CAR Distressed Property Session - Sacramento (August 2013)

FDMC
Jacqui
1-800-FREDDIE
www.FREDDIEMAC.com

Servicer must respond within 72 hrs of receipt o f docs

• $3000 max for relo
• $6,000 max subordinate lien holder
• FNMA/FDMC own 88% of all notes in US
• want 120%, 31 day decision
• HAFA is over
• www.LoanScamAlert.com can provide info on loan mod scams

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MAKING HOME AFFORDABLE
Shane Hartzley
877-827-3702
www.MHA.gov
www.HomeLoans.va.gov for Escalation
www.HMPADMIN.com for learning center and webinars

• Goal is to stop foreclosure
• Unemployment program for Homeowners
• HAFA for people
• upside down on house
• HO who cannot qualify for modification
• HO moved and needs to sell
• available for primary, rental and vacant homes
• $3000 relo
• $8500 cap on 2nd lien holders
• SS Terms can be preapproved
• Foreclosure process stopped
• Docs RMA, No income, SSA, DIL, RAS, AltRASS, Optional
• 30 day decision
• Auto Hardship if
• reduced income
• 620 score or less
• 90+ day delinquency
• excessive debt

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CITI BANK
Kamara McMullen
kamara.mcmullen@citi.com

SS Escalation
866-520-5499

Recover Dept  for 2nd liens
800-824-9907
120 days delinquent/charge off

Value Disputes
3 Comps Sold & Listed
Supporting Docs
Repair Bid
New Info

Inventory in CA Only
Risk Loans 57%
FNMA 15%
FDMC 13%
Private 14%

Streamline Short Sales
620 score or less
90 + days delinquent
specialized teams speak to investors for guidelines
Eligibility/Hardship is very important
Preapproved SS - placed on 120 day hold for mktg, 30 day decision/must ask to be in program
1% realtor incentive to close in 30 days.
HAT - Home Assistance Team - 866-272-4749

Benefits:
$3000 to $5000 or up to $45,000 with portfolio, depending on investor
Borrowers can start repairing credit sooner
Citi will determine the price

Will go through Online System/Initiate short sale with or without offer
1. Hardship
2. Home Upside Down?
3. Educate Homeowner and gather docs
4. Maintain property & order interior BPO
5. Need HAFA/RASS to close

Homowner Support Speciality Hotline 855-843-2549

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CHASE BANK
Arit

Hotline/Escalation
866-233-5320

Listing management department
No sale needed
Only MLS listing
Using EQ
Start the process upon listing
Chase.com/shortsaleagent.info (agent)
Chase.com/avoidforeclosure.com (client)

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BANK OF AMERICA
Adam
866-880-1232

Want to be contacted prior to listing
2 programs, Proactive and Reactive
1. COOP short sale - proactive initiation/outreach/doc collection/120 day marketing/offer submission/analysis/closing
2. Regular Short Sale - Initiation/Doc Collection/Eval of Offer/Analysis/Close

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WELLS FARGO
Abel Fregosa
West Coast Field SS Manager

Kay Maurer, Short Sale
kay.maurer@wellsfargo.com
408-761-4454

Jennifer Kelly, Abel Asst
916-205-7273
Jennifer.I.Kelly@wellsfargo.com


Traditional Loss Mitigation - 866-903-1053
Fax 866-969-0103

• 30 day process with full package
• private owned notes tough due to being tied to pensions
• Hardship - most important to build the story
• death
• loss of income
• illness/injury
• job transfer
• divorce
• mortgage increase
• unforeseen living exp
• 30 day delinquent - clients receive Home Preservation Specialist

HAFA sales will be in EQ by October

• 3000 relo
• 1500 servicer
• 8500 or 10% 2nd lien

Level of Difficulty
1. Portfolio
2. Investor with No Lien
3. Investor with Jr Lien
4. Investor with Jr Lien & MI
5. Investor with Multiple Liens - will not happen!