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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

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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Page 1: 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

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

Page 2: 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

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

Page 3: 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

2/14/2010

3

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

Page 4: 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

2/14/2010

4

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

S I M P L I F Y I N G T H E D I F F I C U L T

• Lender Think

•Financial 

ADPR11 www.ForeTraining.com

contacts homeowner

Contact

•14 DAYS Analysis

Decision

S I M P L I F Y I N G T H E D I F F I C U L T

Step #1

#1

#2• Send a SSA or RASS to homeowner

A fixed dollar amount as a % of CMV or as a 

ADPR12 www.ForeTraining.com

#3• Borrower signs and return SSA

#4• Sales offer is made

#5• Servicers determines acceptance

% of the list price approved by the servicer

Page 5: 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

2/14/2010

5

S I M P L I F Y I N G T H E D I F F I C U L T

Step #2

#1• Determine minimum proceeds

#2

ADPR13 www.ForeTraining.com

#3• Borrower signs and return SSA

#4• Sales offer is made

#5• Servicers determines acceptance

S I M P L I F Y I N G T H E D I F F I C U L T

Step #3

Borrower must sign within 14 days

A copy of the listing

#1• Determine minimum proceeds

#2• Send a SSA or RASS to homeowner

ADPR14 www.ForeTraining.com

A copy of the listing agreement must accompany

Information provided on subordinate liens

#3

#4• Sales offer is made

#5• Servicers determines acceptance

S I M P L I F Y I N G T H E D I F F I C U L T

Step #4

Within  3 business days of an executed sales 

contract lender is to receive the RASS and 

#1• Determine minimum Proceeds

#2• Send a SSA or RASS to homeowner

ADPR15 www.ForeTraining.com

supporting documentation(sales contract, pre‐approval 

letter, status of subordinate liens)

#3• Borrower signs and return SSA

#4

#5• Servicers determines acceptance

Page 6: 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

2/14/2010

6

S I M P L I F Y I N G T H E D I F F I C U L T

Step #5

Lender has 10 days of receipt of RASS to determine approval

#1• Determine Minimum Proceeds

#2• Send a SSA or RASS to Homeowner

ADPR16 www.ForeTraining.com

Must allow a minimum of 45 days to close

Decision is documented on the RASS and sent to the homeowner

#3• Borrower Signs and return SSA

#4• Sales offer is made

#5

S I M P L I F Y I N G T H E D I F F I C U L T

ADPR17 www.ForeTraining.com

S I M P L I F Y I N G T H E D I F F I C U L T

Might Not Work

Improves Financial Situation

Qualifies for a modification

Brings account current

ADPR18 www.ForeTraining.com

Fails to make payments per the SSA

Files Bankruptcy and the court declines approval 

REALTOR® doesn’t act in Good Faith/Consumer Fraud/Misrepresentation

Change in property condition or value

Page 7: 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

2/14/2010

7

S I M P L I F Y I N G T H E D I F F I C U L T

DIL

At the discretion of the lender a deed‐in‐lieu can be offered with full release of debt and waiver of deficiency with no 

ADPR19 www.ForeTraining.com

ypromissory note

Homeowners must attempt to sale the property first

Deed to be released within 10 days of delivery of the deed

S I M P L I F Y I N G T H E D I F F I C U L T

ADPR20 www.ForeTraining.com

S I M P L I F Y I N G T H E D I F F I C U L T

ARSENAL

“AS IS” ADDENDUM

Rider to the

Listing Agreement

Checklist

ADPR21 www.ForeTraining.com

Rider to the Sales Contract

Authorization to 

Release

HAFA Guidelines & 

Forms

Page 8: 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

2/14/2010

8

S I M P L I F Y I N G T H E D I F F I C U L T

ADPR22 www.ForeTraining.com

Online Off Line

S I M P L I F Y I N G T H E D I F F I C U L T

Blogging

ADPR23 www.ForeTraining.com

S I M P L I F Y I N G T H E D I F F I C U L T

Radio

ADPR24 www.ForeTraining.com

Page 9: 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

2/14/2010

9

S I M P L I F Y I N G T H E D I F F I C U L T

Viral Ability

ADPR25 www.ForeTraining.com

S I M P L I F Y I N G T H E D I F F I C U L T

ADPR26 www.ForeTraining.com

S I M P L I F Y I N G T H E D I F F I C U L T

Direct Mail

ADPR27 www.ForeTraining.com

Page 10: 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

2/14/2010

10

S I M P L I F Y I N G T H E D I F F I C U L T

Take control

ADPR28 www.ForeTraining.com

www.makehafawork.com

“You are Ready, Willing & Able”

S I M P L I F Y I N G T H E D I F F I C U L T

Thank you

Marki D. LemonsSpeaker, Trainer & Consultant of Short Sales, Foreclosures & Social Business

ABR, ABRM, ADPR, CDEI, CNE, CRB, CRS, green, QSC, SFR ,SRES, & MBA