agents to use when they run into an issue, I would say the constant changing of guidelines and rules does make it easy to keep up with sometimes. I have found if you can get a few contacts at the servicers and investor you getting approvals or help when you get stuck gets much easier, at least from my standpoint it has certainly helped.

The only recent issue I have seen that has caused problems is Fannie's new valutions on short sales.

Mar 27, 2013 01:42 AM
Lori Bowers
La Quinta, CA
The Lori Bowers Group

This is great information. Short sales continue to be a frustration.

Mar 27, 2013 01:44 AM
Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

Gary, thanks for the feedback!

 

Lori I agree they can be a frustration, but I think it is all worth it in the end. If you help someone from losing their home to foreclosure, it can be a lifetime referral client, do it for a couple clients and it can spread quickly to the community.

 

Mar 27, 2013 01:46 AM
Cassandra Stewart
Future Home Realty - Tampa, FL
Your Tampa Florida Agent

Brandon - This was very informative.    Thank you for sharing the information.  Wishing you continued success in the industry!

Mar 27, 2013 04:53 AM
Kim & Kristine Halverson
Compass - Santa Monica, CA
Sisters, Realtors
Wonderful short sale info. Thank you. We learn something new everyday. Bookmarked it. Kristine :)
Mar 27, 2013 05:13 AM
Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

Cassandra, Kim and Kristine thanks for the read and comments

Mar 27, 2013 05:38 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Brandon - Laurie is a great source of information for what's going on with HAFA.

Mar 27, 2013 04:36 PM
Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

Chrisitine, thanks for the read and comment!

Mar 28, 2013 01:54 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Wonderful dream !  Everything that can help end the nightmare is a good thing !

Apr 01, 2013 10:28 PM
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

You say havea and I say hoffa but in the end the only thing that matters is not how we pronounce it but that the darn thing closes. Lately, my HAFA short sales have been closing from start to finish in 3 to 4 weeks. Now that is incredible!! That's progress! Laurie is pretty enthusiastic. Over engineered. That's a good line.

Apr 02, 2013 07:55 AM
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

I will be on this tomorrow.  Thanks so much for the information. 

Apr 02, 2013 12:53 PM