Membership Outreach HAFA Class
-
Upload
marki-lemons-ryhal -
Category
Business
-
view
3.136 -
download
1
description
Transcript of Membership Outreach HAFA Class
w w w . M a r k i L e m o n s . c o m
Chicago Association of REALTORS®
Home Affordable Foreclosure Alternative
Focused on Real Estate!
Marki LemonsSpeaker@Marki_Lemonshttp://www.linkedin.com/in/markilemons
#CARMO
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
3 www.adprnetwork.com
10/13
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
4 www.adprnetwork.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
5 www.adprnetwork.com
Alarming Statistics
The rate of foreclosure remains high.
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
6 www.adprnetwork.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
7 www.adprnetwork.com
What is a Short Sale?
A short sale occurs when a lender is willing to accept less than the full
mortgage pay off.
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
8 www.adprnetwork.com
HAFA
Short Sale
Home Affordable
Foreclosure Alternatives2-3
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
9 www.adprnetwork.com
No occupancy requirement for HAFA eligibility
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
10 www.adprnetwork.com
Payment on 1st Lien Does Not Have To Exceeds 31% of Gross Income
• Includes:– PITI – Flood Ins., Condo Assn Fees & HOA
Fees• Does not include:
– Mortgage Insurance– Sub. lien payments
Gross Income: Includes All Income
2-27
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
11 www.adprnetwork.com
SELLER ADVANTAGES
• $3,000 cash to seller• Foreclosure suspension• Liability release• No notes or $$$ contributed• More $$$ for 2nd liens up to $8,500• Pre-approved short sale• Deed-in-lieu possible with $3,000
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
12 www.adprnetwork.com
Credit
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 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.
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
13 www.adprnetwork.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
14 www.adprnetwork.com
FHA 2 yrs BK 3 yrs Foreclosure 3.5% Down FHA-580 Minimum Lenders 620
Minimum
Fannie Mae/Freddie Mac
4 yrs BK 2 yrs Short Sale 4 yrs Deed-in-Lieu 5 yrs Foreclosure 10% Down 680 FICO Investor=7yrs
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
15 www.adprnetwork.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
16 www.adprnetwork.com
ADVANTAGES FOR REAL ESTATE PROS
• Standard forms• No $$$ contribution• No last minute
commission negotiations• Quicker approval or denial• Listing remarks
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
17 www.adprnetwork.com
HAFA ELIGIBILITY
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
31% of gross income Hardship Delinquent or default reasonably
foreseeable
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
18 www.adprnetwork.com
HAFA FEATURES
Pre-approved short saleSpecified time linesCommissions protectedFull release of liability on 1st and
subordinate loansForeclosure sale suspension
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
19 www.adprnetwork.com
HAFA FEATURES (CONT’D.)
Payment forbearance or reduction$3,000 to Seller Servicer incentivesUp to $8,500 for subordinate lien
holders Investor reimbursement for
subordinate lien releases
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
20 www.adprnetwork.com
WHO’S PARTICIPATING
All servicers in HAMP1st mortgagesServicers establish policies based
on investor guidelinesInvestors in non-GSE loans may
not approve HAFA short sales
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
21 www.adprnetwork.com
WHO’S PARTICIPATING
Fannie & FreddieAre the investorsEstablish separate guidelines
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
22 www.adprnetwork.com
FORECLOSURE SUSPENSION
Potentially eligible borrowers must be considered for HAFA: Prior to commencing
foreclosure Before foreclosure sale is
conducted
For non-GSE loans: Pursuant to servicer’s policy
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
23 www.adprnetwork.com
BORROWER ALREADY IN HAMP
Servicer Must Consider Borrower for HAFA… Within 30 days from date the borrower:– Does not qualify for trial
modification– Does not complete trial
modification– Is delinquent on modification– Requests a Short Sale
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
24 www.adprnetwork.com
BANKRUPTCY
Considered for HAFA if requested
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
25 www.adprnetwork.com
Forms
SSARASSAlt. RASSDIL
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
26 www.adprnetwork.com
NON-OWNER OCCUPIED EXEMPTION:
Vacant up to 90 days prior to:SSA orAlt RASS and
Job transfer or new employment 100 miles or more and
Not purchased another home within previous 90 days
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
27 www.adprnetwork.com
DEFAULT FORESEEABLE
Imminent default evaluated by servicer based on borrower’s debts,
expenses, income & assets
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
28 www.adprnetwork.com
MAXIMUM UNPAID BALANCE
1 Unit: $729,750 2 Units: $934,200
3 Units: $1,129,250 4 Units: $1,403,400
Supplemental Directives & Announcements
• Supplemental Directives• US Treasury• 28 Updates
• Announcements• Fannie Mae
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
30 www.adprnetwork.com
www.makinghomeaffordable.gov
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
31 www.adprnetwork.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
32 www.adprnetwork.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
33 www.adprnetwork.com
eFannieMae.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
34 www.adprnetwork.com
www.freddiemac.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
35 www.adprnetwork.com35
MarkiLemons.com
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
36 www.adprnetwork.com36
NEW! Awesome Video Card
MarkiLemons.com
HAFALANGUAGE
QR Code Call to Action
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
37 www.adprnetwork.com37
A card that converts to video with QR
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
38 www.adprnetwork.com
Door Hanger-Same Script
ADPR
S I M P L I F Y I N G T H E D I F F I C U L T
39 www.adprnetwork.com
Marki Lemons
Speaker
@Marki_Lemonshttp://www.linkedin.com/in/markilemons
#CARMO
Thank You.