Short Sale Power Point Presentation

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I will provide you with complete and accurate information about what to expect during the FORECLOSURE process : 

I will provide you with complete and accurate information about what to expect during the FORECLOSURE process Jenny Darling-Hampton The Short Sale Specialist How does a Foreclosure work? © 2007 Short Sale Genius

Definitions : 

Definitions Foreclosure - A legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security. Notice of default (NOD) - a notice that is filed with the county recorder when a homeowner is not current on the loan that is secured by the homeowner's property. If the default is not cured within a statutory period of time, the lender can move to auction the property to the highest bidder. Foreclosure Sale (NOTS) - The actual sale of real property at the conclusion of a foreclosure proceeding. The sale may be to a third party as a result of a high bid, or to the foreclosing creditor (the lender) if there are no bids higher than the amount of the defaulted debt plus foreclosure costs. If the sale generates proceeds beyond the satisfaction of the debt and foreclosure costs, the balance generally must be refunded to the party who has lost title to the property. (the homeowner) Real Estate Owned - Real property that has been foreclosed by a lender and is now owned by the lender. © 2007 Short Sale Genius

California Foreclosure Timeline : 

California Foreclosure Timeline The timeline displayed here is typical in a California non-judicial foreclosure. The foreclosure timeline does not begin until the lender feels they have exhausted all avenues for curing the payment delinquency. Normally, this happens after the borrower has missed 1 to 3 monthly mortgage payments. The borrower has probably been contacted by the lender several times prior to beginning the foreclosure process. The official foreclosure process then begins by the lender contacting a Trustee and instructing them to file a Notice of Default. © 2007 Short Sale Genius

NOTICE OF DEFAULT TIMELINE (NOD) : 

NOTICE OF DEFAULT TIMELINE (NOD) Day 1 - Notice of Default recorded with County Recorder. Within 10 business days - Notice of default is mailed by the Trustee to the borrower and includes the recording date. Within 1 month - Notice of Default is mailed to borrower again. At 90 Days - Notice of Default period ends and Notice of Trustee Sale period begins. 1st Missed payment 2nd Missed payment 3rd Missed payment NOD Filed (Begin Three) (Month Period) NOTS Filed (21 Day Period Begins) 30 60 90 30 60 90 Auction TYPICALLY Held after 21 Days Foreclosure Process © 2007 Short Sale Genius

NOTICE OF TRUSTEE SALE (NOTS) – 21 days : 

NOTICE OF TRUSTEE SALE (NOTS) – 21 days After 90 Days - Sale date, time, and location are set. 30 days prior to sale date Notice of Sale is sent to IRS (if applicable). 20 days prior to sale date Notice of Sale is published in newspaper and is required to run for 3 consecutive weeks. Notice of sale is posted on the property. Notice of sale is mailed to borrower and required parties involved. 14 days prior to sale date Notice of Sale is recorded in County Recorder's office 5 days prior to sale date – “Your RIGHT to reinstate expires” © 2007 Short Sale Genius

Auction day : 

Auction day Sale Date: The property is sold to highest bidder or reverts back to lender as a REO (bank owned) Property Auction time: The final stage of the foreclosure process is the auction. In most cases the borrower has tried every possible way to save the property (refinance, borrowing, sale, joint venture, etc.). Location: Typically takes place at the civic center or the courthouse of the county where the property is located. Auctions start at all different times of the day. Properties are sold "as-is" for cash or cash equivalent. © 2007 Short Sale Genius

Here’s what one client did… : 

Here’s what one client did… He lived Rent Free for 4 months Monthly Payments he did not make - Payment: $2,480 X 4 months = $9,920.00 Was able to sell the home as a Short Sale and avoid the ‘Foreclosure’ ding on his credit © 2007 Short Sale Genius

SHORT SALE - Is it possible? : 

SHORT SALE - Is it possible? ONLY with Lender’s APPROVAL! If a short sale is an option, it’s can be a positive outcome for ALL PARTIES. HAPPY Homeowners (SAVED CREDIT, loan is reported to credit bureaus as PAID IN FULL). HAPPY Lenders (Avoided Foreclosure process & legal fees). HAPPY Buyers (They bought at a discount) HAPPY Agents (we did our job in selling your home) © 2007 Short Sale Genius

What to do NEXT: : 

What to do NEXT: Approve the Listing Contract Accept my service: Lock box on property MLS exposure Internet exposure Front Yard Sign Advertisement to my exclusive list of INVESTORS I’ll be the contact between you and your lender © 2007 Short Sale Genius

Thank you for the opportunity to serve you! : 

Thank you for the opportunity to serve you! Jenny Darling-Hampton The Short Sale Specialist © 2007 Short Sale Genius

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