The New Short Sale Rules and Programs_webinar

7/29/2019 The New Short Sale Rules and Programs_webinar

1/17

W I T H J A C O B S W O D E C K &

K N O L L Y W I L L I A M S O F M A P S

&

S P E C I A L G U E S T

B R Y A N T T U T A S

C O - F O U N D E R S H O R T S A L E S U P E R S T A R S

T H E N E W


2/17

WHAT WELL COVER TODAY

Are short sales going away soon?

Are short sale lease backs

possible/legal?

Is HAFA over?

Whats new with Fannie/Freddie short

sales?

Is it true there is a new low-doc shortsale process in place?

Are lender-directed short sale leads an

emerging concept?


3/17

HOW LONG WILL

SHORT SALES LAST?

2.3 million homes represented in Shadow

Inventory (7-9 month supply, $376B, down

12% form 2011) (CoreLogic as of Oct 2012)

2.4 million additionalborrowers are 30 60

days late and are not included in the

shadow inventory numbers. (via LPS

Monthly Monitor Report Dec 2012)

Est. 440,000 short sales in 2012. 1,000,000

expected in 2013 (Daren Blomquist of

RealtyTrac)


4/17

One Million Short Sales

One

MillionShort

Sales

In

2013?


5/17

HOW LONG WILL

SHORT SALES LAST?


6/17

HOW LONG WILL

SHORT SALES LAST?

Other variables adjusting loan mods, lack of inventory and high

demand push up values to make up for negative equity in some

markets, bulk note sales

Twenty-two percent of all residential properties with a mortgage

or about 10.7 million home ownerswere underwater by the end

of the fourth quarter for 2012, according to CoreLogic data.

From September 2011 to September 2012, 1.4 million homeownershad moved from negative equity to positive equity.

How will this affect consumer mindset for borderline equity

homeowners?

Is this an actual recovery or is it fabricated by the powers that be?


7/17

ARE YOU READY FOR THE NEXT SHORT

SALE WAVE?

www.ShortSaleCommander.com/ssic-60


8/17

FANNIE AND FREDDIE MERGE THEIR

SHORT SALE PROCESS

Servicer Alignment Initiative

Fannie and Freddie drop HAFA Dec 31, 2012

Short sale process merge went in to effect Nov. 2012

Much more streamlined as far as hardship, timelines, and

documentation needed 90+ days late, less than a 620 fico score = pre-approved

hardship

Approved Hardship loans qualify for new low-doc process

$6,000 to junior liens

30 days to answer (from receipt of offer) Delegation to decision non-delinquent loans when there is

death, disability, divorce, or distant employment (50+ miles)

Controversial REO valuation model (projections, zip code,demand, MNR minimum net required)


9/17

Peace out Ed DeMarco! (FHFA Director)


10/17

MANY BIG HAFA CHANGES

FOR NON-GSE LOANS

Via Supplemental Directive 12-07

Effective Feb. 2013

No hardship docs if 90+ days late and less

than 620 FICO score (bank pulling creditreport early on)

Lease back option reaffirmed in new HAFA

guidelines (SD-07)

No more Treasury HAFA docs required

New docs include SSN (Short Sale Notice),

ARSS (Acknowledgment of Request of Short

Sale), and the HAFA Affidavit

30 day decisions regardless how HAFA was

initiated


11/17

Are you in the Inner Circle?

Join the fastest growing

national group coachingcommunity designed to

help you maximize todays

short sale opportunity.

Coaches: Jacob Swodeck

and Knolly Williams Weekly coaching calls, and

a bonus Ask the Expert

call every month.

(Founders Club only) Check out our 6 month call

schedule! (Start any time)

Investment: $99 a month


12/17

Access toprivate SSIC Facebook group

Referrals Live instant

support

Bank contacts

Custom forms

Network with

top agents Help desk

File sharing

Ask questions

Huge value!


13/17

Access toprivate SSIC Facebook group

Hundreds of

downloadable

forms

Archived call

audio- library

Scripts (phone

and door-

knocking)

Editable flyers

Call handouts

So much more!


14/17

LENDER-DIRECTED LEADS???

Is it happening yet?

What are the challenges? (FDPCA, privacy, etc.)

What about DTS and the CHASE Priority Partner Short Sale

Program?

Wells Fargo launching an exclusive agent network in 2013

Loan recapture is the servicers priority (Retail loan business)

Other direct listing lead opportunities


15/17

DEPT. OF JUSTICES $25B ATTORNEY

GENERAL SETTLEMENT

Went in to effect Feb. 2012 (biggest consumer protectionsettlement in history)

Must be: BofA, Wells Fargo, CHASE, Citi, Ally/GMAC

Must not be: Fannie, Freddie, FHA, VA

www.NationalMortgageSettlement.com $10B towards Principal Write-downs

$7B towards special programs (i.e. Short sales, military, etc.)

$3B towards Refi programs, $5B towards settlement payouts

to wrongfully foreclosed borrowers


16/17

HAFA SHORT SALE LEASE-BACKS

FACT OR FICTION?

Via Supplemental Directive 11-02 and 12-07

U.S. Treasury allows for a legitimate non-profit to buy a shortsale property under HAFA with the intention to lease thehome back to the prior owner

National Short Sales created the Short Sale Lease Back (SSLB)program and has closed a few non-arms length short saleswith an understanding that the prior owner will lease thehome back.

Guidelines have been given (finally) fornon-profit and program qualifications

Long way away from being a main-stream program

Search for Short Sale Lease Back on

Facebook for more info


17/17

Remember to join the

Founders Club today!

Documents

The New Short Sale Rules and Programs_webinar