RMLS Trade FAIR

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Agenda- Intro Current Market Loan Modifications Short Sales HAFA How to get SS Listings NOW!

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Company Overview The Law Office of Robert C. Russell P.C. 20 year law firm Bankruptcy Law Financial Law

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NW Loan Modification Center www.nwlmc.com NW Short Sale Network www.nwssn.com Kathleen Jamal- 25 years in servicing, Bill Black- 9 years in mortgage lending, Norene Rogers- 25 years underwriting and processing, Madena Parsley- 15 years in REO and servicing. 70 years of combined staff experience in loss mitigation, short sale negotiation, mortgage origination, underwriting, processing, loan servicing and REO disposition

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Additionally we have a small support staff….

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Robert Russell- Attorney Bill Black- Business Development Manager Kathleen Jamal- Operations Manager Madena Parsley- Negotiation Specialist Not Present- Processing Team/Support Staff Team

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Our intent is to make sure we identify every option for our clients home loan default solution issues. Our company is based on the belief that our clients needs are of the utmost importance.

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Our entire team is committed to meeting those needs. As a result, a high percentage of our business is from repeat customers and referrals.

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A Professional Law Firm Providing Legal Assistance To Homeowners by Reducing Monthly Payments Lowering Interest Rate Locking The Adjustable Rate Reducing The Loan Balance Educating on Options Completing the Short Sale Who Else We Are?

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Intent To Stop Foreclosure Proceeding Eliminate Fees And Penalties Litigation And Forensic Audit Services STAY IN YOUR HOME * SAVE YOUR HOME WHEN WE CAN! Who Else We Are?

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Market Overview We know we have a problem with market Jobs Defaults Depreciation Tight Lending Recession

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What’s Coming Recovery Loan Modifications- Government Supported Short Sales- Government Supported Jobs- Government Supported Appreciation When you can put down 10% and cash flow an investment property we will be at bottom Rentals are improving per CCRA Lending on sidelines

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HAMPHome Affordable Modification Program3/3/2009 Qualify Requirements Primary Residence only- on or before Jan. 1, 2009 60 days late or imminent default (Proof required) Payment with PITI, HOA exceeds 31% of gross (Exclude MI) Not been HAMP approved prior Net Present Value (NPV) Achieve economic results Hardship required Suspend all foreclosures until HAMP evaluation Information only good for 90 days Verbal financial info. Is acceptable. Must be verified within 60 days. If payment is less then 31% other options must be looked at. If borrowers documented income exceeds stated income by more then 25% and still qualify re-start trial period If borrowers documented income exceeds stated income by 25% or less and still qualify re-adjust payments to 31% do not re-start trial period Target to achieve 31% DTI Reduce rate by.125 increments to 2% Extend to 480 months Principal forbearance w/mark to market limit. (No requirement to lower) How does this get reported to creditors?

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Short Sales? What’s that?

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(CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.

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17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.

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Bank of America largest mortgage servicer doubled the number of short sales it processed in recent months Rolling out Equator with positive reviews Recent 24 day approval via Equator

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"The lenders lose 50% on a foreclosure and only 30% on a short sale," "And short sales offer a way to get distressed properties off their books quickly."

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Looks like we ALL better start doing Short Sales- Right?

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The Realtor Mug shot BEFORE her first short sale.

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The Realtor Mug shot after being titled “Short Sale Specialist”

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Home Affordable Foreclosure Alternatives borrowers will earn a $3,000 "relocation incentive" Servicers will get $1,500 for handling a short sale The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. Second lien holders will receive up to $6,000 for releasing their claims. Lenders participating in the program must also determine the market values of properties early on and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days. Let’s talk HAFA

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Equator's Saiita anticipates a short sale explosion in response to the new program. "The challenge will be handling all the volume," he said. The company has already tweaked its software, which 58 servicers use, to handle the new HAFA rules. And that should help reduce the time it takes to execute a sale, which currently averages 88 days. The boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners. Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale.

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WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration's Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month - a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance.