7 posts categorized "Loan Mods & Mediation" Feed

Friday, December 03, 2010

Updated Resource Guide: Short Sale, HAMP/HAFA, Alternatives to Foreclosure

I have updated, revised and added useful links to the Resources for Short Sales, HAMP/HAFA, Alternatives to Foreclosure Guide. 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: ShortSale_Foreclosure _ResourcesNov2010

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FREE Membership is open to all Real Estate Professionals

Here are links to important downloads, resource sites and articles concerning short sales, HAFA and HAMP, and alternatives to foreclosure. 

 

Bank Short Sale Sites

Wells Fargo Help for Homeowners   https://www.wellsfargo.com/homeassist/

Aurora Loan Serving https://www.myauroraloan.com/

Chase Short Sales & Alternatives   https://www.chase.com/chf/mortgage/hrm_otheralt

Bank of America

¨  Short Sale Resource Center http://realestateagent.bankofamerica.com/

¨  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

Housing Scorecard http://portal.hud.gov/portal/page/portal/HUD/initiatives/Housing%20Scorecard
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 & Websiteshttp://makinghomeaffordable.gov/toolkit.html

From Realtor.org - Download brochures and info on HAFA  http://www.realtor.org/government_affairs/short_sales_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/loan_lookup.html

 

FHA / VA Pre-Foreclosures

www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf  

http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm

NAR: Information of FHA & VA Short Sale Programs (PDF)

http://www.realtor.org/wps/wcm/connect/79381680421e93a99cc4df03cc9fa30a/New_Info%2Bon%2BFHA%2Band%2BVA%2BShort%2BSales%2Bprograms.pdf?MOD=AJPERES&CACHEID=79381680421e93a99cc4df03cc9fa30a

Veterans – Homeowners Assistance Program (HAP)
http://hap.usace.army.mil/homepage.asp

Resources for Short Sales

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

Hope Now Homeowner Options - https://www.hopenow.com/homeowner-options.php

Avoid Foreclosure – Loan Modification Resources


Nevada Foreclosure Help and Loan Modification Resources


How a Short Sale Effects Credit http://www.foreclosureguard.net/index.php/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

State Foreclosure Laws Summary  

http://www.foreclosurelaw.org

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. 

Recommended Blogs to Read/Subscribe to:

 

Posted at 07:19 AM in Loan Mods & Mediation, REO, Short Sales, Foreclosures | | Comments (2) | TrackBack (0)

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Monday, November 29, 2010

HAMP Loan Modifications - September 2010 Report

Since the Treasury launched HAMP (Home Affordable Modification Program) in March 2009, the  participating  servicers have started approximately 1.4 million trial modifications with 519,648 of them converted into permanent status.  A borrower is supposed to move out of a trial when it he or she has made three monthly payments under the new terms and has submitted all documentation.

HAMPActivity_9-2010

Source: Download Oct 2010 MHA Public Final

Trial mods transitioning to permanent status have been averaging about 37,000 for the past six months, but during the month of October, only 23,750 permanent modifications were granted.

The Treasury says of active trial modifications, 69,000 have lasted at least six months, down from more than 266,000 at the beginning of the second quarter of 2010.  More than half (719,487) of the 1,395,543 trial plans started have been canceled.

Other statistics from the September Treasury Making Home Affordable Report:

  • Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the HAMP as of September, up 27% from the previous month.
  • The top eight servicers - including BofA, Wells Fargo, Chase, CitiMortgage, GMAC - have canceled 551,821 trials either due to a redefault, lack of documentation, or the borrower was deemed ineligible. Those same servicers have declined 842,436 homeowners from entering a trial.
  • Of the canceled trials in that time, 47,001 have been liquidated through a short sale or the homeowner gave up the deed-in-lieu of foreclosure. Of the mortgages that were denied from a trial, 44,826 went into short sale or deed-in-lieu for a total of 91,827.
Related articles

If you are a Las Vegas homeowner who would like to know if you qualify for a HAMP loan modification or a HAFA short sale, contact us for schedule a Foreclosure Alternatives Consultation.

Are you a Las Vegas area homeowner who has tried a HAMP or other loan modification and now must consider a short sale or other altervative to foreclosure?   

Jan O’Brien is an expert with the Las Vegas short sale process.   She is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Jan direct at 702-858-9191 to schedule a Foreclosure Alternatives Consultation today.

Posted at 06:04 AM in Loan Mods & Mediation, REO, Short Sales, Foreclosures | | Comments (0) | TrackBack (0)

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Tuesday, February 16, 2010

Realtor Resources for Short Sales, HAFA, Alternatives to Foreclosure

UPDATED MARCH 31, 2010

Here are important downloads, resource sites and aticles concerning short sales, HAFA/HAMP, and alternatives to foreclosures.
 

To Download this Post as a PDF: ShortSale_Foreclosure _Links

 

Join www.ShortSaleProfessionalNetwork.com
FREE Membership is open to all Real Estate Professionals


 

HAMP/HAFA

 

From Realtor.org:

 

Resources for Short Sales

 

Alternatives to Foreclosures

Avoid Foreclosure - Help

 

 

Nevada Foreclosure Help and Resources

 

Legal and Tax Ramifications for Sellers

IRS.GOV useful links

State Foreclosure Laws Summary  

The National Consumer Law Center - http://www.consumerlaw.org/

This site has some excellent resources regarding programs for foreclosure mediation by state. 

Recommended Blogs to Read/Subscribe to:

 

 

Posted at 06:31 AM in Loan Mods & Mediation, REO, Short Sales, Foreclosures | | Comments (1) | TrackBack (0)

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Wednesday, January 27, 2010

Bank of America Signs on for HAMP Second Lien Program

I was pleasantly surprised last Friday when I was reviewing the Making Home Affordable website for our Certified Short Sale Professional designation training.  I noticed that Bank of America and Countrywide are now on the list of servicers who have have formalized their commitment to the program through a signed contract.  

Recommended steps for homeowner to see if HAMP is a viable alternative to foreclosure:

  1. Complete the quick online form on the eligibility page of Making Home Affordable 
    http://www.makinghomeaffordable.gov/eligibility.html
  2. Determine if your lender is participating in HAMP by either looking them up on this page: http://www.makinghomeaffordable.gov/contact_servicer.html AND calling your lender to verify and discuss your options.
  3. HAMP has a Request a Modification process - http://www.makinghomeaffordable.gov/requestmod.shtml.  Recommend contacting your Mortgage Servicer first.

More news today regarding the Second Lien Modification Program.  Bank of America is first servicer to sign up for the HAMP Second Lien Mod Program.... read more:

BofA Signs on as First Servicer of HAMP's Second Lien Program

Home Affordable Modification Program Admin Site explains:

The Second Lien Modification Program is a complementary program to the Home Affordable Modification Program designed for first lien mortgages. This Program is expected to reach approximately 1 - 1.5 million responsible homeowners who are struggling to afford their mortgage payments. The Second Lien Modification Program coordinates with HAMP's first mortgage modification program to lower payments on second mortgages and offer comprehensive affordability solutions for homeowners.

The guidelines of the Second Lien Modification Program are detailed further in: Download Sd0905Second LienMP

Making Home Affordable Program Deadline Extended to October 3, 2010
Treasury Secretary Timothy Geithner recently informed Congress that the Obama Administration is extending the Troubled Asset Relief Program (TARP) until October 3, 2010. As a result, the deadline for servicers to register to participate in the Making Home Affordable Program is extended from December 31, 2009, to October 3, 2010.

Related posts:

Our CSP designaton course covers all the latest information you need to know about short sales and other alternatives to foreclosure.  Check out the current Training Schedule for dates, times and locations.

If you are a homeowner considering your alternatives to foreclosure and would like more information, I recommend visiting the Residential Short Sale blog.

Posted at 07:02 AM in Loan Mods & Mediation | | Comments (3) | TrackBack (0)

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Tuesday, January 26, 2010

Negative Equity and Strategic Defaults - Will We Ever See Principal Reduction Loan Mods?

Have you noticed a lot of recent press criticizing the HAMP program as short-sighted and delaying the inevitable onslaught of more foreclosures?  The underlying theme is pointing to "negative equity" as a primary factor for homeowners "strategically defaulting" - ultimately deciding to let their home go to foreclosure or short sale.

In case you missed some of those recent articles and resources:

Amherst Securities testified before the House Financial Services Committee (12-8-09) - Download Amherst Securities Group - HAMP Testimony

Two main points from this report:
1. Single largest problem with housing market is negative equity.
2. Current modification program does not address negative equity and is destined to fail.

WSJ Development Blog (1-4-10) NY Fed: Most Successful Mortgage Modifications Reduce Borrowers’ Principal

Borrowers who receive loan modifications that reduce loan balances and not simply interest rates are far less likely to re-default on their loans, according to a new study from the Federal Reserve Bank of New York.    Modifications that write down loan balances “can double the reduction in re-default rates achieved by payment reductions alone,” the study says.

Negative Equity Report for Q3 (Calculated Risk Blog 11-24-09)

Q3NegEquity3

Data Highlights

  • Nearly 10.7 million, or 23 percent, of all residential properties with mortgages were in negative equity as of September, 2009. An additional 2.3 million mortgages were approaching negative equity, meaning they had less than five percent equity. Together negative equity and near negative equity mortgages account for nearly 28 percent of all residential properties with a mortgage nationwide.
  • The distribution of negative equity is heavily concentrated in five states: Nevada (65 percent), which had the highest percentage negative equity, followed by Arizona (48 percent), Florida (45 percent), Michigan (37 percent) and California (35 percent).

    • Other articles/reports/studies:

     

     

    Posted at 05:40 PM in Loan Mods & Mediation, REO, Short Sales, Foreclosures | | Comments (0) | TrackBack (0)

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    Thursday, December 24, 2009

    Home Affordable Foreclosure Alternatives Program (HAFA) Guidelines

    The following is a re-posting of the recent article from Realtor.org on the newly released guidelines for the Home Affordable Foreclosure Alternatives Program (HAFA) with added commentary from me :)

    Making Home Affordable

    On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA.  A list of servicers participating in HAMP is available at MakingHomeAffordable.gov.  NOTE: Not All Loan Servicers are participating!

    HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

    HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.

    Download the official document: Download Hampupdate122309

    HAFA:

    • Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
    • Uses borrower financial and hardship information already collected in connection with consideration of a loan modification. This is why it is so important for real estate professionals to understand ALL alternatives to foreclosures!  See my recent posts on Understanding Alternatives...
    • Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).  Hopefully this will speed up the lengthy process everyone has been experiencing for final short sale approval.  Are you a CSP yet?  Check upcoming course dates.
    • Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent). Yeah!
    • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).  A welcomed relief for Nevada homeowners...Deficiency Judgment issues will be the biggest impediment to successful short sale closings as homeowners and real estate agents are better educated.
    • Uses standard processes, documents, and timeframes/deadlines. Have not seen the forms / standards as of yet...
    • Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

    The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

    Press Release, HAMP Update—New Program Offers Borrowers Foreclosure Alternatives

    Supplemental Directive 09-09, Introduction of Home Affordable Foreclosure Alternatives—Short Sale and Deed-in-Lieu of Foreclosure

    Posted at 02:11 PM in Loan Mods & Mediation, REO, Short Sales, Foreclosures | | Comments (0) | TrackBack (0)

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    Sunday, December 20, 2009

    Understanding Alternatives to Foreclosure... Updates on Loan Modifications under HAMP and the new HAFA guidelines

    Real Estate Professionals... are you staying informed and updated on the developments and guidelines regarding all alternatives to foreclosures in order to assist homeowners?

    Alternatives to Foreclosures My recommended approach to serving your clients who are dealing with their own housing crisis and/or economic downturn is to be the conduit of information.   Provide options and possible solutions as well as recommendations to other experts and professionals to help each individual make their best decision.

    One of your initial qualifying questions is to ask the homeowner... "Do you want to keep/stay in your home?"

    If the answer is yes, then consider recommending that the client...

    If your client is unable to get loan modification, then a short sale may be an option for them.  I encourage you to get educated on the short sale process if you haven't already done so.  Steve Kitnick and I teach the CSP (Certified Short-Sale Professional) designation course in Las Vegas at least monthly.  You can check the schedule and register for an upcoming course right here on this blog or at Steve's site:  NevadaCE.com.

    Here are some more resources, recent articles and news regarding Short Sales & Loan Modifications:

    A link to an article on the new Treasury Guidelines for Short Sales (HAFA):
    Treasury Releases Guidance for Making Home Affordable Short Sales

    Great news...read all the details...download the official supplement from the Treasury...Not so good news..

    Not effective until April 5, 2010. Unless participating servicers want to opt in early!

    MakingHomeAffordable.gov website is a MUST read/review. It's loaded with all the information regarding loan mods under the HAMP program.... Who is eligible, Is the Loan with Fannie or Freddie, How to request the Loan Mod, etc.

    Did you know?......(from the site):
    A wide array of servicers have agreed to participate in the Home Affordable Modification program and have already engaged borrowers and expanded capacity to begin the modification process for eligible homeowners. In addition, all servicers for loans owned by Fannie Mae and Freddie Mac are required to participate.  The following is a list of servicers who have formalized their commitment to the program through a signed contract:

    Search for Your Mortgage Servicer: show all servicers


    Other recent articles of interest:
    Quarter of HAMP Mods in Default Again
    Industry's Mortgage Workouts Exceed Completed Foreclosures, HOPE NO...
    Bank of America: 2/3 of Borrowers May Lose Government Mods  ....of the 65 thousand trial modifications set to expire Dec. 31st with B of A, a full two thirds of the borrowers, while current on their payments, have not submitted the full documentation required to turn a trial mod permanent under the HAMP guidelines.

    I highly recommend subscribing to...

    Posted at 12:17 PM in Loan Mods & Mediation, Real Estate Training, REO, Short Sales, Foreclosures | | Comments (2) | TrackBack (0)

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