Updated Resource Guide: Short Sales, HAFA, Alternatives to Foreclosure

Las Vegas Short Sale Training - CFAC℠ Designation Course - January 24, 2013

The Power of Momentum - Tony Robbins

Updated Resource Guide: Short Sales, HAFA, Alternatives to Foreclosure

Tuesday, January 08, 2013

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

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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 3^rd 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

http://www.realtor.org/topics/home-affordable-foreclosure-alternatives-program-hafa/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