2/14/2010 1 SIMPLIFYING THE DIFFICULT ARE YOU READY, WILLING & ABLE? Marki D. Lemons SIMPLIFYING THE DIFFICULT Change is inevitable If you do not change you will b ADPR 2 www.ForeTraining.com become EXTINCT SIMPLIFYING THE DIFFICULT •HAFA Guidelines 1 •HAFA Forms 2 ADPR 3 www.ForeTraining.com 2 •Your Arsenal 3 •How to Attract 4
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SIMPLIFYING THE DIFFICULTLoan must meet HAMP eligibility ... Consider HAMP eligible borrowers who do not successfully complete trail or default on HAMP or other loan modification.
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2/14/2010
1
S I M P L I F Y I N G T H E D I F F I C U L T
ARE YOU READY, WILLING & ABLE?
Marki D. Lemons
S I M P L I F Y I N G T H E D I F F I C U L T
Change is inevitableIf you do not change you will
b
ADPR2 www.ForeTraining.com
become
EXTINCT
S I M P L I F Y I N G T H E D I F F I C U L T
•HAFA Guidelines1
•HAFA Forms2
ADPR3 www.ForeTraining.com
2
•Your Arsenal3
•How to Attract4
2/14/2010
2
S I M P L I F Y I N G T H E D I F F I C U L T
HAFA streamlines industry practices on how short sales and deeds-in-lieu of foreclosure are conducted which allows a homeowner
the opportunity to avoid foreclosure:
ADPR4 www.ForeTraining.com
Reduces Bank Owned PropertiesPreserves the home, the neighbors home and community valueMinimizes vacancy and vandalism
S I M P L I F Y I N G T H E D I F F I C U L T
HAFA GoalsProvide a well needed alternative to foreclosures
ADPR5 www.ForeTraining.com
Provide tools and guidelines to overcome issues that have historically prevented successful short sales
S I M P L I F Y I N G T H E D I F F I C U L T
NAR HAMP UPDATE
ADPR6 www.ForeTraining.com
2/14/2010
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S I M P L I F Y I N G T H E D I F F I C U L T
Short Sale Sale a home for less than what is owedServicer pre-approves
Deed-In LieuVoluntarily transfer ownership to the servicer
ADPR7 www.ForeTraining.com
a minimum acceptable net proceedShort Sale is full satisfaction of the first mortgage
Servicer accepts =full satisfaction of the first mortgage
S I M P L I F Y I N G T H E D I F F I C U L T
EffectiveApril 5, 2010
S I M P L I F Y I N G T H E D I F F I C U L T
Loan must meet HAMP eligibilityServicer must have a written policyBorrower to be evaluated for HAMP prior to
ADPR9 www.ForeTraining.com
Borrower to be evaluated for HAMP prior to any consideration being given for HAFAConsider HAMP eligible borrowers who do not successfully complete trail or default on HAMP or other loan modification
2/14/2010
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S I M P L I F Y I N G T H E D I F F I C U L T
Before a NOD is filed or a pending foreclosure sale occurs.
Within 30 Days of the date the homeowner:Does not qualify for a trail period planDoesn’t complete a trail period plan
ADPR10 www.ForeTraining.com
Doesn t complete a trail period planIs delinquent on a HAMP for 2 consecutive monthsRequest a short sale or DIL