 Welcome  Introduction: Michele Johnson – Financial Guidance Center  National Mortgage Settlement: Attorney General Masto  Role of the Housing Counseling Agencies: Nelson Araujo – Financial Guidance Center  Role of the Legal Services Agencies: Christine Miller – Legal Aid Center of Southern Nevada & Sheryl Serreze– Nevada Legal Services  Scams: Nevada Attorney General’s Office  Questions

Presented by: Catherine Cortez Masto, Attorney General Nevada Attorney General’s Office

Nationally: 1.Servicing Standards (Change of Conduct) 2.Monitoring and Oversight 3.$25 Billion relief to Homeowners

1.The first nationwide reforms to servicing standards require  Servicer must assign a single point of contact (SPOC) to most first-lien borrowers,  Servicer must follow strict timelines for short sales and loan modifications,  Servicer must stop dual track of borrowers loan,  Servicer must follow new standards for executing documents in foreclosure cases, filing affidavits based upon personal knowledge, and ending improper fees, and  Some borrowers are entitled to appeal denial of modification. 2. Servicing standards intended to apply to loans secured by owner-occupied properties. 3. CFPB is expected to issue servicing standard regulations before settlement sunset

1.The settlement is monitored by:  Joseph A. Smith  Monitoring committee made up of State AGs, DOJ, HUD 2. The settlement started March Monitor has access to each servicer’s:  Business reports  Work papers relating to the metrics  Servicing complaints 3. Monitor can interview service employees 4. Monitoring committee or any state may enforce the settlement 5. Nevada is a member of the monitoring committee

$20 Billion DIRECT CONSUMER RELIEF $750 Million FEDERAL GOVT $4.25 Billion STATE PAYMENTS $17B Direct Relief to Distressed Homeowners

($17 BILLION) DIRECT RELIEF TO DISTRESSED HOMEOWNERS ($17 BILLION)  Principal Reduction (First & Second Lien)  Facilitation of short sales  Unemployment payment forbearance or forgiveness  Relocation Assistance  Deficiency Waivers  Funding for remediation of blighted properties  Servicemember short sale program

$20 Billion DIRECT CONSUMER RELIEF $750 Million FEDERAL GOVT $4.25 Billion STATE PAYMENTS $17B Direct Relief to Distressed Homeowners $3B Refinancing Underwater Borrowers

($3 BILLION) REFINANCING UNDERWATER HOMEOWNERS($3 BILLION)  Servicer-owned first liens  NO: FHA, VA, manufactured home, Fannie Mae or Freddie Mac loans, borrowers in bankruptcy/foreclosure in last 24 mos.  Borrower must be current (not late in last 12 mos.)  LTV > 100%  Originated before Jan. 1, 2009  Not modified in last 24 months  Pre-refi interest rate at least 5.25% (or PMMS plus 100 basis point, if greater)

$20 Billion DIRECT CONSUMER RELIEF $750 Million FEDERAL GOVT $4.25 Billion STATE PAYMENTS $17B Direct Relief to Distressed Homeowners $3B Refinancing Underwater Borrowers $1.5 Billion Payments to Borrowers Lost Homes to Foreclosure

($1.5 BILLION) PAYMENTS TO BORROWERS ($1.5 BILLION)  Estimated payment: $1,500 to $2,000 (depending on borrower response rate)  Qualifying borrowers will be notified by mail at a future date  Criteria: Foreclosure sale between Jan. 1, 2008 and Dec. 31, 2011  Borrowers will sign a form stating that they think servicer committed an error during foreclosure  No release of borrower claims  Separate from OCC’s Foreclosure Review

 Nevada will receive an additional $30M  Specific Solicitation of Nevada Borrowers for Principal Reduction  Re-solicitation NHRP Population  Nevada becoming a member on Monitoring Committee  B of A will guaranty to undertake at least $750M in loan modification and other assistance as part of the Multistate settlement specifically in Nevada  Nevada will receive enhanced reporting above and beyond the multistate reporting;  Enforceable in Nevada State Court

$20 Billion DIRECT CONSUMER RELIEF $750 Million FEDERAL GOVT $4.25 Billion STATE PAYMENTS $17B Direct Relief to Distressed Homeowners $3B Refinancing Underwater Borrowers $1.5 Billion Payments to Borrowers Lost Homes to Foreclosure $2.75 Billion Payments to States $57 Million to Nevada

As part of national mortgage settlement funds given to state, the AG’s Office dedicated some of these funds for “Home Again”.

A new program designed for:  Homeowners seeking loan modification  Borrowers who are current, but “underwater”  Those who lost their homes to foreclosures  Households considering homeownership

Home Again Nevada Homeowner Relief Program is:  Offered through the Office of the Attorney General  Free of fees and charges  A partnership of HUD Counseling Agencies and Legal Aid Services  HLP-4-NEV or HomeAgainNevada.org

 Financial Guidance Center  Nevada Legal Services  Housing for Nevada  Women’s Development Center  Community Services of Nevada  Neighborhood Housing Services  Novadebt  Springboard  Chicanos Por La Causa

 Call Center  HLP-4-NEV  Trained counselors  English & Spanish  Convenient  HomeAgainNevada.gov

Presented by: Nelson Araujo, Financial Guidance Center

 Federal Programs  State Programs  Lender/Servicer Proprietary Programs

Independent Foreclosure Review  Federal government effort to compensate homeowners impacted by faulty lending practices.  Homeowners foreclosed or in foreclosure process between January 1, 2009 to December 31, 2010  Potentially eligible for a direct payment.  Expires December 31, To apply, go to:

Making Home Affordable  HAMP - Home Affordable Modification Program Assistance for homeowners in default, or at risk of defaulting, on their mortgage.  HARP Home Affordable Refinance Program Homeowners with a FannieMae or FreddieMac insured loan who are current on their mortgage, may refinance at current market rates regardless of loan-to-value.

Nevada Hardest Hit Funds  Principal Reduction Program - Eligible homeowners may qualify for a principal reduction of up to $100,000.  Mortgage Assistance Program - Eligible homeowners who are unemployed or underemployed may qualify for assistance of up to $1, toward mortgage payment - maximum of 9 months.  Principal Curtailment Program - Works in conjunction with HARP Eligible borrower may receive an additional $50,000 principal reduction.  Reinstatement - Assist qualified homeowners by offering up to $12,500 in assistance in bringing a past due mortgage to current status.

Nevada Foreclosure Mediation Program  Resource to assist homeowner and lender in reaching resolution regarding mortgage in partnership with trained mediator.  Minimal expense, non-binding.  Homeowners of owner-occupied property have 30 days after being served with a Notice of Default to elect to participate in mediation

Fannie Mae Partnership  Financial Guidance Center and Community Services of Nevada have direct access to a dedicated team to provide quicker, more efficient assistance to homeowners with Fannie Mae insured mortgage loans. Wells Fargo Partnership  Financial Guidance Center has direct access to a dedicated team to provide quicker, more efficient assistance to homeowners with Wells Fargo, Wachovia or ASC serviced/insured mortgage loans. Many OTHER financial counseling services are available too!

Presented by: Christine Miller, Legal Aid Center of Southern Nevada & Sheryl Serreze, Nevada Legal Services

 Mediation  Judicial Foreclosure  HOA Foreclosure  Review of legal Documents  Homeowners Facing Eviction  Bankruptcy  Predatory Lending  Identity Theft  Lending Scams

 Documentation is not required  Income guidelines: HouseholdMax. Monthly Income 1$4, $4, $5, $5, $6, $6,837.24

Free community legal education classes  Foreclosure  Bankruptcy  Others  Ask A Lawyer  General consumer issues

Free community legal education classes  Documentation required  No income guidelines  Southern & Northern Nevada office

Presented by: Nevada Attorney General’s Office

 Victims pay upfront money to receive assistance in modifying their home loan. -HUD housing counselors will assist homeowners for free.  In most cases the HUD counselors know more about loan modifications and the programs available to homeowners than any other entity.

 AG Masto worked hard to create and pass AB 284 to protect Nevada property owners from fraudulent foreclosure.  A.B. 284 has not stopped foreclosures in Nevada it has only caused the banks to follow a required legal course for foreclosures.  Nevada has followed the national trend for reductions and increases in foreclosure patterns.

 Pay upfront money and company will make sure you get the multistate settlement monies owed to you for the banks foreclosing on your home. – HUD housing counselors will assist homeowners for free.

 Pay money upfront and company will get you a principal reduction on your home mortgage loan. – There is no guarantee that a principal reduction will be given. The decision is the banks to make. – HUD housing counselors will assist homeowners for free.  Nevada HUD counselors know what programs exist and which ones the homeowner might qualify for.

 People are recording false documents removing the lien holder from the deed of trust with the County recorder's office.

 Requires a fee in advance  Guarantees a specific outcome to stop the foreclosure or loan modification  Advises the homeowner to – stop paying the mortgage company – make the loan payment to the company or individual.

Report the following national mortgage settlement problems to the Office of Mortgage Settlement Oversight:  Foreclosure/Documentation, Fee, Loan Modification, Loss Mitigation, Customer Service, Third Party Provider, Military Personnel, Bankruptcy, Force-Placed Insurance, Community Blight Problems, Tenant Rights Submit an online complaint at

Report problems to the AG’s office by submitting a written complaint. For instructions, call the AG’s Consumer Protection Hotline at or visit ag.nv.gov.

Consumer Protection Hotline: Website: Ag.nv.gov Facebook: NVAttorneyGeneral YouTube: NevadaAG

Contact Information: Russell D. Smith, Chief Deputy Atty. Gen. Phone: JoAnn Gibbs, Chief Deputy Multistate Counsel Phone: Ursula Silva Kazarian, Paralegal Phone: