I have updated, revised and added useful links to the Resources for Short Sales, HAMP/HAFA, Alternatives to Foreclosure Guide as of January 8, 2013. Feel free to download the document and use the resources as needed to educate and inform your clients and yourself as necessary! If you have any recommendations for additional online resources or discover a broken/bad link - please contact me.
Cheers,
Jan
Download Short Sale Resources 1_2013 Guide for Short Sales, HAMP/HAFA, Alternatives to Foreclosure
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Here are links to important downloads, resource sites and articles concerning short sales, HAFA and HAMP, and alternatives to foreclosure.
Bank / Lender Short Sale Sites
Bank of America
- Agent Short Sale Resource Center https://agentresources.bankofamerica.com/shortsale
- BofA Short Sale Forms & Reference Guides
https://agentresources.bankofamerica.com/shortsale/process - Short Sale for Sellers https://shortsale.bankofamerica.com/index.cfm?
- Short Sale Customer Care at 866.880.1232
- www.Equator.com - Set up your Free Account – Initiate/Process Short Sales
- Equator Technical Support – 310-469-9167
- Fax BofA 3rd Party Authorizations to 805-520-5019
Fannie Mae Short Sale Assitance Desk http://www.homepathforshortsales.com/
Wells Fargo Help for Homeowners https://www.wellsfargo.com/homeassist/
Chase Short Sales & Alternatives https://www.chase.com/chf/mortgage/hrm_otheralt
CitiMortgage
https://www.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=foreclosure
GMAC Help for Homeowners https://www.gmacmortgage.com/finform/hhstart.htm
Housing Scorecard http://portal.hud.gov/hudportal/HUD?src=/initiatives/Housing_Scorecard
Each month, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury produce a monthly scorecard on the health of the nation’s housing market. The scorecard incorporates key housing market indicators and highlights the impact of the Administration’s unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP).
HAMP/HAFA
Making Home Affordable http://www.makinghomeaffordable.gov/
Home Affordable Admin Site for Servicers https://www.hmpadmin.com/portal/index.html
HAMP Participating Servicers
http://www.makinghomeaffordable.gov/contact_servicer.html
Outreach Toolkit – Documents, Flyers, Banner Ads for Blogs & Websites
http://makinghomeaffordable.gov/toolkit.html
Downloads:
Making Home Affordable – HAFA page with latest Program Guidelines; Borrowers Documents
https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html
From Realtor.org - Download brochures and info on HAFA
http://www.realtor.org/government_affairs/short_sales_hafa
NAR Guide to Understanding HAFA
Fannie Mae & Freddie Mac
Fannie Mae HAFA - https://www.efanniemae.com/sf/servicing/hafa/index.jsp#
Freddie Mac HAFA - http://www.freddiemac.com/singlefamily/service/hafa.html
Fannie & Freddie Loan Lookup - http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx
- For Fannie Mae
- 1-800-7FANNIE (8am to 8pm EST).
- www.fanniemae.com/loanlookup
- Freddie Mac
- -800-FREDDIE (8am to 8pm EST)
- www.freddiemac.com/mymortgage
Fannie Mae Short Sale Assistance Desk - http://www.homepathforshortsales.com/
FHA Pre-Foreclosures
www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf
http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm
Veterans
VA
Compromise Sale Program
http://www.vba.va.gov/ro/houston/lgy/compsale.html
Homeowners Assistance Program (HAP)
http://hap.usace.army.mil/
Resources for Short Sales
- Realtor.org Short Sales: The Basics http://www.realtor.org/realtors/basics_short_sales
- Realtor.org - Short Sales Tools, Tips http://www.realtor.org/realtors/short_sales_tips_tools
- NAR Field Guide to Short Sales
http://www.realtor.org/field-guides/field-guide-to-short-sales - GLVAR Short Sale/Foreclosure Resource Guide http://www.lasvegasrealtor.com/reo/ GLVAR has compiled a resource guide of informational articles dealing with short sales, foreclosures and REO transactions. Covering tips on the short sale and REO market, representation, taxes, and disclosure.
Alternatives to Foreclosure
FTC – Mortgage Real Estate Publications/Downloads
http://www.ftc.gov/bcp/menus/consumer/credit/mortgage.shtm
Download FTCFactsforConsumers Clearly defines all alternatives to foreclosure - from FTC
Avoid Foreclosure – Loan Modification Resources
- RentalForeclosure.com http://www.rentalforeclosure.com/ Tenants can find out if a property is in Foreclosure – NOD file
- Freddie Mac – Working with Your Lender to Avoid Foreclosure http://www.freddiemac.com/avoidforeclosure/stop_foreclosure.html
- Hope Now – https://www.hopenow.com/ http://www.housinghelpnow.org/
An alliance between counselors, mortgage companies, investors, and other mortgage market participants. - Hope Loan Port - http://hopeloanportal.org/ HOPE LoanPort™ helps homeowners get a faster answer, via a housing counselor, on whether or not they qualify for a modification loan.
- HUD.gov Avoiding Foreclosure page http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure
- HUD Foreclosure Avoidance Counseling http://www.hud.gov/offices/hsg/sfh/hcc/fc/
- LoanWorkout.org - Loan Modification resources - http://loanworkout.org/
Nevada Foreclosure Help and Loan Modification Resources
- Nevada Foreclosure Mediation Program http://foreclosure.nevadajudiciary.us/ - This program allows homeowners to sit down with mortgage lenders, under the leadership of trained mediators, to discuss alternatives to foreclosure.
- Nevada Home Again - http://www.homeagainnevada.gov/
- Nevada Hardest Hit Fund (currently suspended) http://nevadahardesthitfund.nv.gov/
- Nevada Foreclosure Help http://foreclosurehelp.nv.gov/
Useful resources and info from Nevada Department of Business & Industry - Nevada Hope at Home http://www.nvhopeathome.org/
Collaborative effort between Nevada Public Radio, local nonprofit organizations and local financial institutions to help provide residents in southern Nevada access to reliable, easy-to-find information on the foreclosure crisis in southern Nevada - Legal Aid Center of Southern Nevada http://www.lacsn.org/
- Legal Aid Center of Southern Nevada (LACSN) is a private, non-profit (501 (c) (3)) corporation which is a charitable organization dedicated to providing free community legal services to those in need.
- HUD Approved Housing Counseling Agencies - Nevada http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=NV
- Nevada Division of Mortgage Lending - http://mld.nv.gov/Index.htm - Get Current List of Eligible Loan Modification Companies
- Loan Mod info from NV Foreclosure Help http://foreclosurehelp.nv.gov/LoanModification.htm
How a Short Sale Effects Credit
Impact on Consumer VantageScore Credit Scores Due To Various Mortgage Loan Restructuring Options - http://www.vantagescore.com/research/loanoptions/
Legal and Tax Ramifications for Sellers
IRS.GOV useful links
The Mortgage Forgiveness Debt Relief Act of 2007
http://www.irs.gov/individuals/article/0,,id=179414,00.html
Home Foreclosure and Debt Cancellation – (IRS.gov) http://www.irs.gov/newsroom/article/0,,id=174034,00.html
IRS Release of Lien
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._6325._Release_of_lien_or_discharge_of_property
IRS Pub 1450 – How to Request Release of Federal Tax Lien
www.irs.gov/pub/irs-pdf/p1450.pdf
IRS Pub 783 – Discharge of Lien Request
www.irs.gov/pub/irs-pdf/p783.pdf
IRS Pub 4681 Canceled Debts – Foreclosures
http://www.irs.gov/publications/p4681/index.html
IRS Pub 908 – Bankruptcy Tax Guide
http://www.irs.gov/publications/p908/index.html
State Foreclosure Laws Summary
http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp
http://www.all-foreclosure.com/procedures.htm
The National Consumer Law Center - http://www.consumerlaw.org/
This site has some excellent resources regarding programs for foreclosure mediation by state.
- State and Local Foreclosure Mediation Programs: Can They Save Homes?, September 2009 http://www.consumerlaw.org/issues/foreclosure_mediation/content/ReportS-Sept09.pdf
- State and Local Foreclosure Mediation Programs – Updates and Developments – 01/10 http://www.consumerlaw.org/issues/foreclosure_mediation/content/ReportS-UpdateJan10.pdf
- Summary of Programs by State
http://www.consumerlaw.org/issues/foreclosure_mediation/content/SummaryOfPrograms.pdf
Recommended Blogs to Read/Subscribe to:
- DailyDose email from http://www.dsnews.com/
- Calculated Risk blog - http://www.calculatedriskblog.com/
- Housing Wire - http://www.housingwire.com/
- Bubble Meter blog - http://bubblemeter.blogspot.com/
- Dr. Housing Bubble - http://www.doctorhousingbubble.com/
- Jan OBrien-Real Estate Coach - http://www.janobrien.com/
