AssetPlan USA Newsletter

Education for the Real Estate and Mortgage Industries     In This Issue Market and Industry Update with Ray Mathoda: Weather looks just like January 2009 Quick Links T3: Tips, Tools & Techniques: Top Five Consumer Questions and Agent Scripts Industry Expert: Consulting Distressed Borrowers "One Client at a Time" with Sherry Helgoe (VIDEO) HAFA Hotline Q&A     Contact Information www.assetplanusa.com hafa@assetplanusa.com     Event Calendar http://www.assetplanusa.com/events/

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We are working on a bi-monthly newsletter chock full of tips, techniques and articles to provide you, our community of real estate professionals, with up-to-date information about the housing market. Our goal is to empower you to empower your clients by giving you free and helpful insider knowledge about the real estate industry from experienced and successful brokers, top agents, mortgage professionals and more.

But we're stuck! Help us name our Newsletter. We're holding an exclusive, members-only contest to name our newsletter. The individual who submits the winning name will receive $500 worth of products and services from AssetPlan and will be mentioned in our next Newsletter edition. To submit your idea, please email mailto:hafa@assetplanusa.com?subject=Name Our Newsletter.

In addition, we would love to hear your feedback about our new Newsletter format. Let us know what you want to see in the next edition. We're creating this newsletter for you, so please tell us what kinds of articles, tips and information would be most helpful for you. Submit your feedback to mailto:hafa@assetplanusa.com?subject=Newsletter Feedback. Individuals who submit feedback will be entered into a drawing to receive a free certification or class.

Market and Industry Update with Ray Mathoda: Weather looks just like January 2009

6.4 million U.S. homeowners are delinquent on their 1st mortgage today - exactly the same situation as January 2009. Yes, just like 30 months ago! The difference is that today's defaulted homeowners are largely unemployed whereas in January 2009 the industry was facing a largely sub-prime lending crisis.

In 2009 and 2010, the focus of loan Servicers and Investors was largely loan modifications. In 2011 this focus has shifted to short sales and deeds-in-lieu of foreclosure i.e., Foreclosure Alternatives. However, most Foreclosure Alternatives completed today are short sales...and most of these were initiated by real estate professionals, not loan Servicers or Investors. In fact, despite PR to the contrary, so called "top down" (servicer initiated) short sale programs have largely failed at successfully helping borrowers who failed a loan modification avoid foreclosure.

For additional information and training on Foreclosure Alternatives and Short Sales, please visit our website.

Quick Links

CNN Money: Home Prices: "Double Dip" Confirmed

Fannie Mae Launches Real Estate Assistance Desk: FAQ for Realtors (Downloadable PDF)

Office of the Comptroller of the Currency: OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices

For more news, please visit www.assetplanusa.com/news/

T3: Tips, Tools & Techniques

Top Five Consumer Questions and Agent Scripts

1. Q: Can you help me understand each of my Foreclosure Alternative options?
   A: As a Foreclosure Alternatives Specialist I have been specifically trained for that task, equipped with the latest resources, knowledge and relationship support.
   
   
2. Q: How will a short sale / "HAFA" short sale affect my credit?
   A: This is the largest obstacle keeping most borrowers from moving forward and as part of our evaluation today we are going to explore the impacts of each option so that you can make an informed decision!
   
   
3. Q: What are my tax and legal obligations in completing a short sale / "HAFA" short sale?
   A: One of the benefits of a HAFA transaction is that your Tax and Legal obligations can be greatly reduced. This is another reason why a HAFA short sale can be a far better alternative...
   
   
4. Q: What documentation will I need to provide for a "HAFA" Short Sale?
   A: The necessary documentation is determined by where you are in a given process and your current disposition. By the end of our consultation I will be able to provide you with your options, a simple list of documents and the steps for a successful transaction. How does this sound Mr./Mrs. Borrower?
   
   

Industry Expert: Consulting Distressed Borrowers "One Client at a Time" with Sherry Helgoe

Being an agent in today's market working and consulting distressed clients requires "specialized knowledge" and the ability to wear several different hats all at the same time.

In this video, Sherry Helgoe explains how stress affects the decision making process and provides you with 3 strategies to work with distressed borrowers.

Click here to view the entire video.

In addition, here are a few tips to help you help your clients:

• Make sure the information you present is clear, accurate and up to date.
• Different people have different learning styles. Be prepared to discuss and explain based upon the needs of the individual client.
• The information is written in simple terms the client is able to understand.
• Be patient with the client. Often it may take more the one attempt to communicate the information.
• Assist the client in creating a plan of action that is agreeable to all decision makers.
• Be an active participant in keeping all parties accountable and moving forward to the decisions and plans they’ve made.

HAFA Hotline Q&A

Question: The borrower has been approved for a HAFA and the bank wants the agent's commission reduced and the buyer to bring money to close. Can the buyer do this?

Answer: Sections from the MHA Handbook support that the commission will not be reduced to less than 6% of the contract sales price nor can the servicer require the buyer to contribute. In the case of contribution, if the only way that the deal can be completed is for something to be paid by the buyer and they are willing to do so, then that should be able to be done on a voluntary basis.