Just finished up a new page for the HAFA Program. It is a landing page that highlights two hours of free video training presented by nationally recognized lawyer and short sale expert lance Churchill from Frontline Seminars.
Frontline has also created the 2010 Short Sale Playbook for investor and agents that includes the following material:
- The new short sale process from beginning to end
- What loans are subject to the new program
- How the servicers will evaluate the loans for short sale eligibility
- What investor guidelines will still apply to your transactions
- How the servicers use the NPV calculation to review your short sale vs. a REO
- When the servicer will order the BPO/Appraisal
- How the servicers will determine the list price or minimum net they require
- The mandatory new clauses that must be included in all listing and purchase agreements
- The expanded “Arms Length Transaction” rules and how they affect listings
- The new mandatory holding period after a short sale closes before a property can be resold (anti-flipping rule)
- When the Seller may have to make monthly payments during the listing
- When and under what circumstances a servicer can terminate a short sale agreement
- What minimum documents and information you must submit to the servicer in your short sale package
- The time limits for approving short sale listings and offers
- How much time you will have to list the property
- When a foreclosure sale will be suspended and for how long
- When a servicer must accept a short sale offer
- How much time you will have to close your transaction
- When a deed-in-lieu of foreclosure should be considered
- The incentive compensation for 1sts, 2nds, servicers and borrowers
- How the short sale will affect the seller’s credit
- When you will be entitled to earn a full 6% commission
To learn more please visit their page that has over two hours of HAFA training today.
