PRESENTERS: ALICE CORA R. FULMORE Florida Attorneys Saving Homes Foreclosure Prevention Project Foreclosure Options and Assistance Programs

Agenda Welcome Get to know your presenter Objectives Polling Questions and Audience Chats Foreclosure Options and Assistance Programs Q&A Mortgage & Credit Center, LLC

CORA R. FULMORE, PRESIDENT MORTGAGE & CREDIT CENTER, LLC MCC PROVIDES DIRECT ASSISTANCE TO CONSUMERS IN THE AREA OF: Budgeting, money management, credit rebuilding, homeownership and foreclosure prevention 25 YEARS OF EXPERIENCE NATIONAL TRAINER FOR: NeighborWorks America, Freddie Mac, Fannie Mae, HUD, local & state governments. Get to Know Your Presenter Mortgage & Credit Center, LLC

Today’s Objectives Gain an awareness of the alternative options to a mortgage foreclosure and how to assist a consumers through the servicer loss mitigation maze Expand your knowledge of the National Loss Mitigation Initiatives which may assist consumer in foreclosure prevention Share real life success stories and practical practices Mortgage & Credit Center, LLC

Polling Question Mortgage & Credit Center, LLC The foreclosure process starts at 3 months of delinquency? a.True b.False

Polling Question Mortgage & Credit Center, LLC The foreclosure process starts at 3 months of delinquency? a.True b. False Although the servicer may start the foreclosure process when the loan is in default (30 day delinquency), typically this does not happen

BORROWERS BROKERS LENDERS Secondary Market Purchasers Securitized Loan Pools Banks and Corporate Investors Other Investors Mortgage & Credit Center, LLC

Basic Questions Who’s the Lender? Are they the owner of the loan? Take a look at the HUD1 Settlement Statement  It identifies the type of loan, if there’s MI coverage on the loan, the FHA Case #, the VA certificate number Mortgage & Credit Center, LLC

Basic Questions Who’s the Lender? Are they the owner of the loan? Take a look at the HUD1 Settlement Statement  It identifies the type of loan, if there’s MI coverage on the loan, the FHA Case #, the VA certificate number Mortgage & Credit Center, LLC

The Role of MERS Mortgage & Credit Center, LLC Mortgage Electronic Registration System

You can search by MIN Mortgage Identification Number This number can be found on the mortgage

Sample Mortgage Document Mortgage & Credit Center, LLC 18 Digit Identification Number

Type of Loan Mortgage & Credit Center, LLC Knowing the type of loan – will help you start building the strategy/approach to addressing the delinquency FHA Offers: Reinstatement Forbearance Repayment Plan Modification Deed in Lieu Claim Advance Pre-Foreclosure Sale

Type of Loan Mortgage & Credit Center, LLC Knowing the type of loan – will help you start building the strategy/approach to addressing the delinquency FHA Offers: Reinstatement Forbearance Repayment Plan Modification Deed in Lieu Claim Advance Pre-Foreclosure Sale VA Offers: Reinstatement Forbearance Repayment Plan Modification Deed in Lieu Compromise Agreement Refund

Type of Loan Mortgage & Credit Center, LLC Knowing the type of loan – will help you start building the strategy/approach to addressing the delinquency FHA Offers: Reinstatement Forbearance Repayment Plan Modification Deed in Lieu Claim Advance Pre-Foreclosure Sale VA Offers: Reinstatement Forbearance Repayment Plan Modification Deed in Lieu Compromise Agreement Refund Fannie/Freddie Offers: Reinstatement Forbearance Repayment Plan Modification Deed in Lieu Advance Claim (MI only) Short Sale/Short Payoff

Audience Chat Brandon Jones income has been reduced due to the economy. FHA loan, current income $40,000 per year, 6 months behind.  What would be your approach? Mortgage & Credit Center, LLC

Audience Chat Brandon Jones income has been reduced due to the economy. FHA loan, current income $40,000 per year, 6 months behind.  What would be your approach?  Create a budget to determine if ownership is still affordable  Obtain proof of the reduction of income  Prepare a hardship letter – make sure you ID HUD Case #  Have client provide loss mitigation require docs  Contact Servicer Mortgage & Credit Center, LLC

Lender – Required Documentation  Letter explaining the hardship  Disclosure of financial information: Pay stubs Tax returns and W-2 forms Bank Statements Debts and obligations Assets Other documentation as requested by servicer Mortgage & Credit Center, LLC

Audience Chat Brandon Jones income has been reduced due to the economy. FHA loan, current income $40,000 per year, 6 months behind. Mr. Jones feels that the payments are no longer affordable. Mortgage balance is $375,000; with rate of 7%  What are his options? Mortgage & Credit Center, LLC

Audience Chat Brandon Jones income has been reduced due to the economy. FHA loan, current income $40,000 per year, 6 months behind. Mr. Jones feels that the payments are no longer affordable. Mortgage balance is $375,000; with rate of 7%  What are his options?  Prepare budget, explore the savings or other income i.e. retirement account, insurance cash value and or relatives  Modification, Short Sale, Deed in Lieu or Foreclosure Mortgage & Credit Center, LLC

NATIONAL PROGRAM Hope Now Alliance American Securitization Forum Housing and Economic Recovery Act of 2008 The Mortgage Rate Freeze Plan National Foreclosure Mitigation Counseling Program (NFMC) Freddie Mac – Foreclosure Prevention Measures Fannie Mae’s HomeStay® Initiative FHA Rescue – NO LONGER AVAILABLE Hope for Homeowners Mortgage & Credit Center, LLC

Q & A

Assignment Mortgage & Credit Center, LLC Identify the servicers who have agree to the loan modification format. Contact your local HUD GTM/GTR to advise them of your participation in the Florida Attorneys Saving Homes Foreclosure Prevention Project Identify the local HUD Approved Counseling Agencies in your area