Professional Documents
Culture Documents
Speaker:
email: John@SOHFF.Com
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Agenda
Why Should I Care? What is the Definition of Pre-Foreclosure? How Does the Process Work? How To Help Members Avoid Foreclosure?
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*Sales Price: $650,000 SP/Sq Ft: $255.60 * Sold for 23% Less than comparable short sale
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$643,900 08/2008
This home most likely would have sold for more as a short sale with the owner maintaining property.
www.SaveOurHomeFromForeclosure.com June 19, 2009
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When a seller is in financial distress and a lender approves a sale even though the property will sell for a price less than what is owed the lender.
Embarrassment / Pride 2nd Mortgage Can not commit to timeline Get started too late
www.SaveOurHomeFromForeclosure.com June 19, 2009
Quote of the Day! ASK FOR WHAT YOU WANT, and TAKE WHAT YOU CAN GET
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2
3 4 5 6 7 8 9 10
Florida
Arizona California Colorado Michigan Ohio Georgia Illinois New Jersey
501,396
152,621 837,665 66,795 145,365 146,099 116,225 115,063 69,612
385,309
116,911 523,624 50,396 106,058 113,570 85,254 99,488 62,514
133.11
203.13 109.86 27.90 21.61 26.22 44.36 54.70 101.20
411.68
655.04 497.91 61.41 107.89 155.40 117.07 126.01 186.84
4.52
4.49 3.97 2.41 2.35 2.25 2.20 1.91 1.80 June 19, 2009
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21.9% of U.S. homeowners owe more than their homes are worth Q1-2009, up from 17.6% Q4-2008 and 14.3% Q3-2008 (Zillow.com). Falling prices make it more difficult for homeowners who get into trouble to refinance or sell their homes. Fewer qualify for President's plan to stabilize the housing market whereby homeowners with Fannie Mae and Freddie Mac loans can refinance only if the mortgage loan is a maximum of 105% of the home's value. Borrowers who owe 30% more than their homes are worth are far more likely to walk away than those who owe just 5% or 10% more and expect prices to rebound. More than one in 10 borrowers with a mortgage owed 110% or more of their home's value at the end of last year, according to First American CoreLogic.
www.SaveOurHomeFromForeclosure.com June 19, 2009
Florida Foreclosures
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1. Honest
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Seller
Seller Must have a workout in progress 1. Modification 2. Forbearance 3. Pre-foreclosure 4. Bankruptcy
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1. Honest 2. Communicate with Workout Specialist 3. Prepare The Pkg. 1. Hardship 2. Third Party form 3. Financial information
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Property
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1. Honest 2. Communicate with Workout Specialist 3. Prepare The Pkg. 1. Hardship 2. Third Party form 3. Financial information
1. Honest 2. Communicate with Workout Specialist 3. Prepare The Pkg. 1. Hardship 2. Third Party form 3. Financial information
www.SaveOurHomeFromForeclosure.com
www.SaveOurHomeFromForeclosure.com
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Listing Price Loan Amount Offer Commissions Closing Cost 2nd Mortgage Example Loan Amount Offer Commission 2nd Mortgage Closing Cost Net/Net
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Modify loans for qualified members Short sale Assumption Deed-in-lieu of foreclosure
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