Showing posts sorted by relevance for query loss mitigation department. Sort by date Show all posts
Showing posts sorted by relevance for query loss mitigation department. Sort by date Show all posts

June 21, 2009

WORD: Loss Mitigation Department

And the WORD for Today is:

Loss Mitigation Department—A division of the bank that specializes in handling loans which is in default. Its job is to determine which option will best suit the borrower's current situation and allow the bank to minimize its loss.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

June 20, 2009

Q&A: Adjustable Rate Reset

Q. We re-financed our home 2 years ago so the payment would be more affordable. At the time we did not understand exactly what an adjustable rate mortgage meant. The broker told us the rate might go up later but that was not likely to happen since the rates were so low and that if they did we could always re-finance again so we would not have to worry about it. Our adjustable rate mortgage is scheduled to reset within the next few months. We feel sure the house is worth less than we owe so re-financing again is not likely to work for us. What happens at that time with the present mortgage holder?

A: Adjustable rate mortgages are set for certain periods of time and then the rate changes. Your rate will adjust based on the terms in the mortgage you signed at the inception of the loan.

Your present note holder or servicer is required to make the adjustments in strict adherence to the terms in your original documents. The frequency of the change as well as changes to the interest rate and caps should all adhere to the terms set forth in your note. You might pull out the original document and check to verify that they have, in fact, followed the guidelines there. If a mistake has been made you should bring it to the lender’s attention as soon as possible.

In the event the change in your interest rate will create a hardship in your ability to continue making scheduled payments, then consider the possibility of requesting a modification to the terms of the loan. There is a possibility that you might qualify for a reduction in the rate, or perhaps be able to have the loan converted to a fixed rate in order to keep from falling into default.

You should expect the lender to take a close look at your finances and have you to complete numerous forms and provide information on your finances to document your current situation and project your ability to maintain the payments with a new, adjusted rate. It is not a given that you will be able to get the rate changed, but it is certainly worth looking into.

Most lenders will at least consider a modification if you can demonstrate funds sufficient to make a reduced payment but cannot keep payments current at the higher interest rate. Check with the loss mitigation department of your financial institution if you are currently in default. Otherwise, you may talk to someone in customer service, but the reality is that seldom will you be offered any help unless you have already missed a mortgage payment.

I didn’t tell you to miss a payment; I said “seldom will they help you unless you have already missed a payment." Point of clarity: Loss mitigation is the correct department for someone who is already in default on their loan and customer service helps folks, or answers questions, when you are still current. The new stimulus package has a provision for banks to consider a modification “if default is likely”. We’ll have to wait and see whether banks actually do that.


Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

February 26, 2009

WORD: Default

The WORD for Today is:

Default—
When a person does not have the ability to make their mortgage payment as scheduled. A default begins on the date when the mortgage payment should have been made. This date should not be confused with the grace period. Once the consumer has gone into default, the lender has the option of accelerating payments, demanding payment in full and/or other action leading to foreclosure. If the lender fails to declare the existence of default, in keeping with the terms of the note and mortgage, they may be deprived of the right to accelerate repayment of the debt.

Default means failing to meet the requirements of an agreement or failing to perform a legal duty. Most often the term is used to indicate that someone has failed to make the required payments on their mortgage. It is important to note that you may also be “in default” due to failure to maintain insurance as required, or failure to keep the collateral in good condition.

“Default”—[as used in the PROMISSORY NOTE] means that a regularly scheduled payment has not been made, in full, on the date it was due to be paid. Many folks miss both the simplicity and the essence of this very short paragraph. Notwithstanding the allowance for a grace period, you are legally in default on a mortgage when the scheduled payment is not in the lender’s possession, in full, on the 1st of the month. While allowances are made for late payments and a grace period exists, there would be no need for “grace’ if you were not already in default.

Default Action Plan—Should include the following, as a minimum. As a consumer you should:

1. Identify the cause of the default. Is the cause temporary or permanent? Can you provide documentation that the reason for the missed payments was either a reduction in your income or an increase in your expenses. In either case, most often you will be required to demonstrate a circumstance which was beyond your control. Voluntarily leaving a job or reducing your hours are considered under your control. Moving from your home to another city, even for a better job opportunity is considered under your control.

2. Design a plan for catching up missed payments. The plan should be feasible based on your current income or realistic expectations of future income (a definite job commitment or date of return from layoff or disability) and include consideration for other expenses which must be carried on at the same time you are resuming payments. Seldom is a 1½ payment realistic and such an arrangement is strictly prohibited on FHA backed loans under Mortgagee Letter 00-05 (See HUD's Website — You will need to click on the letter "00-5" in order to download it).

3. Get in touch with the lender’s loss mitigation shop (also called the work-out department). Your best hope for a good resolution is to speak to the head of this department. Customer service does not typically offer loss mitigation options or work outs that extend past a couple of months of default.

4. Explain the problem. You must be prepared to explain your situation in detail and you should expect to be asked to provide documentation of both the cause of the inability to make payments as well as the detailed information about your current finances as a way to gauge what options might be considered.

5. You should plan to be part of the solution by not only asking for help, but by understanding the different options which are possible, when each might work and under what circumstances. You should see February 24th's entry, where Hardship, Hardship Letters, and Hardship Packages were discussed (here).

6. You should always return phone calls.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

December 7, 2009

HOM Proud to Announce a New Class of (FIS) Graduates

NEWS RELEASE
FOR IMMEDIATE RELEASE – December 7, 2009

Contact: Mildred Wilkins at 1 (866) 507-5105
mildredwilkins@HomeOwnershipMatters.com
Christie Bevington (402) 323-6506

Home Ownership Matters announces 1st Foreclosure Intervention Specialists (FIS) class graduates in Nebraska

Indianapolis, IN. December 7, 2009—HOM President and Founder Mildred Wilkins joins Christie Bevington of the Nebraska REALTORS® Association in announcing graduates of (FIS) the foreclosure certification program offered for the first time in the state of Nebraska. Sixteen licensees completed the certification program on November 10, 2009 in Omaha, Nebraska. The Foreclosure Intervention Specialist Program (FIS) has additionally been approved by Real Estate Commissions in Kansas, Colorado, Ohio, Oklahoma and Indiana. The program will be launched in South Carolina in March 2010 and has been offered in Florida without CE credit to attendees from a number of states. NAR provided funding for this critical training in Nebraska and is also providing funding for the training in South Carolina.

This certification program was developed by Mildred Wilkins, president of HOM, LLC headquartered in Indianapolis, Indiana. The program provides 30 hours of material in a classroom setting designed to prepare attendees to become knowledgeable about the options available to consumers who are in default on their home loans. Included in the course are components which address the foreclosure process, ethics, fair housing, the short sale process as well as options for keeping the home. Real estate professionals need a broad knowledge base to make appropriate recommendations when a default has occurred. (FIS) training provides that broad base.

The practice of real estate has evolved rapidly as foreclosures have increased dramatically, creating a need for a new field of knowledge. Foreclosure is frequently avoidable, but unfortunately, consumers have limited opportunities to learn what options are available. Nor is there a way for consumers to identify professionals who have the ability to help them.

The Foreclosure Intervention Specialist (FIS) certification will set apart those agents who have taken extensive training to be prepared to handle the challenges associated with transactions when the consumer owes more than the property is worth on the open market. The training can alter the outcome of mortgage default when a consumer chooses an agent who is an (FIS) specialist. The completion of this program will also help licensees avoid liability while helping them to work more effectively to avert foreclosure.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for their disposition department out of Dallas, Texas. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, her work has been featured in the New York Times and BusinessWeek, she has also appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in REALTOR magazines around the country.

Wilkins has been a faculty member for Graduate REALTOR Institute (GRI) since 2004. She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio Indiana, Kentucky, Tennessee, Oklahoma, Iowa and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

The next (FIS) training is scheduled in Florida the week of Feb 22-26. Combine education and vacation. Or register for the course in Charleston, South Carolina scheduled to begin March 15th. To schedule an (FIS) training series in your area, contact Mildred directly.

www.HomeOwnershipMatters.com for registration/more information.

Email: mildredwilkins@homeownershipmatters.com

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(FIS) is a Trademark of Home Ownership Matters, LLC.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

January 18, 2010

Press Release: HOM Announces Loan Modification Specialist (LMS) Certification in Las Vegas

NEWS RELEASE
FOR IMMEDIATE RELEASE – January 15, 2010

Contact: Mildred Wilkins at 1 (866) 507-5105 mildredwilkins@HomeOwnershipMatters.com


Home Ownership Matters Training Institute
Offers Loan Modification Specialist Certification in Las Vegas
Indianapolis, IN, January 15, 2010—National speaker and foreclosure intervention trainer Mildred Wilkins is pleased to announce that the (LMS), Loan Modification Specialist certification program for real estate professionals seeking to help borrowers modify their home mortgage loan will be offered in Las Vegas, Nevada March 11-13, 2010. The program has previously been offered only in Florida. Nevada has the dubious honor of being one of the hardest hit states with borrowers losing their homes to foreclosure. Many are seeking the help they need to avoid it.

With a number of loan modification businesses already in operation in the state, it makes sense to offer high quality training to those looking to provide consumers with an option when they face the challenge of trying to cope with the overwhelming task of preparing to deal with the lender’s shop. Professional training coupled with certification from a nationally recognized trainer and former Fannie Mae Broker-Specialist could give you the edge you need in the development of your business.

As the national news continues to report; the Administrations’ modification program implemented last spring has failed woefully in reaching even a fraction of the borrowers who qualify for help. There are some clear cut reasons why that is true, and those reasons will be discussed with clarity during this course.

Wilkins has been a foreclosure prevention trainer for several years, and has offered a 5 day training (FIS) Foreclosure Intervention Specialist certification for REALTORS® since 2005. The (LMS) certification program was developed in 2009 to meet the need for professionals who understand the process and are familiar with the ‘bank game’ to specifically focus on ONLY loan modification business development. Consumers deserve skilled representation to have at least a fighting chance at getting a modification when one is warranted. The program is designed for experienced professionals, whether attorneys, loan officers or real estate agents who already understand the mortgage process and are familiar with typical closing documents. (LMS) training will provide attendees with the tools to provide a high level of professional service while avoiding many of the pitfalls in this rapidly expanding arena.

The housing crisis has increased dramatically creating a need for a new field of knowledge—a new type of expert. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. Nor is there a way for consumers to identify professionals who have the ability to help them rather than perpetuate yet another injustice. (LMS) addresses that need by empowering real estate professionals to be prepared to handle borrowers in default with increased knowledge and the tools to be effective in working with lender shops to effect a successful modification or other retention option.

Ms. Wilkins sold foreclosed properties for Fannie Mae’s disposition department out of Dallas, Texas for 2 ½ years. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD and Legal Services. Since founding HOM in 2002, she has been quoted in the New York Times, BusinessWeek and the Huffington Post. She has appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in BAS and REALTOR® magazines around the country.

Wilkins has taught for Graduate REALTOR Institute (GRI). She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio, Indiana, Kentucky, Tennessee, Oklahoma, Iowa and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

Today’s challenges require more expanded knowledge than ever before. Get the edge you need! Register today!

www.HomeOwnershipMatters.com for registration/information.
Email: MildredWilkins@HomeOwnershipMatters.com

January 5, 2010

Press Release: HOM Announces (FIS) Course in South Carolina


NEWS RELEASE
FOR IMMEDIATE RELEASE – January 5, 2010

Contact: Mildred Wilkins at (866) 507-5105
Lora Able at (843) 760-9400 x125

Home Ownership Matters announces 1st Foreclosure Intervention Specialists (FIS) course offering in South Carolina

Indianapolis, IN, January 5, 2010—HOM President and Founder Mildred Wilkins joins Lora Able, Director of Education, Charleston-Trident Association of REALTORS®, in announcing that (FIS), a comprehensive foreclosure certification program, will be offered for the first time in the state of South Carolina. Registration was officially announced during a live webcast with Ms. Wilkins on December 15th. More than 27 REALTORS® have already registered; capacity is set at 75. The Foreclosure Intervention Specialist Program (FIS) has additionally been approved for CE credit by Real Estate Commissions in Colorado, Kansas, Ohio, Oklahoma, Nebraska and Indiana. The program has been offered in Florida without CE credit to attendees from a number of states. NAR provided funding for this critical training.

This certification program was developed in 2005 by Mildred Wilkins, president of HOM, LLC headquartered in Indianapolis, Indiana. The program provides 30 hours of material in a classroom setting designed to prepare attendees to become knowledgeable about the options available to consumers who are in default on their home loans. Included in the course are components which address the foreclosure process, ethics, fair housing, the short sale process as well as options for keeping the home. Real estate professionals need a broad knowledge base to make appropriate recommendations when a default has occurred. (FIS) training provides that broad base.

The practice of real estate has evolved rapidly as foreclosures have increased dramatically, creating a need for a new field of knowledge. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. Nor is there a way for consumers to identify professionals who have the ability to help them. (FIS) addresses that need by empowering REALTORS® to be prepared to handle borrowers in default with increased knowledge and professionalism.

The Foreclosure Intervention Specialist (FIS) certification will set apart those agents who have taken extensive training to be prepared to handle the challenges associated with transactions when the consumer owes more than the property is worth on the open market. The training can alter the outcome of mortgage default when a consumer chooses an agent who is an (FIS) specialist. The completion of this program will also help licensees avoid liability while helping them to work more effectively to avert foreclosure.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for their disposition department out of Dallas, Texas. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, she has been quoted in the New York Times, BusinessWeek and the Huffington Post. She has appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in BAS and REALTOR® magazines around the country.

Wilkins has taught for Graduate REALTOR® Institute (GRI). She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Ohio, Indiana, Kentucky, Tennessee, Oklahoma, Iowa and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

Today’s challenges require more expanded knowledge than ever before. The next (FIS) training is scheduled in Florida the week of Feb 22-26. Combine education and vacation. Get the edge you need!

Or register for the course in Charleston, South Carolina scheduled to begin March 15th. Education directors who are interested in auditing the first 3 days or scheduling an (FIS) training series in your area may contact Mildred directly. Funds from NAR’s FPR grants could make this certification a viable option for your membership. Call today!

www.HomeOwnershipMatters.com for registration/information.
Email: MildredWilkins@HomeOwnershipMatters.com

April 1, 2010

Press Release: HOM Announces (FIS) Foreclosure Intervention Specialist Training Underway in Charleston

Home Ownership Matters announces (FIS) Foreclosure
Intervention Specialist training underway in Charleston
Indianapolis, IN–April 1, 2010 — HOM President and Founder Mildred Wilkins is pleased to announce the overwhelming positive response from attendees of (FIS) the foreclosure certification program being offered for the first time in the state of South Carolina. Approximately sixty licensees began the 5 day certification program on March 15th, 2010 in Charleston. The Foreclosure Intervention Specialist Program (FIS) has additionally been approved by Real Estate Commissions in Colorado, Ohio, Oklahoma, Nebraska, Kansas and Indiana. It is expected that the program will be launched in Pennsylvania in early summer and has been offered in Florida without CE credit to attendees from a number of states. NAR provided funding for this critical training through their Foreclosure Prevention and Response (FPR) grant.

This certification program was developed by Mildred Wilkins, president of HOM, LLC headquartered in Indianapolis, Indiana. The program provides 30 hours of material in a classroom setting designed to prepare attendees to become knowledgeable about the options available to consumers who are in default on their home loans. Included in the course are components which address the foreclosure process, ethics, fair housing, the short sale process as well as options for keeping the home. Real estate professionals need a broad knowledge base to make appropriate recommendations when a default has occurred. (FIS) training provides that broad base. The practice of real estate has evolved rapidly as foreclosures have increased dramatically creating a need for a new field of knowledge. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. Nor has there been a way for consumers to identify professionals who have the ability to help them. Within the last two years professionals have sought to differentiate themselves with a short sale certification for this reason.

The Foreclosure Intervention Specialist (FIS) certification will set apart those agents who have taken extensive training to be prepared to handle the challenges associated with transactions when the consumer owes more than the property is worth on the open market. The training can alter the outcome of mortgage default when a consumer chooses an agent who is an (FIS) specialist. (FIS) is the oldest certification (offered first in 2005) and the most comprehensive of the programs available to agents. The completion of this program will also help licensees avoid liability while helping them to work more effectively to avert foreclosure for their clients.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for their disposition department out of Dallas, Texas. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, her work has been featured in the New York Times and BusinessWeek, she has also appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in REALTOR magazines around the country.

Wilkins has been a faculty member for Graduate REALTOR Institute (GRI). She is also a former member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio Indiana, Kentucky, Tennessee, Oklahoma, Iowa, South Carolina and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

This (FIS) training session is scheduled for completion May 19 and 20. Registration is restricted to current enrollees. To schedule an (FIS) training series in your area, contact Mildred directly (866) 507-5105.

Copyright © 2009, Home Ownership Matters, LLC. All Rights Reserved.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

April 2, 2009

Your Real Estate Advisor: Deal or No Deal?

This catchy title from a popular game show has increasingly become a weekly nightmare for real estate professionals. In a market where an alarming number of clients are behind on their mortgage AND upside down, many agents are finding themselves sitting for ever increasing amounts of time—sometimes months—waiting for the lender in some distant city to notify the interested parties that, “Yes, we have a workable deal”. Now, get it closed in short order (7-10 days is not uncommon) and “No, we will not allow any contributions toward the buyer’s costs”.

Common practices (seller concessions) are not part of this transaction. Local real estate agents negotiating with a distant third party who does not, in fact, own the real estate (lenders’ loss mitigation department) has become a new reality for many real estate professionals. This practice will continue and become more commonplace as more consumers find themselves in a position where they are unable to make their mortgage payments and the local market will not support the full amount needed to cover mortgage payoff and the expenses associated with the sale. It’s called a “short sale” and the rules of the transaction are markedly different from how you used to sell homes.

“DEAL” means yes, we will allow the closing to occur. You must close quickly or we will change our minds. Seldom will any seller concessions be allowed. Worse yet, seldom will full commission be allowed. Frequently, the lender will notify all parties of a counter offer only after an extended period of time of complete silence. Then you are basically in a “take it or leave it” situation. It is critical that you get an actual letter of confirmation which includes ALL terms of the transaction from a representative of the financial institution, so that you know that the deal can be finalized with a closing and exactly which terms are acceptable.

“NO DEAL” means the lender/servicer has determined that the offer(s) is not workable for them or their insurer. There are a number of reasons why this might be true, but in essence you have been told they will not allow the closing and will most likely move forward with completing foreclosure action against the current owner of the home. There are a few options for intervention, but unless you have been trained in foreclosure intervention this an excellent time to utilize a mutual release. “NO DEAL” usually means go home—whether you’re on a game show or trying to sell real estate.




Mildred Wilkins, founder and president of Home Ownership Matters, LLC. She is the trainer for the (FIS) Foreclosure Intervention Specialist certification program. Visit her website www.HomeOwnershipMatters.com or call toll free (866) 507-5105.

Copyright © 2007. HOM, LLC. All rights reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

September 17, 2009

WORD: Mortgagee Letters

And the WORD for Today is:

Mortgagee Letters – are used by the Department of Housing and Urban Development (HUD) to inform lenders of policies and changes in FHA (Federal Housing Administration) operations, policies or procedures. All of the Mortgagee Letters are available on-line at hud.gov/offices/adm/hudclips/letters/mortgagee. It is particularly important for consumers and housing professionals to research borrower rights and lender responsibilities related to loss mitigation when the consumer is in default. You should be warned that these letters cover thousands of pages but are nonetheless important for you to research. A partial list of letters you will find helpful is included in the Resources section of this glossary.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased atwww.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

June 29, 2009

Loan Modification Specialist (LMS) Certification Offered in Florida

Dates: July 27, 28, 29, 2009
Times
: 8:30-4:30 every day

Location: Perdido Bay Golf Resort
1 Doug Ford Drive
Pensacola, FL 32507

Sponsor: Home Ownership Matters Training Institute

Trainer: Mildred Wilkins, (FIS) Foreclosure Intervention Specialist

Former Fannie Mae Broker-Specialist

Get the training you need from someone who has:
1. Learned property valuation from Fannie Mae

2. Sold real estate/processed many successful short sales

3. Lost a home to foreclosure/I can teach you about deficiency judgment

4. Learn from a professional; TO BECOME MORE PROFESSIONAL

Registration: Early bird registration ends 4/25, so HURRY and register TODAY, seats are VERY LIMITED: ONLY TEN AVAILABLE! (Yes, ONLY 10)

Lodging: The Cottages at Perdido Bay (http://www.perdidocottages.com) (Lodging NOT included in the price of the certification)


Course Description:

This Loan Modification Specialist (LMS) certification program is comprehensive, rigorous 3 day training designed to prepare attendees to successfully facilitate loan modifications. Professional development is necessary to be competitive in this emerging field. This certification has been designed and is taught by a former Fannie Mae Broker-Specialist who has specialized in foreclosure intervention training since 2002.

Wilkins created the (FIS) Foreclosure Intervention Specialist certification program for REALTORS, the first such certification for real estate professionals in the nation in 2005. (FIS) for Housing Counselors was added in 2006. The (LMS) certification will set apart those who have taken substantive hands-on training and are truly prepared to call themselves ‘specialists’.

Let the (LMS) certification move you closer to transitioning into a whole new career. There is pent up demand for this service, a limited number of qualified providers and even less training available for those in the private sector who currently own or plan to open a for-profit business.

(LMS) certification. Your answer. Today. Register. NOW!!!!

Why offer certification?

HOM Training Institute is the training arm of Home Ownership Matters, LLC. Providing quality education to real estate professionals such as REALTORS, attorneys and housing counselors has been the focus of the institute for several years, with the goal of training professionals to be competent in the fight against foreclosure. The dramatic increase in the sheer number of modifications which are being utilized, along with the fact that most individuals or organizations which offer them have little to no training in the field has created a need for practical, comprehensive training in this area. HOM Training Institute is responding to that need with the (LMS) certification training. The consumer is the person who ultimately benefits from this program.

Is this training right for you?

This is a fast-paced, but comprehensive, look at the many details which need to be considered if you have concretely decided, OR you are contemplating opening, a business which specializes in providing loan modification services. You will not be taught how to create a database of consumers who have already received foreclosure notices from public records and do direct mailing to them to get business. You will, instead, be taught how to set up a professional office where you meet with clients who have been referred to you from sources such as local counseling agencies, your local foreclosure hotline, reputable non-profit organizations and others in the community who are looking for competent, professional loan modification service providers to meet the growing need as the housing crisis deepens. While there is a significant move across the country to provide training to housing counselors within non-profits who help low to moderate income borrowers, there is no corresponding training to meet that same need for middle to upper income borrowers who are simultaneously struggling.

What to expect:

As attendees, you will:
1.
Receive clarity on the legal process of foreclosure (state specific) and the applications for a potential loan modification

2. Cover the components of the mortgage documents which specifically impact the possibility of workouts

3. Learn the elements necessary for a successful modification and the practical strategies for implementing such a workout

4. Receive instructions on how to successfully (LEGALLY) block foreclosure long enough to complete the modification process

5. Gain a thorough understanding of the inner workings of the Loss Mitigation shop and how to work effectively with them

6. Leave this training with a clear picture of the ethical and legal constraints which should (and must) govern your business in order to avoid lawsuits

(LMS) Loan Modification Specialist
Certification Training

Day 1: Practical and Professional Strategies
Session I
: Understanding the Foreclosure Process

This session will cover the basic process for foreclosure, beginning with default and culminating in the particulars of the foreclosure process. Both judicial and non-judicial foreclosure will be discussed, since they are vastly different. It is impossible to help someone effectively with a modification without understanding the bigger picture of what the foreclosure process is for your state and where the consumer is in that process. The class will cover the differences between foreclosure with a note and foreclosure under a deed of trust. Additionally, such things as redemption rights will be covered with a general focus on what they are and the intention under the law (and the way they are abused by foreclosure intervention scam artists). Each attendee will have an opportunity to get clarity on the ‘specific law’ for your state in a timeframe tailored for this purpose.

Lunch—The Perdido Grill

Session II: Loan Modification—An Intervention Solution Whose Time Has Come

This session will provide clarity on the details of what exactly constitutes a modification, the components of a good, sustainable one and how to structure such a workout. Just as important, this session will cover the risk factors which can undermine a mod and cause the consumer to re-default. Learning to more accurately analyze the short term capacity of the borrower and the long term feasibility of the workout proposal, prior to an agreement being reached, are the keys to long term sustainability. Success should be measured not by whether or not you got someone to say yes, but by whether or not the workout is ‘working’. If the answer is no after a month, then it would fail the test of a workout. It was, in fact, just a band-aid. This training is designed to train you how to offer long-term, sustainable proposals for modification and get them accepted.

***********************************************************

Individual appointments for state law coverage

(filled on a 1st come, best choice basis)

Appt 1—5 until 6 p.m.

Appt 2—6 until 7 p.m.

Appt 3—7:15 until 8:15 p.m.


Day 2: First Thing’s First for a Successful Modification
Session III: “Buying TIME” – When the Money is Running Out

The focus of this session is worth the cost of the training, even if you failed to attend any other sessions. Time—or the lack thereof, is a major stumbling block to any successful workout—including a modification. This session will cover a highly successful strategy which combines strategic and legal restraints that will give you several extra months and a very strong negotiating position. When time is on my side—and I have your undivided attention—then we can work something out. Using the power of an under-utilized federal law will give you the time you NEED to get the attention REQUIRED for a successful workout. A team of foreclosure attorneys have put together a comprehensive list of all the possible ‘audit items’ you might use to challenge the servicing on a loan or the validity of the loan itself. This TOOL will be the focus of this session. Let’s say, “It gets a servicer’s attention.”

Lunch—The Perdido Grill

Session IV: Behind the Scenes of a Loan Servicer’s Shop

As a former Fannie Mae Broker-Specialist the trainer was introduced to the inner workings of the disposition department of the largest insurer of properties in the United States. That introduction to the mindset behind the scenes, as well as subsequent Fannie Mae training on servicing, has been invaluable in teaching students in other classes what to expect from the servicer’s shop. Once you understand the mindset, you are better prepared to GIVE THEM WHAT THEY WANT—to get what you need. It’s a basic negotiating concept—the trick is knowing what the other party wants (which is seldom what they ACTUALLY tell you they want) and then being able to provide it. A successful modification agreement—in truth, an agreement between two parties for anything—hinges on a meeting of the minds with whether or not the needs of both parties are being addressed. Crafting a modification which has the potential to be both accepted and sustainable for the consumer is possible when you understand what the servicer shop truly wants.

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Individual appointments for state law coverage

(filled on a 1st come, best choice basis)

Appt 1—5 until 6 p.m.

Appt 2—6 until 7 p.m.

Appt 3—7:15 until 8:15 p.m.

Day 3: Practical and Professional Strategies
Session V: Modification Stripped Down

We’ll cover the basics of modification during this session. How to determine what recommendation to make and what supporting documentation should be supplied in order to validate that recommendation. Would a combination of components work better for this borrower? Is the medication a permanent ‘fix’ to the borrower’s financial situation or must you consider some additional long term strategy? Does the modification agreement provide protection from onerous terms? Is your client protected with a provision for timely recording of the modification to avoid repercussions during a subsequent transfer to a new servicer? If you don’t already know how to do all of the above mentioned things, then sign up today so you can learn how to structure a modification which will provide immediate relief and long term sustainability for your client. Remember: “If it ain’t on the paper, it don’t exist.” Feel free to repeat that quote by HOM founder Mildred Wilkins.

Lunch—The Perdido Grill

Session VI: Ethical and Legal Constraints

This final session is, perhaps, the most important session. It will focus on the need for clearly understanding how critical it is not only that you operate a modification business in an ethical manner, but that you also avoid even the appearance of borderline behavior. A number of states have already enacted legislation which covers businesses and individuals who are “foreclosure intervention counselors”. Offering a modification for a fee would definitely put you in that category. Not only are you obligated to abide by Federal privacy laws and fair housing laws, but there is an assortment of other laws which are geared to protect consumers from unscrupulous providers of service. There is, and will continue to be, aggressive investigation and prosecution of organizations and individuals who seek to take advantage of consumers during this trying time. HOM is basically a consumer advocacy agency and is, therefore, strongly supportive of legal action against any modification service provider who uses their knowledge and influence to take advantage of a consumer who has trusted you to help them at this difficult time. HOM will not endorse nor condone any illegal or unscrupulous behavior as it relates to foreclosure intervention, including loan modifications. Attendees of all training sessions offered by the Institute will clearly recognize that behavior above board, at all times, is continually advocated and expected of HOM graduates. Completion of a HOM Institute training should not be used as a cover for unscrupulous behavior. Be forewarned that the reputation of the company will be fiercely and publicly defended if a graduate seeks to use the integrity of the company in order to validate themselves.

**Dinner option available: Class vote required!

REGISTER TODAY, it may be the only way you are able to reserve your spot! Remember, there are only TEN spots open for this training!

Other training dates: May 25-27 and June 8-10

Airports:

Pensacola; 17 Miles Away
Mobile; 55 Miles Away
Okaloosa Regional; 53 Miles Away
Ft.Walton Beach; 48 Miles Away