By Deborah Ball Kearns, RE/MAX Times Online Editor

Two new programs, one with CitiMortgage and another with Fannie Mae, will help families and put warm property leads into the hands of RE/MAX Associates trained in distressed properties.

RE/MAX leaders have worked for months with officials and major lenders to streamline the distressed property process. The result: better solutions for struggling homeowners and more visibility and business for experienced RE/MAX agents.

"RE/MAX Associates have easily surpassed all competitors in distressed property training, and that investment has positioned our network to have an overwhelming impact on the lives of thousands of people through these programs," says Dave Liniger, RE/MAX Chairman and Co-Founder.

To be included in these programs and future initiatives, it's critical that Associates update their Mainstreet Web Roster profile with current contact information (especially e-mail) and relevant training in distressed properties, which is offered by RE/MAX University at discounted prices.

Citi ProActive Short Sale Program
In the Citi program, which launched last week, in-house portfolio loans were reviewed to identify homeowners who would be ideal Short Sale candidates.

These borrowers are receiving letters outlining their Short Sale options and including the names of three qualified RE/MAX Associates who could assist them. The decision on whether to contact one of the agents rests with the homeowners. So far, Citi has identified over 40,000 properties to be included in the program, with several thousand more properties expected to be added each month.

In a key element of the program, the Citi Short Sale team is authorized to set sales prices and accept offers. It will attempt to respond to offers within 72 hours. Upon a successful Short Sale closing, homeowners could receive a cash incentive for moving expenses, and may have their outstanding debt forgiven.

To increase their chances of being included in the mailings, RE/MAX Associates should have the CDPE, SFR or Five Star Training and indicate this information on their Web Roster profiles.

Fannie Mae Deed-in-Lieu Plus Pilot
The Fannie Mae program began in December and, as a pilot, is much smaller in scope, at least initially. It assists Fannie Mae borrowers who are in danger of foreclosure by offering Deed-in-Lieu Agreements. Chicago-based HEART Financial Services, acting as the asset manager, assigned 1,200 properties in 18 states to nearly 300 RE/MAX agents already working Fannie REOs. If the pilot is a success, Fannie could release thousands of additional properties to RE/MAX agents.

If homeowners express interest in learning about their options, HEART assigns a RE/MAX agent, who makes contact and explains the details of the Deed-in-Lieu program. Upon Fannie's acceptance of the Deed-in-Lieu, the agent receives the listing and markets the property like any other Fannie REO.

When Fannie accepts the signed DIL Agreement, homeowners have 30 days rent-free to prepare for a move. If they relocate within the 30-day period and leave the property in "broom-swept clean" condition, they receive a $3,500 moving allowance and their primary mortgage debt is forgiven.

Get training; meet key players at RE/MAX R4
These programs are just two more examples of the RE/MAX network's leadership and competitive edge in the distressed property arena. Associates can get additional insights and cutting-edge training from REO and Short Sale experts at RE/MAX R4, March 7-10 in Las Vegas.

An entire Distressed Property Education Track at the convention has been carefully tailored to meet the needs of REO and Short Sale specialists, as well as those looking to expand their business in these areas.

Attendees will also be able to meet key speakers and ask questions after the sessions. Of particular note:

• Dave Sunlin, Bank of America Senior Vice President, Business Operations Executive, Short Sale, Deed in Lieu and REO           
• Justin Rand, CitiMortgage Senior Vice President             
• David Box, Fannie Mae Sales Director, Outsourcing

Also, Bank of America will have an escalation team on hand March 8-10 to resolve specific Short Sale issues on a case-by-case basis. Associates can set appointments at the Bank of America booth in the MarketPlace.

Register now and download a RE/MAX R4 brochure for detailed session listings.