module 3: the ssa 7 pages 26 3-1. ssa pg. 1: cover letter (top) ssa pg. 1: cover letter (top)...
TRANSCRIPT
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Module 3:Module 3:
The SSAThe SSA
7 Pages
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SSA Pg. 1: Cover Letter SSA Pg. 1: Cover Letter (top)(top)
Introduces Short Sale
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How a Short Sale Works
Participation
27
SSA Pg. 1: Cover Letter SSA Pg. 1: Cover Letter (bottom)(bottom)
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SSA Page 2 (top) SSA Page 2 (top)
273-4
120 Days to sell
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When to Take ListingWhen to Take Listing
• At or prior to SSA• Listing commission honored if
6% or less• Required contract language– (see pg. 36 of manual)
• Get subordinate lien info
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Maintain property
28
SSA Page 2 BottomSSA Page 2 Bottom
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SSA Page 2 BottomSSA Page 2 Bottom
Monthly Payments?
Servicer may require monthly payments.Freddie Mac requires payments
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SSA Page 2 BottomSSA Page 2 Bottom
Clear title & negotiate with subordinate lien holders
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SSA Page 2 BottomSSA Page 2 Bottom• Servicer may pay up to $8,500 aggregate total to subordinate mortgage lien holders.
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Fannie & Freddie pay 6% of the 2nd lien balance up to a max $6,000.
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Fannie & FreddieFannie & FreddieOne Subordinate LienOne Subordinate Lien Payoff Examples Payoff Examples
2nd lien of $50,000
$50,000 x 6% = $3,000
2nd lien of $100,000
$100,000 x 6% = $6,000
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Fannie & Freddie Fannie & Freddie One Subordinate Lien One Subordinate Lien Payoff ExamplesPayoff Examples
2nd lien of $150,000
$150,000 x 6% = $9,000
$6,000 Max.
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Fannie & Freddie Fannie & Freddie Two Subordinate Liens Two Subordinate Liens Payoff ExamplesPayoff Examples
2nd lien of $50,000
3rd lien of $30,000
$50,000 x 6% = $3,000 to 2nd lien holder
$30,000 x 6% = $1,800 to 3rd lien holder
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Fannie & Freddie Fannie & Freddie Two Subordinate Liens Two Subordinate Liens Payoff ExamplesPayoff Examples
2nd lien of $90,000
3rd lien of $30,000
$90,000 x 6% = $5,400 to 2nd lien holder
$30,000 x 6% = $1,800
Only $600 to 3rd lien
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Subordinate LiensSubordinate Liens• Liens released from property• Full release of liability• No $$ or notes from seller or licensee
• HOA/Condo Assn. liens and other subordinate liens NOT included in $8,500 but must be paid off
• Seller should seek legal advice regarding future liability
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SSA Page 2 BottomSSA Page 2 Bottom
Future paperwork.Foreclosure postponed.
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Foreclosure PostponementForeclosure Postponement
• Foreclosure process may begin
• No foreclosure sale:–Determining eligibility
–Awaiting SSA
–During SSA
–Pending closing
–Pending DIL
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SSASSA Page 3 TopPage 3 Top
Four points:1.Arm’s length transaction
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Arm’s Length TransactionArm’s Length Transaction
• Can’t list with or sell to:– Related persons
– Persons with whom the seller has close personal or business relationship
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Arm’s Length TransactionArm’s Length Transaction
• Can’t list “In-House”
• From HAFA Q&A on www.REALTOR.org–Q: May sellers who are real estate agents
list with their broker?
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Arm’s Length TransactionArm’s Length Transaction
• Q: May sellers who are real estate agents list with their broker?
• A: No, this would violate the arm's length transaction provision that prevents the seller from listing the property with anyone they have a close personal or business relationship with. This is an anti-fraud provision. If the property is listed by an agent with their broker the risk of an "incentive" being paid and the seller profiting from the transaction increases."
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SSASSA Page 3 TopPage 3 Top
1. Arm’s length transaction2. No commission to seller3. Resale restriction on buyer4. Seller can’t buy-back or lease32
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SSA Page 3 TopSSA Page 3 Top
Authorization to talk to others
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SSASSA Page 3 TopPage 3 Top
Tax consequences notice
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SSA Page 3 TopSSA Page 3 Top
Credit reported as: “settled for less than full payment.”
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SSA Page 3 BottomSSA Page 3 Bottom
Deed-in-Lieu
Deed-in-Lieu
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Deed-in-LieuDeed-in-Lieu• After 120 day marketing period expires
• Optional language
• Voluntary transfer to lender
• Borrower gets $3,000
• Sub liens removed– Up to $6,000 available
• If borrower uncooperative, servicer forecloses
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Deed-for-Lease ProgramDeed-for-Lease Program
• After Deed-in-Lieu
• Servicer may allow borrower to:– Lease property back
(Deed-for-Lease)– Repurchase property at
future date
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SSA Page 4SSA Page 4
Contract
Contract
Acceptance
Acceptance
& RASS& RASS
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Contract Acceptance & RASSContract Acceptance & RASS
• 3 Biz days to submit:– Purchase agreement– Addenda– RASS– Buyer’s proof of funds
or commitment letter
• Approval or disapproval within 10 Biz days
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Pages 5-7: Program Terms & ConditionsPages 5-7: Program Terms & Conditions
1. List Price or Acceptable Sale Proceeds
35-363-30
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List Price or Acceptable ProceedsList Price or Acceptable Proceeds
• Established through BPOs
• List price more likely
• Fannie & Freddie prohibit disclosing minimum net proceeds
• Seller & licensee should be realistic– Demonstrate to servicer why price
is too high
35-36
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Listing Agreement
• Required clauses• Cancellation• Lender/MI approval
36
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Property Maintenance & Expenses
• Seller responsible
• Damage reported
36
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Partial Mortgage Payments
• Seller may be required to make payments
• Cannot exceed 31% of gross income
37
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5a. Closing Costs5a. Closing Costs
Servicer will select one: •Total costs may not exceed $__________
• Total costs may not exceed _____% of list price
• Itemized allowable closing costs including commission of _____% of sales price
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5b. Subordinate Liens5b. Subordinate Liens
•Subordinate Liens: Up to $8,500 total aggregate• 6% of balance (Fannie & Freddie only)•Full release of liability required
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5c. Commissions5c. Commissions
Commissions
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CommissionsCommissions• Commission % stated• Listing commission honored• Not to exceed 6%
• No commission to seller or buyer
• If rebate offered, commission is reduced
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Third Party VendorsThird Party Vendors
• May be retained by servicer
• Fees cannot be charged to seller nor deducted from commission
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5d. Relocation assistance5d. Relocation assistance
Relocation assistance for occupant
•$3,000 per household
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Assistance Eligibility
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•Vacate at closing•Principal residence•Dodd-Frank Certification
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3 Biz days to submit:• RASS• Contract & Addenda• Buyer’s proof of funds/commitment letter
Sales Contract
39
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Required contract language• Arm’s length transaction• Buyer can’t sell within 90 days
Parties to the Sale
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Required closing time frame can’t be less than 45 days from contract acceptance.
Closing
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• Foreclosure process may continue• Sale is suspended
Foreclosure Sale Suspension
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• No personal liability• No deficiency judgment
Satisfaction & Release of Liability
41
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MI approval required
Mortgage Insurer Approval
41
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Review reasons with seller
Termination of this Agreement
41
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SSA TerminationSSA Termination• Financial position improves• Borrower or Broker fails to act
in good faith• Change in property condition• Fraud or misrepresentation• Bankruptcy• Litigation• Payments not made
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• No guarantees• Lender retains other remedies
Settlement of Debt
41
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SSA Pg. 8 Borrower’s Signature
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Borrowers’ Signatures• Exceptions:•Death•Divorce•Special circumstances
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SSA Page 8:SSA Page 8:
Broker Acknowledgement• Broker not a party to SSA • Salesperson may sign• Agreement to change listing to conform to SSA43
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SSA Page 8:SSA Page 8:
•Servicer signature•HOPE Hotline•Fraud Notice
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Sign & Return the SSASign & Return the SSA
• Within 14 days of “Effective Date”
• “Effective Date” = date mailed by servicer
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