Foreclosure PSAs

Homeowners in financial trouble are about to start getting some friendly, helpful advice from their mortgage lenders. Beginning in July, public service announcements will hit television, radio, print, and web audiences urging homeowners in financial trouble to call the Homeowner Preservation Foundation hotline.

The toll-free mortgage advise phone number, (888)995-HOPE, was created as a joint effort between the nation’s biggest competing lenders to help stop them from losing approximately $30,000 on every mortgage that they are forced to foreclose on this year. Homeowners will receive advice on how to stop their foreclosure and will be put in contact with resources at their lending institution.

With an estimated $30 billion in national foreclosure losses expected this year, Mortgage lending-related businesses and organizations have come together to join the NeighborWorks' Center for Foreclosure Solutions. According to Inman News, “The list of partners in NeighborWorks' Center for Foreclosure Solutions reads like a who's who of mortgage lending. It includes Countrywide Home Loans, Washington Mutual, Bank of America, Option One Mortgage Corp., Chase, Citi, EMC Mortgage Corp., GMAC Rescap, HSBC North America, Ocwen Loan Servicing LLC, National City Mortgage, American Financial Services and SunTrust Mortgage.”

Additionally, the list of government-funded participants includes Fannie Mae and Freddie Mac, and mortgage industry groups such as Mortgage Bankers Association and the Housing Policy Council.

The purpose of the advertising is to encourage homeowners who are in financial trouble to get I contact with their lender instead of avoiding them. Apparently the hotline is working well because the organization is expecting to receive nearly 15,000 calls in the month of July alone!

If you or someone you know is facing foreclosure on their home, please encourage them to make a free call to (888)995-HOPE.

New Course: Laws, Rules, & Court Cases

Understanding the laws of the real estate industry can be tricky, but thanks to AgentCampus.com, now Michigan Real Estate agents have an easy, convenient way to get the required training they need. Recently approved by the Michigan Department of Labor & Economic Growth, this course satisfies the mandatory 2 hours of Continuing Education that Real Estate license holders are required to complete by October 31, 2007.

We are excited to announce the release of our 2 hour Laws, Rules, & Court Cases course online in Michigan. This course teaches Michigan Real Estate license holders the information they need to ensure they comply with Michigan real estate laws and understand necessary regulatory information. Particularly focusing on occupational code and general rules established by the Michigan Occupational Code Section 2504(4), the new course also covers the Seller Disclosure Act and issues relating to inspections.

You can access the new course through the AgentCampus Real Estate Continuing Education page.

Virginia Puts Time Limits on Real Estate Post-Licensing Requirements

Thinking of getting your Virginia Real Estate license? Make sure you have time to complete all of your first year required courses before you sign up. Virginia’s new time restrictions are giving agents two fast-paced options:

1. Take an additional 30 hours of training within 12 months after obtaining their license
2. Allow their new license to become inactive after the first year

Salespeople who obtain their Virginia real estate license on or after July 1, 2008 will be required to complete an additional 30 hours of post-license curriculum within one year from the date they obtained their license.

Currently new licensees have two years to complete these courses. Originally, the Virginia Association of Realtors pushed for a bill that would have required licensees to complete the mandatory 30 hours within 6 months, but that bill was not passed. Mandated by the Virginia Department of Professional and Occupational Regulation, and supported by the Virginia Association of Realtors, the General Assembly’s legislation will affect anyone obtaining a new Virginia Real Estate license.

With the amount of time to complete initial curriculum being cut in half, new agents are going to be looking for the quickest, convenient ways to meet these licensing requirements. Online real estate license training is likely to increase in Virginia in 2008, and educators are already getting prepared for the demand. AgentCampus.com just launched its campaign for its new 60 hour Virginia Real Estate Pre-License Package to help agents earn their initial Virginia requirements online. Additional courses to meet post-license curriculum will be available through AgentCampus.com before the July 1, 2008 cutoff date.