Bradenton Herald: Pilot program aims to halt foreclosures

Here’s an excerpt from Thursday’s Bradenton Herald:

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Pilot program aims to halt foreclosures

Fla. homeowners could benefit from streamlined short sales

By DUANE MARSTELLER – dmarsteller@bradenton.com

April 2, 2009

Bradenton Herald, April 2, 2009

Bradenton Herald, April 2, 2009

MANATEE — Area real-estate professionals are hoping Fannie Mae continues a limited pilot program aimed at facilitating short sales, especially as local foreclosure filings continue to hit record highs.

Since its January launch, the program has prevented at least a handful of homes in 11 Florida counties — including Manatee and Sarasota — from falling into foreclosure by making it easier to sell them for less than their outstanding mortgages.

The project initially was scheduled to last three months, but officials with a regional listing service said Wednesday they’re hoping to persuade Fannie Mae to extend it.

“We’re very excited about the project, and we’d like to see it continue,” said John Weeden, marketing manager for the Mid-Florida Regional Multiple Listing Service, which is collaborating on the pilot program and is scheduled to update Fannie Mae on its progress next week.

Quicksilver Real Estate Group Inc., a Tampa firm with an office in Bradenton, has closed three and has two others pending, broker/owner Linn Wyllie said. Those sales have come together in a matter of weeks as opposed to the several months or longer that a typical short sale can take, he said.

“It’s huge for the industry,” Wyllie said of the pilot program’s time savings.

Click here to read the rest of the Fannie Mae Pilot Program article>>

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