Save or Sell?


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Save or Sell?

  1. 1. SELL or SAVE?<br />SHORT SALES & MORE<br />Homeowner Servicing LLC<br /><br />
  2. 2. Short Sales<br />What is a Short Sale?<br />A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.<br />Approval is based on calculated loss vs. foreclosure<br />Determining equity with a BPO (Broker Price Opinion)<br />Credit Report: Settlement vs. Foreclosure<br />Mortgage Forgiveness Debt Relief Act of 2007<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  3. 3. Short Sales<br />Requirements of a Short Sale <br />Seller’s Checklist of Required Documentation<br />SERVICE AGREEMENT<br />AUTHORIZATION FORM<br />HARSHIP LETTER<br />PAY STUBS<br />BANK STATEMENTS<br />FINANCIAL WORKSHEET<br />MORTGAGE STATEMENTS<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  4. 4. Short Sales<br />Requirements of a Short Sale?<br />Buyer’s Checklist of Required Documentation<br />LISTING AGREEMENT<br />FULLY EXECUTED PURCHASE AGREEMENT<br />HUD 1 or ESTIMATED HUD 1 ESCROW CLOSING LETTER<br />LOAN APPROVAL LETTER or PROOF OF FUNDS FOR CASH PURCHASE<br />ESCROW LETTER FROM TITLE COMPANY<br />PROOF OF EARNEST MONEY<br />PAY STUBS<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  5. 5. Mortgage Loan Modification<br />What is a Loan Modification?<br />Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower <br />Reduction in interest rate<br />Change from a floating to a fixed rate<br />Reduction in principal<br />Reduction in late fees or other penalties<br />Lengthening of the loan term<br />Capping monthly payment to a percentage of household income<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  6. 6. Mortgage Loan Modification<br /><ul><li>Modification Programs?
  7. 7. Homeowners
  8. 8. Making Home Affordable Plan (Freddie /Fannie)
  9. 9. Hope for Homeowners Plan (HUD / FHA)
  10. 10. Traditional Servicer Modification Programs
  11. 11. LenderServicer
  12. 12. Troubled Assets Relief Program (TARP)
  13. 13. Compensation for administrative costs
  14. 14. Re-default loss sharing</li></ul>Homeowner Servicing LLC | | 866-580-1313 |<br />
  15. 15. Mortgage Loan Modification<br />Do you qualify?<br />Each case is unique!<br />Are you “currently” behind on payments?<br />What is the “current” hardship?<br />What is the “current” income-to-expenses?<br />What is the “current” interest rate<br />What type of interest rate (ARM, FIXED)<br />What type of loan is it? (CONV, FHA, VA)<br />Who is the servicer?<br />Who is the investor?<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  16. 16. Forensic Loan Audit<br />What is a Forensic Loan Audit?<br />Examination of a homeowner’s loan documentation.<br />Home Ownership and Equity Protection Act (HOEPA)<br />Truth in Lending Act (TILA)<br />Real Estate Settlement Procedures Act (RESPA)<br />Good Faith Estimate (GFE)<br />1003 Application<br />HUD 1<br />THE “NOTE”<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  17. 17. Forensic Loan Audit<br />How can it help you?<br />Violations found and verified<br />More favorable response from lendersservicers<br />More favorable approval of loan modifications<br />More favorable reduction in interest rate<br />More likely to get a principle balance reduction<br />More expedited service than without an audit<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  18. 18. Forensic Loan Audit<br />Do you qualify?<br />Everyone qualifies! Every loan qualifies!<br />The loan was originated between 1998-Present<br />Loan qualified using reduced documentation(stated income, stated assets, no documentation)<br />A drive-by appraisal was used(such as with a HELOC or 2nd mortgage)<br />Negative Amortization Option Loans(pick-a-payment plans, interest only, etc.)<br />Homeowner Servicing LLC | | 866-580-1313 |<br />
  19. 19. HOMEOWNER SERVICING LLC<br />PO Box 2175Leander, TX 78646-2175(866) 580-1313– office(512) 287-4389 – fax<br /><br /><br />Homeowner Servicing LLC | | 866-580-1313 |<br />