NATO is in Chicago and I have decided to work from home. Making Home Affordable has finally added the Non-Owner Occupant Disclosure to their website and you may now add it to your growing list of forms you may use when conducting a Home Affordable Foreclosure Alternative (HAFA) Short Sale.

Non-Owner Occupant Disclosure: https://www.hmpadmin.com/portal/programs/docs/hamp_borrower/nonowneroccupantcert.pdf

List of all forms to use in Chicago may be found at: http://chicagorealtorsblog.org/journal/2012/1/25/what-are-the-steps-to-a-short-sale.html

Email me at info@markilemons.com if you or your organization would like to host a CE or informational class for real estate agents in any state.

1)      I’m pleased to announce that I’m the Master Trainer for the SSRP ( http://ssrpcertification.com/ )

and we are currently working with religious leaders across the US through Repositioning the Dream (http://repositioningthedream.org/ ) to help parishioners deal with their current housing status. Register yourself to become our partner in your community and be the first in line to receive short sale leads.

 

2)      Where is Marki Teaching Next?

Marki Lemons Classes:

Techweek: http://techweek.com/conference/

 June 22-26

ADPR: http://chicagorealtor.com/displaycommon.cfm?an=1&subarticlenbr=947

Time: 9:00 a.m. – 4:00 p.m.

 5.22.12 – 5.23.12 C.A.R. Central, 200 S. Michigan Ave, #400, Chicago, IL

8.16.12 – 8.17.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

11.15.12 – 11.16.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

 

HAFA: http://chicagorealtor.com/displaycommon.cfm?an=1&subarticlenbr=1097

 6.5.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

 9.6.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

 11.29.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

 

SFR: http://chicagorealtor.com/displaycommon.cfm?an=1&subarticlenbr=416

8.1.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

10.5.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

 

BPOR: http://chicagorealtor.com/displaycommon.cfm?an=1&subarticlenbr=1213

 5.30.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

8.22.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

11.27.12 C.A.R. Central, Central, 200 S. Michigan Ave, #400, Chicago, IL

 

Education is a key component to success according to Marc Gould: http://rismedia.com/2012-05-19/reo-properties-responsibilities-education-and-opportunities-for-real-estate-professionals/

If you are interested in having me speak on your webinar or at one of your conferences, workshop, meeting, or CE classes-please email me at: info@markilemons.com

I would welcome the opportunity to train your organization in person or online. Please look at my profile at: http://www.linkedin.com/in/markilemons  and connect to my group at: http://www.linkedin.com/groups/Accredited-Distressed-Property-Representative-1789043?trk=myg_ugrp_ovr and you will gain insight into my teaching style and numerous training sessions I provide.

Before you contact me please review the information above in its entirety and grab my special foreclosure report at: http://www.markilemons.com/pages/foreclosure-ebook .

I’m pleased to announce that HAFA has expanded their guidelines and extended the program through December 2013, Yipee! There are still over ten million Americans upside down in their home. Have you been properly trained? My training sessions always incorporate the most up to date information as I stay connected with daily changes to information through RSS feeds and Google Alerts.

I love to share this information with agents, clients, and members of the ADPR Group on LinkedIn and Facebook. Please look at my profile at: http://www.linkedin.com/in/markilemons and connect to my group at: http://www.linkedin.com/groups/Accredited-Distressed-Property-Representative-... and you will gain insight into my style and numerous training sessions I provide. If you have any questions, please contact me at (773) 454-0274 or email me at info@markilemons.com

If you are interested in having me speak on your webinar or at one of your conferences, workshop, meeting, or CE classes-please email me at:info@markilemons.com. I would welcome the opportunity to train your organization in person or online. Please look at my profile at: http://www.linkedin.com/in/markilemons and connect to my group at: http://www.linkedin.com/groups/Accredited-Distressed-Property-Representative-... and you will gain insight into my teaching style and numerous training sessions I provide. Before you contact me please review the information above in its entirety and grab my special foreclosure report at: http://www.markilemons.com/pages/foreclosure-ebook .

In life we like to start on the right foot. Over the years I’ve become the inspector, FBI, and Secret Service Agent of my local real estate market. Why???? I’ve become the FBI because; I hate to waste my time and the time of those around me. I have found it necessary to collect as much information that is humanly possible before taking a short sale listing. The more you know the better you can serve the client. Accurate information allows you to paint a clear picture of the homeowner’s current situation and avoid land mines that a lack of information can lead to.

There are essentially eight steps to conducting a short sale and within those steps there are 10-20 small steps. My goal is to break down the steps into small manageable pieces.

Step #1 – Gather Information

Who is your client? Make sure you know who you are working for and their background. At the time you are contacted by a homeowner verify that the name of the person you are speaking with is the actual owner or has the authority to conduct business on behalf of the owner. In my arsenal of tools I use three websites to review information about my potential seller and buyer. The information also lets me know if the client has a history of telling their business on the internet via Twitter, Facebook, or LinkedIn and have not set the proper security settings. I have found out why people are moving or where they are moving to by doing a simple search. It might even be advantageous to consult with the client about not discussing their personal life or motives on the internet while going through the buy and sell process.

• www.zabasearch.com
• www.google.com
• www.pipl.com

Next, check to verify if the property is currently listed and the listing history of the property through your local MLS if you can locate a current or past listing ( www.mredllc.net). And check the address to see all online marketing efforts by simply typing any variation of the property address into the “Google” search bar at www.google.com.

I often brag that I tend to give homeowners a gift if they failed to get their homeowners exemption.Over 30% of Cook County Homeowners do not receive their homeowners’ exemption; always check to insure that they received applicable exemptions for the period in time they are entitled to at: http://cookcountytreasurer.com/exemptions.aspx?ntopicid=15 , exemptions can save some homeowners thousands of dollars annually. If you do not know your parcel ID number you can locate it at http://cookcountyassessor.com/. A list of exemptions may be found at: http://www.cookcountyassessor.com/exemptions.aspx.>

Exemptions

1) Homeowner

2) Senior Citizen Exemption

3) Senior Citizen Freeze

4) Home Improvement Exemption

5) Returning Veterans Exemption

6) Disabled Veterans Homeowner Exemption

7) Disabled Persons’ Exemption

To check for all liens and Lis Pendens (Pending Litigation) in Cook County you will visit www.ccrd.info. All Lis Pendens are not Notice of Defaults. A Lis Pendens can occur as a result of a back porch violation or an unpaid water bill.

Ever wonder if the homeowner has been served a Notice a Default or if the Judgment of Sale has been entered or where they are in the foreclosure process? No need to wonder, you may visit www.cookcountyclerkofcourt.org and look through Online Case Info in the Chancery Division to check the status of a foreclosure case.

To insure that the seller is aware the lenders will verify the information that is provided review with the seller IRS Form 4506 T which is a Request for Transcript of Tax Return (4506 T: http://www.box.com/s/2j5hrqoxsk8diagqbrhr). This form may be used to evaluate a borrower’s annual earning and eligibility to obtain a short sale. It is a transcript summary of an individual's tax information used to verify the income stated on the short sale application is true.

Short Sale transactions must be “Arm’s Length” transactions an arms’ length transaction is a real estate deal in which the buyers and sellers of a home act independently and have no relationship with one another. The concept of an arm's length transaction is to ensure that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from other parties. The Arm’s Length Transaction is a form used in a short sale to reduce mortgage fraud. Arms’ Length Transaction Form: http://www.box.com/s/s49g3zkbm476dizr8ifc.>

982 Reduction of Tax Attribute (Homeowner review with CPA): http://www.box.com/s/i79uc1lxh168212iqmfd

Finally prior to taking a short sale listing have the seller to bring all information requested in the Seller Checklist 2012: http://www.box.com/s/zmts8d34g0xo3zz01q8u to the initial short sale consultation. Only meet with the homeowner once they have collected all of the information.

Today everyone is playing well in the sandbox. Who is everyone? REALTORS®, Lenders, and Legislators. Finally we have a concrete plan that can help save homeowners that now expands to real estate investors and the program has been proven to work. The program is the Home Affordable Foreclosure (HAFA) and it has been extended and expanded.

Over 10 million residential properties with a mortgage are upside down. Negative equity combined with high unemployment is driving the foreclosure market. REO inventory continues to grow at a disturbing rate. Loss of equity isn’t a financial hardship but when you couple it with high unemployment rates and an increasing cost of living you have a compelling story for a short sale approval.

In 2009 The Obama Administration first introduced Americans to the Making Homes Affordable (MHA) program. The initial program was established to help struggling homeowners. On April 5, 2010 the Home Affordable Foreclosure Alternative was implemented for non-Fannie Mae and Freddie Mac loans. According to the Supplemental Directive which gives guidance to servicers the HAFA program will implement changes to their program on June 1, 2012 that will be beneficial to homeowners especially those who are investors of 1-4 unit residential properties.

Over the past five years numerous programs have been developed to help struggling home however, none of the programs benefited real estate investors who are struggling. On March 9, 2012 the Making Home Affordable Program announced that they would extend their program until December 31, 2013 and expand the program to include investors.

 

	NEW	OLD until 06/01/2012
Deadline	December 31, 2013	December 31, 2012
Relocation Assistance	$3,000 to homeowner or tenant occupied properties	$3,000 to homeowner
Occupancy Requirement	NO OWNER OCCUPANCY Requirement	Owner Occupied or Job Transfer Exemption
DTI: Debt to Income Ratio	PITI may exceed 31% of gross income at borrowers request	PITI may not exceed 31%
Secondary Lienholders	May receive up to $8,500	May receive up to $6,000
Credit Reporting Guidelines	Account Status=13(Paid or closed account/zero balance) or 65(account paid in full a foreclosure was started)	Mortgage was settled  for less than the full amount
Other Real Estate Purchases	None previous 12 months	None past 90 days for Job transfer

 

  Marki Lemons Unlimited provides education and training resources to help REALTORS® and entrepreneurs expand their business. The company has successfully trained over 14,000 REALTORS® on short sales and foreclosures through the Accredited Distressed Property Representative (ADPR) Certification Program, Home Affordable Foreclosure Alternative (HAFA),  Broker Price Opinion Resource (BPOR), and the Short Sale and Foreclosure Resource (SFR), all address current changes in foreclosures and short sales.

 

Changes go into effect on June 1, 2012

Source: Supplemental Directive 12-02 Making Home Affordable Program

The following forms are  to use in addition to your listing packet. All forms might not apply to every transaction however, it is better to get everything signed upfront instead of having to go back. Explain the form and inform the seller how it might apply to their transaction.

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·	“AS IS” Addendum: http://www.box.net/shared/fc8uu8qm2h2cczqalb7f
·	Rider 20A: http://www.box.net/shared/rm102ft9jfm0u6kv6ccu
·	Rider 20B: http://www.box.net/shared/96irf8m4t7z6pa65c9on
·	Authorization to Release: http://www.box.net/shared/rxvg3fv05x18m52h37h3
·	Arms Length Transaction: http://www.box.net/shared/s49g3zkbm476dizr8ifc
·	FHA Amendatory Clause: http://www.box.net/shared/pg9h6c7rq2fh76u8kbq9
·	Condo Questionnaire: http://www.box.net/shared/b1600xymdoavtqbydkv5
·	MARS Disclosure: http://www.box.net/shared/7n62fvldta4lvmhtox65

Graham, The real question is how you bought the unit. You state that you bought the unit through a foreclosure company, but the question is did they provide you with a quit claim deed? If so then you may be responsible for all outstanding assessments. However if you purchased the unit at a judicial foreclosure sale, or you received title to the unit via deed in lieu of foreclosure or took possession pursuant to a court order under Illinois Mortgage Foreclosure Law, you shall have the duty to pay the unit's proportionate share of the common expenses for the unit assessed from and after the first day of the month after the date of the judicial foreclosure sale. Also what did your contract to purchase state? We have a phenomenal Condo Training Program at the Chicago Association of REALTORS in conjunction with Lakeside Community Development Corporation. Any condo owner and REALTOR should attend as condos have their own rules and regulations. Web Reference: http://www.chicagorealtor.com/displaycommon.cfm?an=1&am...