16,000 Real Estate Agents Expected to Tune in as Bank of America Announces Game-Changing Foreclosure Avoidance Program

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Live Industry Broadcast from Charfen Institute Studio Sets Forth New Short Sale Resources and Incentives From the Country’s Largest Loan Servicer

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CDPE agents are widely recognized for their expertise and effectiveness in processing short sales.

Alex Charfen, co-founder and CEO of the Charfen Institute and author of the Certified Distressed Property Expert (CDPE) designation, announced today an exclusive industry broadcast with Bob Hora, SVP, Mortgage Servicing at Bank of America home loans.

Scheduled for Wednesday, October 26, at 4 p.m. EDT, the national broadcast from the Charfen Institute studio in Austin, Texas, will provide an inside look at Bank of America’s recent leap forward in systems and resources to accelerate short sale processes, as well as cash incentives to encourage homeowners with negative equity to pursue a short sale versus letting the home fall into foreclosure.

As Bank of America’s short sales volumes have skyrocketed—from a reported total of "six applications in January of 2007 to 60,000 to 70,000 a month in 2011—the bank’s infrastructure to handle the increased volume has undergone a massive transformation," Charfen observed.

Reaching out to CDPE agents is in keeping with a sharpened focus on increasing short sale processing efficiencies, noted Kimberly Dawson, Senior Short Sale Executive for Bank of America, during a broadcast from the Charfen Institute studio earlier this year. “Looking at our own portfolio, we’ve seen that agents who are educated and understand how the short sale process works are more successful at closing short sales,” she added.

A short sale is a complex transaction in which a financially strapped homeowner seeks to sell a home for less than the amount due on the mortgage. Though little understood a few years ago, short sales have proven to be a less costly alternative to foreclosure for the lender, while carrying far fewer long-term consequences for the borrower.

“With the threat of continued home price declines, along with high unemployment and more than 25 percent of homeowners owning more on their home than they could get for it in the current market, short sales are an increasingly important foreclosure-avoidance option, which has entered into the ranks of a national priority,” Charfen emphasized. “CDPE agents are on the front lines of this initiative, and are widely recognized for their expertise and effectiveness in processing short sales, compared to any other agent population.”

To register for the October 26 broadcast, click here.

About the Charfen Institute
The Charfen Institute provides training and resources to help small business owners and real estate professionals achieve tangible business results. The company produces more than 300 educational events each year through various divisions, including: The Distressed Property Institute’s Certified Distressed Property Expert® (CDPE) Designation, the Certified Investor Agent Specialist™ (CIAS) Designation , and LEAD Experience™. The company’s CDPE Designation is the fastest growing independent designation in real estate industry history, with close to 35,000 agents trained.

Recent awards for Alex Charfen and the Charfen Institute include: Fastest growing small, privately-held company in Central Texas; No. 21 on the 2011 Inc. 500 List of America’s Fastest-Growing Private Companies; Best Places to Work in Central Texas 2010 and 2011; Alex Charfen for Austin’s Fittest CEO and the Austin Under 40 Award for Real Estate; numerous Telly and Omni Awards, and the 2010 Aegis Award. For more information, visit: http://www.charfeninstitute.com.


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