Working with Lenders – Short, Sales Foreclosures,/REO Properties | 6 HR CE
February 3 @ 9:30 am - 4:30 pm
RECENT NEWS HEADLINES!
The extra $600 CARES Act unemployment benefit has ended. Mortgage delinquencies are track closely with the U.S. job market. With unemployment rising from historical lows in early 2020 to a record 11.41 percent in July, it is inevitable that mortgage delinquencies would increase as well with signs of economic distress continuing into the third quarter, mortgage delinquencies will likely further increase.
According to CoreLogic, in April 2020, 6.1% of mortgages were delinquent by at least 30 days or more, marking the nation’s highest overall delinquency rate since January 2016. In addition, according to the Mortgage Bankers Association’s latest Forbearance and Call Volume Survey, revealed that the total number of loans now in forbearance increased from 8.53% of servicer’s portfolio volume in the prior week to 8.55 as of June 7, 2020. According to MBA’s estimate, almost 4.3 million homeowners are now in forbearance plans.
Working with Lenders and Mortgage Servicers
Short sales and foreclosure happens when the homeowner is experiencing a financial hardship that is unavoidable, involuntary and beyond their control and they cannot afford the mortgage payment.
Each lender and their mortgage servicer haw very specific procedures and processes that must be met. Understanding what they are will help lead and guide your seller and buyer client through the sales transaction smoothly.
Let’s review fundamental practices that are required to get the poor performing asset off the lender’ balance sheet, help the distressed homeowner relocate and the buyer qualifications in working with the seller’s lender.
• Loss mitigation
• Short sale process
• Lenders and foreclosure
• REO asset management
The process of selling and purchasing a distressed property is complicated, requires great details and training to take on the specialized skills needed to complete sales transaction.
Sponsor: Virtual Properties Realty – DuluthCLICK HERE TO REGISTER
(This class will be live video streamed via Zoom. If you are not already familiar with the Zoom platform, please try and familiarize yourself prior to the class. Click here to contact us if you have any questions.)