Membership Outreach HAFA Class

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Join us for one of six Member Outreach Meetings, part of our CAR2U program. FREE exclusively to C.A.R. Members, we come out to your neck of the woods and offer a unique session to help educate you on what's happening at C.A.R., news impacting your industry, and how to be more effective and profitable. It's the Chicago Difference. Come to as many sessions as you like, or simply join us for the ones most convenient to you. Speakers will engage the audience with the current must-know items of today's market, as well as information to share with fellow agents and your clients.

Morning sessions include a continental breakfast and evening sessions include hors d'oeuvres and refreshments.

It's our pleasure to bring CAR2U through our Member Outreach Meetings - we hope to see you. Register Today!

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  • Demonstrate web site
  • Demonstrate web site
  • Membership Outreach HAFA Class

    1. 1. Chicago Association of REALTORS®Home Affordable Foreclosure Alternative www.MarkiLemons.com
    2. 2. Focused on Real Estate!Marki LemonsSpeaker@Marki_Lemonshttp://www.linkedin.com/in/markilemons#CARMO
    3. 3. S I M P L I F Y I N G T H E D I F F I C U LT 10/133 ADPR www.adprnetwork.com
    4. 4. S I M P L I F Y I N G T H E D I F F I C U LT4 ADPR www.adprnetwork.com
    5. 5. Alarming Statistics S I M P L I F Y I N G T H E D I F F I C U LT The rate of foreclosure remains high.5 ADPR www.adprnetwork.com
    6. 6. S I M P L I F Y I N G T H E D I F F I C U LT6 ADPR www.adprnetwork.com
    7. 7. What is a Short Sale? S I M P L I F Y I N G T H E D I F F I C U LT A short sale occurs when a lender is willing to accept less than the full mortgage pay off.7 ADPR www.adprnetwork.com
    8. 8. S I M P L I F Y I N G T H E D I F F I C U LT Short Sale8 ADPR Home Affordable Foreclosure Alternatives www.adprnetwork.com 2-3
    9. 9. S I M P L I F Y I N G T H E D I F F I C U LT No occupancy requirement for HAFA eligibility9 ADPR www.adprnetwork.com
    10. 10. Payment on 1st Lien Does Not Have To Exceeds 31% of Gross Income S I M P L I F Y I N G T H E D I F F I C U LT • Includes: Gross Income: – PITI Includes All Income – Flood Ins., Condo Assn Fees & HOA Fees ADPR • Does not include: – Mortgage Insurance – Sub. lien payments10 www.adprnetwork.com 2-27
    11. 11. S I M P L I F Y I N G T H E D I F F I C U LT • $3,000 cash to seller • Foreclosure suspension • Liability release • No notes or $$$ contributed ADPR • More $$$ for 2nd liens up to $8,500 • Pre-approved short sale • Deed-in-lieu possible with $3,00011 www.adprnetwork.com
    12. 12. Credit S I M P L I F Y I N G T H E D I F F I C U LT  The requirements in Section 11.2, Chapter IV of the Handbook related to credit bureau reporting of HAFA transactions are amended as follows:  If the real estate is sold for less than the full balance owed and the deficiency balance is forgiven, report the following ADPR Base Segment fields as specified:  Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started), as applicable.12 www.adprnetwork.com
    13. 13. S I M P L I F Y I N G T H E D I F F I C U LT13 ADPR www.adprnetwork.com
    14. 14. S I M P L I F Y I N G T H E D I F F I C U LT FHA Fannie Mae/Freddie Mac  2 yrs BK  4 yrs BK  3 yrs Foreclosure  2 yrs Short Sale  3.5% Down  4 yrs Deed-in-Lieu  FHA-580 Minimum  5 yrs Foreclosure ADPR  Lenders 620  10% Down Minimum  680 FICO  Investor=7yrs14 www.adprnetwork.com
    15. 15. S I M P L I F Y I N G T H E D I F F I C U LT15 ADPR www.adprnetwork.com
    16. 16. S I M P L I F Y I N G T H E D I F F I C U LT • Standard forms • No $$$ contribution • No last minute ADPR commission negotiations • Quicker approval or denial • Listing remarks16 www.adprnetwork.com
    17. 17. S I M P L I F Y I N G T H E D I F F I C U LT  1-4 family  $729,750 balance (SFR)  1st position loans  Originated on or before 1-1-09  Payment on 1st loan does not have to exceed ADPR 31% of gross income  Hardship  Delinquent or default reasonably foreseeable17 www.adprnetwork.com
    18. 18. S I M P L I F Y I N G T H E D I F F I C U LT  Pre-approved short sale  Specified time lines  Commissions protected  Full release of liability on 1st and ADPR subordinate loans  Foreclosure sale suspension18 www.adprnetwork.com
    19. 19. S I M P L I F Y I N G T H E D I F F I C U LT  Payment forbearance or reduction  $3,000 to Seller  Servicer incentives  Up to $8,500 for subordinate lien ADPR holders  Investor reimbursement for subordinate lien releases19 www.adprnetwork.com
    20. 20. S I M P L I F Y I N G T H E D I F F I C U LT  All servicers in HAMP  1st mortgages  Servicers establish policies based on investor guidelines ADPR  Investors in non-GSE loans may not approve HAFA short sales20 www.adprnetwork.com
    21. 21. S I M P L I F Y I N G T H E D I F F I C U LT Fannie & Freddie Are the investors ADPR Establish separate guidelines21 www.adprnetwork.com
    22. 22. S I M P L I F Y I N G T H E D I F F I C U LT  Potentially eligible borrowers must be considered for HAFA:  Prior to commencing foreclosure  Before foreclosure sale is conducted22 ADPRFor non-GSE loans: Pursuant to servicer’s policy www.adprnetwork.com
    23. 23. S I M P L I F Y I N G T H E D I F F I C U LT Servicer Must Consider Borrower for HAFA… Within 30 days from date the borrower: – Does not qualify for trial modification ADPR – Does not complete trial modification – Is delinquent on modification – Requests a Short Sale23 www.adprnetwork.com
    24. 24. S I M P L I F Y I N G T H E D I F F I C U LT Considered for HAFA if requested24 ADPR www.adprnetwork.com
    25. 25. Forms S I M P L I F Y I N G T H E D I F F I C U LT25 ADPR www.adprnetwork.com
    26. 26. S I M P L I F Y I N G T H E D I F F I C U LT  Vacant up to 90 days prior to: SSA or Alt RASS and  Job transfer or new employment ADPR  100 miles or more and  Not purchased another home within previous 90 days26 www.adprnetwork.com
    27. 27. S I M P L I F Y I N G T H E D I F F I C U LT Imminent default evaluated by servicer based on borrower’s debts, expenses, income & assets27 ADPR www.adprnetwork.com
    28. 28. S I M P L I F Y I N G T H E D I F F I C U LT 1 Unit: $729,750 2 Units: $934,200 ADPR 3 Units: $1,129,250 4 Units: $1,403,40028 www.adprnetwork.com
    29. 29. Supplemental Directives & Announcements • Supplemental Directives • US Treasury • 28 Updates • Announcements • Fannie Mae
    30. 30. www.makinghomeaffordable.gov S I M P L I F Y I N G T H E D I F F I C U LT30 ADPR www.adprnetwork.com
    31. 31. S I M P L I F Y I N G T H E D I F F I C U LT31 ADPR www.adprnetwork.com
    32. 32. S I M P L I F Y I N G T H E D I F F I C U LT32 ADPR www.adprnetwork.com
    33. 33. eFannieMae.com S I M P L I F Y I N G T H E D I F F I C U LT33 ADPR www.adprnetwork.com
    34. 34. www.freddiemac.com S I M P L I F Y I N G T H E D I F F I C U LT34 ADPR www.adprnetwork.com
    35. 35. S I M P L I F Y I N G T H E D I F F I C U LT35 ADPR www.adprnetwork.com MarkiLemons.com 35
    36. 36. NEW! Awesome Video Card S I M P L I F Y I N G T H E D I F F I C U LT HAFA LANGUAGE ADPR QR Code Call to Action 3636 www.adprnetwork.com MarkiLemons.com
    37. 37. A card that converts to video with QR S I M P L I F Y I N G T H E D I F F I C U LT37 ADPR www.adprnetwork.com 37
    38. 38. Door Hanger-Same Script S I M P L I F Y I N G T H E D I F F I C U LT38 ADPR www.adprnetwork.com
    39. 39. S I M P L I F Y I N G T H E D I F F I C U LT Marki Lemons Speaker @Marki_Lemons Thank http://www.linkedin.com/in/markilemons You. ADPR #CARMO39 www.adprnetwork.com

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