Save The Dream 2009 - Help Homeowners KEEP Their Homes


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There is an unprecedented number of foreclosures in Arizona. More homeowners than ever face the possibility that they will lose their homes because they are unable to pay their mortgage. The Arizona Foreclosure Coalition offers staff and resources to help homeowners find ways to keep their homes. This is a three-hour class taught by one of the nation’s leading consumer advocates/activists in the home retention arena. Help homeowners KEEP their homes and win referrals from those homeowners for many years! THIS CLASS IS NOT ABOUT HOW TO EARN INCOME WITH LOAN- MODIFICATION-FOR- MONEY-PROGRAMS. This class will teach real estate agents how to use legitimate outreach methods to help people save their homes, not get-rich-quick schemes that take advantage of distressed homeowners.

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Save The Dream 2009 - Help Homeowners KEEP Their Homes

  1. 1. Save The Dream 2009<br />Help Homeowners KEEP Their Homes<br />
  2. 2. Frances Flynn Thorsen<br />Extreme Value Strategist<br />CEO<br />SocialebbStrategies and Solutions<br />
  3. 3. Truth In HousingMatters<br />host<br />Frances Flynn Thorsen<br />producer/directhor<br />Thor Thorsen<br />
  4. 4. The New American Dream<br />Home Ownership Sustainability<br />
  5. 5. We make a living by what we get, we make a life by what we give ~ Sir Winston Churchill<br />
  6. 6. Foreclosure Glossary<br />Foreclosure<br />Notice of Default (NOD)<br />Notice of Sale (NTS or NFS)<br />Foreclosure Sale<br />REO<br />Lien<br />Junior Liens<br />Deed of Trust<br />
  7. 7. New Age Foreclosure Lexicon<br />Home Retention<br />Short Sale<br />Distressed Property<br />Loan Modification<br />Refinance<br />
  8. 8. Blame and Complain<br />
  9. 9.
  10. 10. Real Estate Community<br />REALTORS and Licensees<br />Buyers<br />Sellers<br />Distressed Homeowners<br />
  11. 11.
  12. 12. fb_menu_inbox_dropdown=&quot;null&quot; clickboundfb_menu_inbox_dropdown=&quot;null&quot; s_oid=&quot;UseUtil.listeners()toseethelistoflistenersonanelement.&quot; s_oidt=&quot;2&quot; eclickboundfb_menu_friends_dropdown=&quot;null&quot; clickboundfb_menu_friends_dropdown=&quot;null&quot;&gt; <br />
  13. 13. Lenders<br />Servicers<br />Attorneys<br />Government<br />Nonprofits<br />
  14. 14. Other Players<br />
  15. 15. Alexis McGee<br />Alexis McGee<br /><br />ForeclosureScam<br />White Knight Investor<br />Shark Bait<br />Edition 5.1 - <br />
  16. 16.
  17. 17. Roger Butcher<br />
  18. 18.
  19. 19. Certified Distressed Property Expert<br />
  20. 20. Bernice Ross, Ph.D<br />Author<br />Columnist<br />Speaker.<br />
  21. 21. Joseph Ferrara, attorney<br />Attorney<br />Blogger<br />Consumer Advocate<br />
  22. 22. Piccola Dowling<br />Realtor<br />Poet<br />Mom<br />
  23. 23. Be wary of calling yourself an expert. Almost overnight, companies have sprung up offering you the chance to become “certified” as a specialist in short sales or REOs. Although some of the programs might provide good training, you can invite trouble if you go overboard and market yourself as an expert,” said Chuck Kasky, director of legal affairs for the Maryland Association of REALTORS®.<br />
  24. 24. Use Web 2.0<br />Blogs<br />Facebook<br />Twitter<br />Videos<br />
  25. 25. FHA Secure<br />What was that all about?<br />
  26. 26. … and MORE!<br />Freddie Mac<br />Fannie Mae<br />
  27. 27. HUD Certified Counselors<br />pre-qualifying buyers<br />screen for eligibility<br />provide paperwork<br />tap emotional and other support<br />Foreclosure Prevention<br />
  28. 28.<br />HOTLINE- 520-792-3087<br />
  29. 29. Arizona Foreclosure Prevention Task Force<br />HOTLINE<br />877-448-1211<br />24/7<br />
  30. 30.
  31. 31. Foreclosure Fairs<br />Pima County<br />Legal Aid<br />Freddie Mac<br />United Way<br />Urban League<br />Consumer Credit Counseling Servies<br />
  32. 32. The Choices<br />
  33. 33.
  34. 34. Prepayment<br />Forbearance<br />Refi<br />Restructure<br />
  35. 35. HOPE NOW<br />Counselors, investors, lenders<br />Assist homeowners with subprime mortgages.<br />Freezes adjustable &apos;teaser&apos; interest rate for five years.<br />
  36. 36. Project Lifeline<br />“Seriously delinquent” homeowners<br />90 days late<br />30-day suspension<br />1.3 million loans<br />
  37. 37. Real Estate Licensee?<br />
  38. 38. Risk Management<br />Loan Modification<br />Short Sale<br />REO<br />
  39. 39. Read the fine print. Some certification companies have an indemnification clause that puts legal costs on your shoulder if they’re included in any lawsuit against you. “Read their disclaimers,” Kasky said.<br />
  40. 40. Don&apos;t engage in unauthorized practice of law. Other increasingly common practices, such as broker price opinions, negotiations with lenders in short sales, and giving advice to homeowners about seeking a loan modification before they try a short sale, are all practices that might be challenged as either unauthorized practice of law or otherwise outside the scope of sales associates’ license. Even accepting a fee for broker price opinions—in states where they’re allowed—might raise trouble for sales associates who accept fees directly rather than through their broker, Kasky said.<br />
  41. 41. Check your E&O coverage. If you help home owners navigate a loan modification, be aware that your E&O policy might not cover your actions if you’re sued, said Michelle Lind, general counsel of the Arizona Association of REALTORS®. Providing such help is considered the business of housing counseling agencies, not brokerages, she said. Similarly, if you handle REOs for a lender, be sure your E&O policy covers property management activity, she said. Many of your tasks in selling REO properties are property management functions: getting utilities turned on, keeping the property secure if it’s vacant, even evicting people. <br />
  42. 42.
  43. 43.<br />HOTLINE- 520-792-3087<br />