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April 2010

March 2010

Comprehensive Resource List for Short Sales, HAFA and Alternatives to Foreclosure

I just updated my Short Sale, HAFA, Alternatives to Foreclosure Resource Post.

Here it is with the latest HAFA info and downloads as well as some added links reference legal and tax ramifications for sellers

Realtor Resources for Short Sales, HAFA, Alternatives to Foreclosure

You can Download the Resource List as a PDF here:

ShortSale_Foreclosure _Links

 

UPCOMING TRAINING on HAFA and SHORT SALES:

WEBINAR: HAFA Guidelines and the Impact on Your Short Sale Business

Wednesday, April 7th 10am-11am PST

_________________________________________________________________________

Certified Short-Sale Professional Designation Course
CE.4025000-RE 8 Hrs. General

Tuesday, April 13th, 2010 - 9:00am-5:30pm ~ Doors Open 8:30
Mountain View Mortgage 215 and S. Durango off W. Sunset Rd.
Instructors: Jan O'Brien, Steven Kitnick, and Attorney Robert Noggle.

Register for April 13th Course Now

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

Let us be your virtual coach as well.  Learn at your own pace and on your own schedule.  Our on-demand online courses integrate multi-media with an intuitive learning management system. Learn more about becoming a member of our community at WBNL Coaching.

 

 


Video Blog Launch - HAFA Updates from Jan OBrien - Real Estate Coach

I'm happy to announce that I have entered the world of Video Blogging as of today.  Look for more how to videos from me on everything from real estate business systems, agent team building, blogging, social media marketing and online reputation management.

Today's video covers two important websites to bookmark regarding the HAMP/HAFA Programs.

 

Here are the links from the video:


 

  • Making Home Affordable – HAFA page with latest Program Guidelines; Borrowers Documents

https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html 

Don't Miss the HAFA Webinar - April 7, 10am Pacific

WEBINAR.....Wednesday, April 7th 10am-11am PST

 

This webinar will cover:

  • Why it is important for real estate professionals to understand the guidelines?   
  • HAFA’s potential impact on the short sale market
  • Who is eligible for the program?
  • What loan servicers are participating
  • An overview of the process, paperwork, and timeframes
  • Benefits including incentives to borrowers and servicers; commission protection, release and full satisfaction for borrowers from future liability
  • Potential pitfalls and a few unknowns regarding 2nd liens, possible mortgage payments, and sharing of the commission with 3rd party vendors

Don't Miss this Important Webinar - Only $9.95!  Register NOW !

 

Discover the power of business coaching – Book a Free 30-minute consultation with Jan


Why HAMP Mods May Lead to More Short Sale Opportunities with HAFA

HAFA Complements HAMP =  Short Sale Opportunities…

The Treasury Posts a HAMP Report monthly at

http://www.makinghomeaffordable.gov/news.html

Let's Take a look at some of the stats from February 2010:

HAMP report card Feb 2010

Of the over 1 million HAMP modifications initiated since the programs inception - only 168,708 have been converted to permanent loan modifications.

There are a myriad of reasons why... including borrowers not completing all requirements, turning in documentation, not making the trial payments, etc.

This is one big reason why it is CRITICAL TO UNDERSTAND THE HAFA - Home Affordable Foreclosure Alternatives Program and to be a Certified Short Sale Professional!

This graph shows the pipeline of 6 million 60+ delinquent mortgages filtered down to approximately 1.8 million potential HAMP eligible borrowers.

HAFA_HAMP_stats

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Don't miss these next two training events:

Learn more about the HAFA program and it's potential impact on the short sale market.

Steven Kitnick, Attorney Robert Noggle and I will be presenting a Webinar sponsored by

 

 

OnlineEd_logo_200x50

HAFA Guidelines and the Impact on
Your Short Sale Business

     WEBINAR:  Wednesday, April 7th 10am-11am PST

 

This webinar will cover:

  • Why it is important for real estate professionals to understand the guidelines?   
  • HAFA’s potential impact on the short sale market
  • Who is eligible for the program?
  • What loan servicers are participating
  • An overview of the process, paperwork, and timeframes
  • Benefits including incentives to borrowers and servicers; commission protection, release and full satisfaction for borrowers from future liability
  • Potential pitfalls and a few unknowns regarding 2nd liens, possible mortgage payments, and sharing of the commission with 3rd party vendors

Don't Miss this Important Webinar - Only $9.95!  Register NOW !

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

Let us be your virtual coach as well.  Learn at your own pace and on your own schedule.  Our on-demand online courses integrate multi-media with an intuitive learning management system. Learn more about becoming a member of our community at WBNL Coaching.

_________________________________________________________________________

Certified Short-Sale Professional Designation Course
CE.4025000-RE 8 Hrs. General

Tuesday, April 13th, 2010 - 9:00am-5:30pm ~ Doors Open 8:30
Mountain View Mortgage 215 and S. Durango off W. Sunset Rd.
Instructors: Jan O'Brien, Steven Kitnick, and Attorney Robert Noggle.

Register for April 13th Course Now


Recent Articles on Short Sales, HAFA, and Housing Market

Here are some recent articles on Short Sales, HAMP, HAFA, Strategic Defaults and the Housing Industry:

Studies Show HAMP Promotes Strategic Default on Mortgages

Negative Equity, Not Job Loss, Primary Driver of Defaults

Future of Fannie and Freddie Debated on Capitol Hill

White House Adds Help for Underwater, Unemployed to Housing Plan

The Truth About HAMP - Inman News

 

Certified Short-Sale Professional Designation Course
CE.4025000-RE 8 Hrs. General

MASTER THE SHORT-SALE PROCESS

     At the end of this course, you will be able to do the following:

 

  • Know if a short sale is likely to be successful
  • Understand what needs to be included for successful short sale submission package
  • Discover how to generate leads and leverage the power of your designation in your marketing
  • Know the latest info on Alternatives to Foreclosure, HAMP, HAFA and Nevada Foreclosure Mediation Program
  • Understand potential tax ramifications of short sales
  • Learn the best practices for a successful short sale business and more!

 

 

 

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CSP_medium


HAMP/HAFA Enhancements Announced by Treasury

Today the Administration announced enhancements to the Home Affordable Modification Program (HAMP) to provide additional resources for struggling homeowners. These changes will provide temporary mortgage assistance to some unemployed homeowners, encourage servicers to write-down mortgage debt as part of a HAMP modification, allow more borrowers to qualify for modification through HAMP, and help borrowers move to more affordable housing when modification is not possibleRead the full press release

IStock_000006158192XSmall

Unemployed borrowers meeting eligibility criteria will have an opportunity to have their mortgage payments temporarily reduced to an affordable level for a minimum of 3 months, and up to six months for some borrowers, while they look for a new job. If homeowners don’t find a job before the temporary assistance period is over or if they find a job with a reduced income, they will be evaluated for a permanent HAMP modification or may be eligible for HAMP’s alternatives to foreclosure program.

The key changes impacting HAFA are larger payments to 2nd liens and incentives to the loan servicer and for the borrower for relocation assistance.  For short sales, the 2nd lien payment has been doubled from 3% of the outstanding balance to 6% - subject to a cap of $6,000.

Excerpted from the Treasury HAMP Improvements_Fact_ Sheet_032510 FINAL:

Helping Homeowners Move to More Affordable Housing
Increase incentives to provide more homeowners with foreclosure alternatives

  • Increase payoffs to subordinate lien holders who agree to release borrowers from debt to facilitate greater use of foreclosure alternatives including short sales or deeds-in-lieu.
  • The new payoff schedule allows servicers to increase the maximum payoff to subordinate lien holders to 6 percent of the outstanding loan balance and doubles from $1,000 to $2,000 the incentive reimbursement that is available to investors for subordinate lien payoffs, subject to an overall cap of $6,000.
  • Increase servicer incentive payments from $1,000 to $1,500 to increase use of foreclosure alternatives and encourage additional outreach to homeowners unable to complete a modification.
  • Double relocation assistance payment for borrowers successfully completing foreclosure alternative to $3,000. Help homeowners who use a short sale or deed-in-lieu to transition more quickly to housing they can afford.

Learn more about the HAFA program and it's potential impact on the short sale market.

Steven Kitnick, Attorney Robert Noggle and I will be presenting a Webinar sponsored by OnlineEd:

 

OnlineEd_logo_200x50

             Understanding the Home Affordable Foreclosure Alternatives:            
 HAFA Guidelines and the Impact on Your Short Sale Business

 

Wednesday, April 7th 10am-11am PST

 

This webinar will cover:

  • Why it is important for real estate professionals to understand the guidelines?   
  • HAFA’s potential impact on the short sale market
  • Who is eligible for the program?
  • What loan servicers are participating
  • An overview of the process, paperwork, and timeframes
  • Benefits including incentives to borrowers and servicers; commission protection, release and full satisfaction for borrowers from future liability
  • Potential pitfalls and a few unknowns regarding 2nd liens, possible mortgage payments, and sharing of the commission with 3rd party vendors

Don't Miss this Important Webinar - Only $9.95!  Register NOW !

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


Stay Informed with These Key Mortgage, Housing & Real Estate Industry Blogs

One of the ways I stay updated on what is happening in the real estate industry and specifically with the economy and our current housing and mortgage default market is by subscribing to the resources listed below.

I highly recommend signing up for the daily email alerts so you can have the news and resources come to you.  I just take a few minutes a day to scan the emails with the current headlines and either read or bookmark the articles I want to save for later.

Calculated Risk - http://www.calculatedriskblog.com/

DS News - http://www.dsnews.com/

Housing Wire - http://www.housingwire.com/

RISMedia - http://rismedia.com/todays-real-estate-advisor/

Inman News - http://www.inman.com/

 

Join the WBNL Coaching Wanderers Club - The online, virtual coaching and training platform for Real Estate and Business Professionals.

Your basic, FREE membership includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads


Short Sale Professional Network - Free Social Network for Real Estate Professionals

Since March 2009, Steve Kitnick and I have certified over 500 Nevada licensees and other real estate industry professionals through the Certified Short Sale Professional designation.

SSPNetwork_1

We created the Short Sale Professional Network initially for CSP graduates only.  We recently opened up the membership to anyone who is working in the short sale market and wants to participate.

Purpose of the Network:

This social network was established in support of all Real Estate Professionals working in our current real estate market of short sales, foreclosures and traditional sales.  We encourage all members to actively participate by joining the conversation, adding your own comments, experiences, questions, answers, feedback as it relates to the real estate industry and of course, short sales.

Membership Benefits include:

  • Your own blog to share information, resources, educate, inform, comment
  • An active forum to ask or pose questions and receive feedback and answers
  • Ability to upload photos and videos that promote/support the purpose of the network
  • Stay informed with updated resources links, downloads, and industry news
  • Download documents and materials to support your short sale business
  • And of course... network with other professionals!

Ways to participate:

  • Start a discussion or ask a question in the forum
  • Add your comments or answers to a forum discussion already started
  • Add a blog post
  • Upload photos or videos related to real estate or short sales
  • Contribute your short sale knowledge
  • Make friends - Help others
  • Visit the Document center, Resources, Training, Industry News Areas
  • Grow our site, the more information you add, the better all of us will become
  • Learn, Know and Grow

The Education Continues.... Learn, Share, Grow...Join the Short Sale Professional Network Today!

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


The Fixer Upper Blog - Effective Blogging and Use of Link Posts

Nicole Adams' passion for blogging, construction and sharing valuable information is evident in her site and Fixer Upper Blog

The Fixer Upper is a blog which covers issues ranging from finance, energy, technology, home ownership and maintenance, and any other issue of importance to homeowners. In addition to the discourse we foster on this site, we also attempt to introduce you to other sites and blogs which are likely of interest to homeowners.

Nicole has researched and compiled a variety of blog posts that link to useful resources on the particular subject of the blog post.  She started with compiling and sharing information about accredited construction management programs.  Her site is an excellent example of how blogging about what you are passionate about really works!  She also has provided an excellent list of resources worth bookmarking and exploring further.

Here are a couple of examples:

The First-Time Home Buyer Guide: 100 Must-Read Blog Posts

Top 100 Blogs to Boost Your Sales Skills

Top 20 Home Improvement iPhone Apps

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

Let us be your virtual coach as well.  Learn at your own pace and on your own schedule.  Our on-demand online courses integrate multi-media with an intuitive learning management system. Learn more about becoming a member of our community at WBNL Coaching.


Who Can Negotiate a Short Sale in Nevada?

In the State of Nevada, short sale negotiating falls under the category of "loan modification or foreclosure consultant" as defined in Assembly Bill 152 which modified NRS Chapter 645F.  You can read AB152 here: Download AB152_LoanMod_ForeclosureConsultant

In summary there are three options for negotiating short sales in Nevada:

  1. Attorneys
  2. Properly licensed companies/3rd party negotiators per the Mortgage Lending Division
  3. A licensed real estate agent as a part of a real estate transaction.

    As excerpted from the RE Division position statement:

    There may be no separate or distinct payment or compensation for performance of
    activities defined as loan modification, foreclosure consulting or providing of covered
    services outside of a real estate transaction.

    Activities that by definition might include aspects of “Loan Modification Consultant,”
    “Foreclosure Consultant,” or “Provider of Covered Services” must be part of a real estate
    transaction. As such, a commission paid to a licensee through a real estate brokerage as
    a result of those activities defined in NRS 645.030 and/or NRS 645.040 shall serve as
    evidence that the activities engaged in by the real estate licensee were “acting under the
    authority of their license.”

Guest Contributor, Steve Kitnick provides the following details and commentary on the subject:

Steve200 According to Bruce Alit, Chief Compliance Officer at the Nevada Real Estate Division, a licensee can negotiate short sales with lienholders providing the licensee is part of the real estate transaction, as evidenced by being on the "Duties Owed."

Read the Division's position statement on this topic: Download NVRED_MortgageLending_Position Statement_101509

Attorneys may handle short sale negotiations because they are exempt under NRS645.380(1).

3rd party negotiators (other than attorneys) must be licensed under the guidelines set forth by the Nevada Mortgage Lending Division. Click Here for Licensing Requirements. Here's a list of licensees and applicants who are eligible for conducting Pre-Foreclosure and Loan Modication activities, according to the Nevada Mortgage Lending Division - Check Here for the List

  • Is the company you're using licensed to negotiate pre-foreclosure sales (short sale) ?
  • Is a real estate licensee who is not a party to the transaction handling the negotiations?
  • Is your unlicensed/virtual assistant doing it?
  • Is the title company doing it?

According to Mr. Alit, you will be held accountable if you hired or recommended for hire, an unlicensed loan modification / pre-foreclosure consultant. What are your thoughts or comments on this subject?

Steven Kitnick, CNE, CSP, GRI, RRG
Steven Kitnick Seminars, LLC

www.NevadaCE.com

www.shortsaleprofessionalnetwork.com

(702) 255-8722

 

Discover the power of business coaching – Book a Free 30-minute consultation with Jan


Learn about HAFA - Short Sale Advice - Webinar April 7

Short sales and the HAFA program (Home Affordable Foreclosure Alternative) are getting attention in the media as we approach the program's start date of April 5, 2010.  Las Vegas broker-manager, Kathryn Bovard was recently interviewed by the Wall Street Journal and the article was just published today.  Kathryn blogs at ResidentialShortSale.com

Here's an excerpt.. read the entire article: New Program to Speed 'Short' Sales.

Lenders “have finally gotten on board with the fact that short sales will be a large part of the market over the next 24 to 36 months,” says Ms. Bovard.

While the popularity of short sales differs by market, in the Las Vegas brokerage that Ms. Bovard runs, 70% of pending sales are now short sales, she says.

For homeowners considering a short sale, Ms. Bovard says it’s important they speak to their trusted advisers, including their attorney and tax accountant, as well as a real-estate agent who has a short-sale designation.

For buyers, a lot of patience is required to finish one of these deals, says Ms. Bovard. “It’s a long, involved process. But the payoff is getting a tremendous value.”

 

Learn more about the HAFA program and it's potential impact on the short sale market.

Steven Kitnick, Attorney Robert Noggle and I will be presenting a Webinar sponsored by OnlineEd:

 

OnlineEd_logo_200x50

             Understanding the Home Affordable Foreclosure Alternatives:            
 HAFA Guidelines and the Impact on Your Short Sale Business

 

Wednesday, April 7th 10am-11am PST

 

This webinar will cover:

  • Why it is important for real estate professionals to understand the guidelines?   
  • HAFA’s potential impact on the short sale market
  • Who is eligible for the program?
  • What loan servicers are participating
  • An overview of the process, paperwork, and timeframes
  • Benefits including incentives to borrowers and servicers; commission protection, release and full satisfaction for borrowers from future liability
  • Potential pitfalls and a few unknowns regarding 2nd liens, possible mortgage payments, and sharing of the commission with 3rd party vendors

Don't Miss this Important Webinar - Only $9.95!  Register NOW !

 

Join the Wanderers Club for $67/mth membership fee to access all of the member benefits including monthly training webinars, group coaching sessions, online training courses, private Facebook and LinkedIn Groups.

FREE Basic membership is free and includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads