1. SELL or SAVE? SHORT SALES & MORE Homeowner Servicing LLC www.atxloanmods.com
2. Short Sales What is a Short Sale? A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. Approval is based on calculated loss vs. foreclosure Determining equity with a BPO (Broker Price Opinion) Credit Report: Settlement vs. Foreclosure Mortgage Forgiveness Debt Relief Act of 2007 Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
3. Short Sales Requirements of a Short Sale Seller’s Checklist of Required Documentation SERVICE AGREEMENT AUTHORIZATION FORM HARSHIP LETTER PAY STUBS BANK STATEMENTS FINANCIAL WORKSHEET MORTGAGE STATEMENTS Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
4. Short Sales Requirements of a Short Sale? Buyer’s Checklist of Required Documentation LISTING AGREEMENT FULLY EXECUTED PURCHASE AGREEMENT HUD 1 or ESTIMATED HUD 1 ESCROW CLOSING LETTER LOAN APPROVAL LETTER or PROOF OF FUNDS FOR CASH PURCHASE ESCROW LETTER FROM TITLE COMPANY PROOF OF EARNEST MONEY PAY STUBS Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
5. Mortgage Loan Modification What is a Loan Modification? Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower Reduction in interest rate Change from a floating to a fixed rate Reduction in principal Reduction in late fees or other penalties Lengthening of the loan term Capping monthly payment to a percentage of household income Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
15. Mortgage Loan Modification Do you qualify? Each case is unique! Are you “currently” behind on payments? What is the “current” hardship? What is the “current” income-to-expenses? What is the “current” interest rate What type of interest rate (ARM, FIXED) What type of loan is it? (CONV, FHA, VA) Who is the servicer? Who is the investor? Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
16. Forensic Loan Audit What is a Forensic Loan Audit? Examination of a homeowner’s loan documentation. Home Ownership and Equity Protection Act (HOEPA) Truth in Lending Act (TILA) Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate (GFE) 1003 Application HUD 1 THE “NOTE” Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
17. Forensic Loan Audit How can it help you? Violations found and verified More favorable response from lenderservicers More favorable approval of loan modifications More favorable reduction in interest rate More likely to get a principle balance reduction More expedited service than without an audit Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
18. Forensic Loan Audit Do you qualify? Everyone qualifies! Every loan qualifies! The loan was originated between 1998-Present Loan qualified using reduced documentation(stated income, stated assets, no documentation) A drive-by appraisal was used(such as with a HELOC or 2nd mortgage) Negative Amortization Option Loans(pick-a-payment plans, interest only, etc.) Homeowner Servicing LLC | www.atxloanmods.com | 866-580-1313 | info@atxloanmods.com
