The foreclosure process, three stages of foreclosure, foreclosure timeline, foreclosure options, short sale benefits

1. Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] The Foreclosure Process and Homeowner Options Presented By: Russell Irizarry Short Sale Specialist Miami-Dade County, FL www.ShortSaleClinic.com

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]

3. 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 )

8. 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

21. 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. (A great website for finding out if you are eligible for any of the above options to keep your home is: http://www.makinghomeaffordable.gov/)

30. Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] End of Part I Also see the following videos on the Short Sale process: Part II - The Short Sale Process and What We Do Part III - Short Sales Frequently Asked Questions Contact Us today to discuss your options and for further information on the Short Sale Process www.ShortSaleClinic.com