S HORT P AYOFF. A short payoff is the sale of a Mortgaged Premises for which the Servicer has received Freddie Mac's approval to sell for less than the.

Slides:

Advertisements

Similar presentations

Chapter 8 Federal Housing Policies: Part One. Chapter 8 Learning Objectives Understand how federal legislation has affected the mortgage and housing markets.

Advertisements

Understanding The Good Faith Estimate, HUD-1 and Short Sales Presented by: First Place Bank and NorthStar Title Services.

Module 4: The RASS & Alt. RASS The RASS

In this chapter: Components of effective short-sale package Why short sales fail 4. The Short-Sale Package 4-1.

Consideration Process Servicers must first consider Borrowers for a HAMP Modification and then for a B65 Modification or other home retention workout.

Module 2: US Treasury’s HAFA Program Home Affordable Foreclosure Alternatives

Laws Protecting Debtors/Creditors and Bankruptcy Unit C Basic Business Law Objective 6.02 Part D.

Statement of Cash Flows- First Approach

FHLMC: HAFA Overview. Definitions There are several Freddie Mac Definitions one should be familiar with as they relate to HAFA loans. These will be explained.

The Role of Mortgage Servicers in the Subprime Mortgage Crisis Breck Robinson University of Delaware.

Module 3: The SSA 7 Pages SSA Pg. 1: Cover Letter (top) SSA Pg. 1: Cover Letter (top) Introduces Short Sale

Incentive compensation. A Borrower and a Servicer will be eligible for HAFA incentives upon successful completion of the HAFA Short Sale or HAFA Deed-in-Lieu.

Chapter 13 Loan Origination, Processing, and Closing © OnCourse Learning.

Buying a House with a Mortgage College Mathematics Section 11.5.

1 Statement of Cash Flows Sid Glandon, DBA, CPA Associate Professor of Accounting.

16 Statement of Cash Flows Accounting 26e C H A P T E R Warren Reeve

Statement of Cash Flows

Evaluation. Borrower Solicitation and response and Servicer evaluation Servicers must comply with the evaluation hierarchy and solicitation requirements.

©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn Accounting for State and Local Governmental Units.

Chapter Seven Accounting for Liabilities © 2015 McGraw-Hill Education.

Native American Direct Loan Program The Department of Veterans Affairs.

CLOSING the Real Estate Transaction D. Zaharopoulos.

1 FORECLOSURE PREVENTION OVERVIEW Noah Zinner Housing and Economic Rights Advocates March 17, 2011.

SHORT SALE Presented by: Josefina M. Serrano Mission College: RLEST091 Instructor: Mr. Frank Diaz.

A Real Estate Agents Guide to Short Sales RE78R13 Presented by Linda Kody Kody & Company, Inc

REVIEWING ESTIMATED HUD STATEMENTS. What is a HUD statement?  A Housing and Urban Development (aka HUD) statement is a document prepared by a closing.

Saving Homes, Saving Cities Solving the Mortgage Crisis Locally Processes and Cash Flows.

 If the Servicer evaluates the Borrower and determines that the Borrower is eligible for a HAFA Short Sale  The Servicer must comply with the following.

HKAS 28 Investments in Associates

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 12 SLIDE Financial Planning Financial Records.

HAFA Short Sale. Preparing and offering the SSA If the Servicer evaluates the Borrower and determines that the Borrower is eligible for a HAFA Short Sale.

HOSPITAL APPEALS SETTLEMENT INFORMATION Presenter: Leanne Layne.

Module 2: US Treasury’s HAFA Program Home Affordable Foreclosure Alternatives

Module 4: The RASS & Alt. RASS The RASS

 Does not take effect until April 5, 2010  1 st Lien Non-GSE Mortgages  Utilizes borrower’s financial information through HAMP  Financial incentives.

Accounting for Branches Combined Financial Statements Pertemuan 5-6 Matakuliah: Akuntansi Keuangan Lanjutan I Tahun: 2010.

Taxable Income from Business Operations

Residential Real Estate Closings in Georgia

LKAS 7- Statement of cash flows

BusinessAllstars.com1 Basic Accounting Copyright © 2007 by WACGA All right reserved This material may not be used or reproduced without permission of the.

Post-Closing Process. This job aid provides instruction on how to post close a short sale.

Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Financial Statement Analysis K R Subramanyam John J Wild.

Accounting for Liabilities Chapter 7 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Copyright © 2011 Pearson Education, Inc. Managing Your Money.

1 Making Home Affordable April 2009 | Making Home Affordable.

Evaluation. Borrower Solicitation and response and Servicer evaluation Servicers must comply with the evaluation hierarchy and solicitation requirements.

Statement of Cash Flows Chapter 13 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Aim: Money Matters: Home Ownership Course: Math Literacy Aim: How does money matter? Home ownership – the big Kahuna! Do Now:

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

How to Maximize Your Success with Short Sales Get Paid Multiple Times from Your Short Sale Listings while doing less work Presented By: Douglas Heise Real.

I NCENTIVE COMPENSATION. A Borrower and a Servicer will be eligible for HAFA incentives upon successful completion of the HAFA Short Sale or HAFA Deed-in-Lieu.

Chapter 18 Escrow Procedures. The last step in the loan process is CLOSING, when the loan proceeds are distributed and a deed to the property is transferred.

Chapter 3 Learning Objectives

Home Affordable Foreclosure Alternatives (“HAFA”)

Chapter 3 Learning Objectives

Federal Housing Policies:

Federal Home Loan Modification Programs

Chapter 2: The Financial Statements

Ohio Award: $570.4 Million to prevent foreclosure

The Direct Method of Determining the Net Cash Provided by Operating Activities Appendix 14A.

Prepare to Buy Your First Home

(2) Statement of Cash Flows

AMIS 310 Foundations of Accounting

FHA 203h Disaster Loan Presented by: Kelly M. Smith with Guest VP of Operations Paul Isola Account Executive NORCAL

Statement of Cash Flows- First Approach

Include your photo, your name, your company name and a logo

Small businesses need cash to start-up, operate and grow.

2. The Short-Sale Package

Chapter 4 Statement of Cash Flows

Presentation transcript:

S HORT P AYOFF

A short payoff is the sale of a Mortgaged Premises for which the Servicer has received Freddie Mac's approval to sell for less than the total amount necessary to satisfy the Mortgage obligation. The Servicer must comply with the requirements of a short payoff and/or Home Affordable Foreclosure Alternatives, as applicable, regarding a short payoff and charging off a deficiency and IRS Form 1099-A, Acquisition or Abandonment of Secured Property regarding the submission on Freddie Mac's behalf of Internal Revenue Service Form 1099-A.

S HORT P AYOFF The Servicer must complete the steps listed in the following slides to report and remit when the Servicer receives the funds for a short payoff.

S TEPS Report the short payoff as paid in full-prepaid by the second Business Day after the Servicer receives the settlement proceeds

S TEPS Remit the net proceeds as listed on the HUD-1 Settlement Statement to Freddie Mac. Net proceeds may include cash contributions and the mortgage insurance claim payment, if funded at settlement. For any Mortgage in which Freddie Mac has a Percentage of Participation, the remittance must equal Freddie Mac's Percentage of Participation applied to the net proceeds as listed on the HUD-1 Settlement Statement.HUD-1 Settlement StatementHUD-1 Settlement Statement

S TEPS The Servicer must review the Detail Adjustment Report (DAR) with respect to charge-offs and report any discrepancies to Freddie Mac by submitting Form 1205, Charge-off Reconciliation, within 30 calendar days following Freddie Mac's posting of the amount to the DAR. The DAR may be accessed through Investor Accounting Manager SM at tools.html. tools.html Note: Freddie Mac will respond to the Servicer within 30 calendar days of receipt of the Servicer's submission.

S TEPS Do not report or remit funds on this Mortgage in future cycles