PANEL
Enrique, Chase Bank
Jacqui Cosgrove, FDMC
Josh Potter, FNMA
Abel Fregosa, WF
Jose Rios, BAC
MHA
Darren Blumquist, Realty Trac
Sara Sutachan, CAR, Moderator
HAMP: 866-939-4469
Escalations@HMPadmin.com
FNMA: 800-7-FANNIE
FDMC: 800- FREDDIE
WWW.LOANSCAMALERT.ORG
Main Points:
Home owners need help & need to be convinced to sell
Set expectations to seller
Pre approve Buyer
Position yourself as a Resolution Expert
Utilize agent resource centers
Communicate early with servicers
Home Path for Short sales has new website, use it!
Stay on Top of Education
HAFA/LEASEBACK programs available but only through NPOs
Chase will also look at 1 payment missed and new owner take backs
Credit Impact - use myfico.com to pick up a clients credit score as it will matter in coming months as to the preparation of a short sale. If the client has a credit score under 620 less documentation will be needed. The credit report will be needed by the short sale bank.
Shadow inventory is in short sales!
Lien Match Program - 10% or $8500 for junior liens
FNMA/FDMC 6% or $6,000 whichever less
Voluntary Money - cannot use relo $ for other liens except for Utility bills
Chase - HAFA qualified for anywhere between $3,000 to 45,000 for relo
WF - matters how much deficient. More deficient, less given in relo. HAFA offers more relo $
BAC - short sale/leaseback
BETTER TO GET BUYER PREQUALIFIED BY THE SHORT SALE BANK FIRST!
MAKING HOME AFFORDABLE
HAMP/HARP
Unemployment
Principal reduction
HAFA Short Sales
Owners of rental property can get help
$6,000 to 8,000 cap on subordinate liens
Foreclosure stopped during review
Decision within 30 days
Hardship streamlined with credit score
90 days delinquent
620 credit score or less
veterans can use PCS reason
FDMC - Jacqui Cosgrove
88% of all loans are GSE
Home Path for Short Sales on web
FNMA - Josh Potter
Standard GSE Short Sale
more than 90 days late (not necessary)
FICO score less than 620 (get credit report)
1 of 4 hardships (Death/Divorce/Distance/Disability)
MUST OCCUPY HOME
DIR more than 55%
Restrictions on resale within 90 days, cannot sell for more than 120%
short sale affidavit
CHASE
California is biggest market
no contract needed
call with active listing
will keep active listing in List Management Dept til buyers finalize sale
Equator is utilized
Hotline 866-233-5320
chase.com/avoidforeclosure
chase.com/myhome for docs
Deed in Lieu program
Two Liens ok
SS must be in place
if FNMA/FDMC no 2 liens
WELLS FARGO
2nd largest servicer
Hardship is Critical! Must be one of for D's
Will consider the highest score of the two individuals if more than one owner
Escalation 877-841-5301 (7 to 10 CST)
www.wellsfargo.com/shortsaleagent
Equator
City Teams available for assistance in short sales
Deed in Lieu program must be listed 120 days
can't sell, tried, 1 mortgage only
Clean title a must!
BANK OF AMERICA
Initiate short sale with no offer
enhanced relo assistance up to $30,000
Negotiator - Closing 1st
Team Lead - 2nd contact for Escalations
bankofamerica.com/shortsaleagent
REALTY TRAC
Average prices are $30,000 more than REOs for short sales
347 average days to foreclose in CA
57% traditional/43% Distressed/22%Non foreclosure with no NOD
Short Sales trending high and prices are high
People who are underwater with equity are 74%, Underwater 26% (25% are seriously underwater and 1% in foreclosure)
zombie foreclosures/vacant in CA 28,821 home to which they don't know who owns it
Enrique, Chase Bank
Jacqui Cosgrove, FDMC
Josh Potter, FNMA
Abel Fregosa, WF
Jose Rios, BAC
MHA
Darren Blumquist, Realty Trac
Sara Sutachan, CAR, Moderator
HAMP: 866-939-4469
Escalations@HMPadmin.com
FNMA: 800-7-FANNIE
FDMC: 800- FREDDIE
WWW.LOANSCAMALERT.ORG
Main Points:
Home owners need help & need to be convinced to sell
Set expectations to seller
Pre approve Buyer
Position yourself as a Resolution Expert
Utilize agent resource centers
Communicate early with servicers
Home Path for Short sales has new website, use it!
Stay on Top of Education
HAFA/LEASEBACK programs available but only through NPOs
Chase will also look at 1 payment missed and new owner take backs
Credit Impact - use myfico.com to pick up a clients credit score as it will matter in coming months as to the preparation of a short sale. If the client has a credit score under 620 less documentation will be needed. The credit report will be needed by the short sale bank.
Shadow inventory is in short sales!
Lien Match Program - 10% or $8500 for junior liens
FNMA/FDMC 6% or $6,000 whichever less
Voluntary Money - cannot use relo $ for other liens except for Utility bills
Chase - HAFA qualified for anywhere between $3,000 to 45,000 for relo
WF - matters how much deficient. More deficient, less given in relo. HAFA offers more relo $
BAC - short sale/leaseback
BETTER TO GET BUYER PREQUALIFIED BY THE SHORT SALE BANK FIRST!
MAKING HOME AFFORDABLE
HAMP/HARP
Unemployment
Principal reduction
HAFA Short Sales
Owners of rental property can get help
$6,000 to 8,000 cap on subordinate liens
Foreclosure stopped during review
Decision within 30 days
Hardship streamlined with credit score
90 days delinquent
620 credit score or less
veterans can use PCS reason
FDMC - Jacqui Cosgrove
88% of all loans are GSE
Home Path for Short Sales on web
FNMA - Josh Potter
Standard GSE Short Sale
more than 90 days late (not necessary)
FICO score less than 620 (get credit report)
1 of 4 hardships (Death/Divorce/Distance/Disability)
MUST OCCUPY HOME
DIR more than 55%
Restrictions on resale within 90 days, cannot sell for more than 120%
short sale affidavit
CHASE
California is biggest market
no contract needed
call with active listing
will keep active listing in List Management Dept til buyers finalize sale
Equator is utilized
Hotline 866-233-5320
chase.com/avoidforeclosure
chase.com/myhome for docs
Deed in Lieu program
Two Liens ok
SS must be in place
if FNMA/FDMC no 2 liens
WELLS FARGO
2nd largest servicer
Hardship is Critical! Must be one of for D's
Will consider the highest score of the two individuals if more than one owner
Escalation 877-841-5301 (7 to 10 CST)
www.wellsfargo.com/shortsaleagent
Equator
City Teams available for assistance in short sales
Deed in Lieu program must be listed 120 days
can't sell, tried, 1 mortgage only
Clean title a must!
BANK OF AMERICA
Initiate short sale with no offer
enhanced relo assistance up to $30,000
Negotiator - Closing 1st
Team Lead - 2nd contact for Escalations
bankofamerica.com/shortsaleagent
REALTY TRAC
Average prices are $30,000 more than REOs for short sales
347 average days to foreclose in CA
57% traditional/43% Distressed/22%Non foreclosure with no NOD
Short Sales trending high and prices are high
People who are underwater with equity are 74%, Underwater 26% (25% are seriously underwater and 1% in foreclosure)
zombie foreclosures/vacant in CA 28,821 home to which they don't know who owns it
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