the foreclosure process, the foreclosure timeline, options to foreclosure, the short sale process, short sale benefits, miami dade county florida

1. Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] How to Get Your Home Sold with a Short Sale Presented By: Russell Irizarry Jeanette Hernandez-Suarez Short Sale Specialist Attorney at Law www.ShortSaleClinic.com Jeanette Hernandez-Suarez, PA 305-596-1044 [email_address]

2. Disclaimer The content in this presentation is based upon our research, knowledge and experience. In no way is any information contained herein to be interpreted as legal or tax advice. To be assured of sound legal advice with regards to foreclosure, real estate, bankruptcy or agency laws, please employ the use of a competent legal or tax professional and/or your real estate broker. Please consult your broker, accountant and attorney, as appropriate, for advice specific to your situation. Although every effort is made to keep this presentation current and relevant, it is your responsibility to seek guidance from qualified professionals in order to keep up with rapidly changing market conditions and periodic changes to the law. Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] Jeanette Hernandez-Suarez, PA 305-596-1044 [email_address]

4. The Foreclosure Process The Foreclosure Process varies by State, and falls into two categories: Judicial, and Non-Judicial. Non-Judicial – foreclosure process happens without the courts. (full discussion is beyond the scope of this presentation) Judicial – foreclosure is processed though the courts, as in the state of FL. (For detailed information on the foreclosure process in Miami-Dade County, go to: www. miamidade . gov /foreclosure )

9. Pre-Foreclosure Timeline NOTE : The above timeline is a general approximation and will vary by bank 1 st Missed payment 30 Days Late 60 Days Late 90 Days Late 120 Days Late Bank hires an Attorney 150 Days Late 180 Days Late 240 Days Late Bank Auctions property at Courthouse!! 210 Days Late Notice of Default Filed at County Court Final Summary Judgment Step 1 Step 2 Homeowner has more options (loan modification or re-finance ) Homeowner has less options

22. Pre-Foreclosure Options 1. STAYING IN THE HOUSE A Final Note : All the above options for staying in the house have one thing in common – the homeowner MUST be in a position to make some sort of reasonable payment that is agreeable to the Bank, and make it on time every month.

23. Pre-Foreclosure Options 1. STAYING IN THE HOUSE On Feb 18, 2009 the Obama Administration announced the Making Home Affordable (MHA) Program, a plan to stabilize the housing market and offer FREE assistance to homeowners by reducing mortgage payments to affordable levels and preventing foreclosures. You can find out if you qualify by going to www. makinghomeaffordable . gov . Also, your local HUD office will also review your loan mod options with you at no charge. Go to www. hud . gov .

30. What is a Short Sale? Two conditions must exist for the lender to consider a Short Sale: 1. There must be little or no equity in the property. 2. Homeowner must prove a legitimate hardship.

47. Short Sale Case Study 1 22161 SW 94 Ave Cutler Bay, FL 33190 Lien Amount Negotiated Payoff 1 st Mortgage (Saxon) $519,750 $215,990

48. Saxon Mortgage Short Sale payoff approval letter

49. 21470 SW 86 Pl Miami, FL 33189 Lien Amount Negotiated Payoff 1 st Mortgage (WaMu) $198,000 $128,900 2 nd Mortgage (WaMu) $49,000 $ 2,000 $247,000 $130,900 Short Sale Case Study 2 Totals

50. Washington Mutual Short Sale payoff approval letter for 1 st and 2 nd mortgages

51. 4737 SW 135 Pl Miami, FL 33175 Lien Amount Negotiated Payoff 1 st Mortgage (Saxon) $212,000 $164,808 2 nd Mortgage $ 53,000 $ 4,800 $265,000 $169,608 (Loan Resolution Corp) Short Sale Case Study 3 Totals

52. Saxon Mortgage 1 st Mortgage Short Sale payoff approval letter

53. Loan Resolution Corp 2 nd Mortgage Short Sale payoff approval letter

54. 22101 SW 92 Pl Cutler Bay, FL 33190 Lien Amount Negotiated Payoff 1 st Mortgage (GMAC) $213,800 $100,290 2 nd Mortgage (EMC) $26,000 $ 4,000 $239,800 $104,290 Short Sale Case Study 4 Totals

55. GMAC Mortgage 1 st Mortgage Short Sale payoff approval letter

56. EMC Mortgage 2nd Mortgage Short Sale payoff approval letter

57. 3355 NE 13 Cir Dr, #104 Homestead, FL 33033 Lien Amount Negotiated Payoff 1 st Mortgage (Chase) $169,306 $41,219 Short Sale Case Study 5

58. Chase Mortgage 1 st Mortgage Short Sale payoff approval letter

79. Contact Us today to discuss your options and for further information on the Short Sale Process www.ShortSaleClinic.com Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] Russell Irizarry Jeanette Hernandez-Suarez Short Sale Specialist Attorney at Law 1-866-412-5269 305-596-1044 [email_address] [email_address] Jeanette Hernandez-Suarez, PA 305-596-1044 [email_address]