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Save or Sell?
 

Save or Sell?

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    Save or Sell? Save or Sell? Presentation Transcript

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