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Short sale pp

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Transcript

  • 1. By: Nishad Khan, Esq.907 Outer RoadSuite BOrlando, FL 32814nak@nishadkhanlaw.com
  • 2.  Financials Contract Negotiations Closing
  • 3.  Letter and documentssupporting hardship Tax Returns Pay Stubs Monthly Expenses Bank Statements Credit Report
  • 4.  OFFER APPRAISAL SETTLEMENT STATEMENT
  • 5.  Cash Contribution Promissory Note 1099 (Debt Forgiveness) Combination
  • 6. Documents ExecutedFunds Disbursed
  • 7. APPLICATION:1. Loans Held inFNMA’s portfolio;2. Loans that are part ofMortgage backedSecurity (MBS) poolthat has specialservicing options;3. Loans that are part ofa shared-risk MBSpool for whichFNMA markets theacquired property;4. Servicers of theseloans;5. Servicers whoparticipate in HAFAwww.makinghomeaffordable.gov/loan
  • 8.  Principal Residence First Liens before January 2009 Delinquent or imminent default UPB is less than $729,750 Owner Occupied Have not purchased new home within 1 year
  • 9.  Borrowers refusal to pay Substantial unencumberedassets or cash reserves High Surplus Income
  • 10. • Pre-Approval of Short Sale Price• Specific time period to complete short sale• Deed-in-Lieu• Only 3 documents to submit• Set funds for Junior Liens• $3,000 in relocation costs• And…….
  • 11.  Fraud SS fraud occurs in at least 2% of allsales and costs banks $300 millionannually. Widespread Bailouts Lenders are concerned if SS areapproved on a widespread basis,large numbers of people who areunderwater will start bailing out. Incentives In some cases, servicers arecompensated higher for foreclosurethan for a short sale. Mortgage Insurance In some cases, banks can collect onMI if the property goes throughforeclosure as opposed to a short sale.