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Loan Modification Full Day Seminar
Saturdays (9am - 5pm)
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The mortgage crisis in America has become the economy's leading concern. A large
number of your friends, family and clients will find themselves needing a Loan Modification
Agreement to get back on their feet and postpone or even stop foreclosure. This
seminar will help you learn the proper loan modification methods, the entire loan
modification process and business, legalities of pre-litigation, how to properly
request principal reductions, and the pros and cons of short-selling. You will know
exactly what to do to perform loan modifications from start to finish.
This seminar will help walk you through:
• The Loan Modification Process in detail
• The proper way to process and submit a loan modification request
• Get the proper loan modification paperwork, forms, Critical Spreadsheet to negotiate
and show you how to request Principal reductions.
The following topics will also be discussed:
• What you CAN’T and should NEVER tell a prospect
• Under what circumstances would your client need a loan modification?
• Helpful underwriting tips to qualify your loan modification
• Discussion of outsourcing your loan modification Processing
• Synopsis of recent legislation passed by Congress
• Short Sales are here to stay. What you need to know
• Discussing how to close a Short Sale listing
• How to legally obtain an up-front fee for Short sales.
• And More
Sign up NOW! Space is limited in order to provide ample time to answer everyone’s
questions. You will be ready for the high demand in Loan Modifications. This full
day seminar is the only seminar that will teach you all you need to learn. There
is no other like it! ***A continental breakfast, Dunkin Donuts Coffee and Lunch
will be provided.
Sign Up Now
Attorney Vytas Jurjonas, Juan Carlos Bello- Real Estate Broker, Treva Hopkins –
Loss Mitigation Specialist, Eli Carrillo- NRB Bank with an insight of a banks perspective,
Lorena Ramirez – MLN Loan Modification Processing Director, and other Professionals
will be presenting and available for a Question/Answer session afterwards.
The Attorney Presentation will discuss the Forensic review and the Legal Side of
Loan Modifications.
To illustrate, a discussion of the following items below (time permitting) should
help you obtain a better understanding of some of the liability issues the Lenders
(and some predatory brokers) may be facing. The seminar should also give brokers
and homeowners a better understanding of the issues that can be raised in the loan
modification process.
For example: The Attorney presentation will discuss borrower rights and remedies
relating to some of the following topics:
(1) Did each borrower or person with ownership interest get two copies of the Notice
of Right to cancel with the Rescission date filled in? (Federal Truth in Lending
requirement - TILA).
(2) Were the material TILA disclosures made, and were they accurate if made (APR,
Finance Charge, Amount Financed, Total of Payments). If these disclosures were not
made or are defective in nature, an extended three year right of rescission exists.
(3) Were the good faith estimate and preliminary truth in lending statements given
to the borrower within 3 days of giving the loan application? (If not, a right to
rescind may exist).
(4) Were advance fees improperly collected?
(5) Was the broker/loan officer properly licensed at all stages of the loan origination
process?
(6) Was the ARM / Option ARM / Negative Amortization Loan accurately disclosed in
the note and adjustable rate rider?
(7) In a non-purchase loan, did the borrower receive the required three day right
to rescind?
(8) After the broker ran the credit, were the FICO scores disclosed and factors
affecting risk properly disclosed?
(9) Can the Lender produce the promissory note and prove it has the right to collect
the debt?
(10) Is the note and riders clear and comprehensible (or do we have grounds to argue
that a contract was never formed - that there could be no meeting of the minds)?
(11) Unfair Competition - If we find a violation of RESPA, Truth in Lending or HOEPA,
or other law, do we have grounds to assert that the Lender has engaged in unfair,
deceptive and/or fraudulent business acts and practices and seek the imposition
of a constructive trust forcing the Lender to disgorge any wrongful gains or to
seek an injunction?
(12) Were the loan documents properly signed, executed and notarized?
(13) Option Arms / Negative amortization Loans: We will review whether or not these
loans are predatory in nature and potentially unconscionable. The terms of the note
and adjustable rate rider may conflict making it virtually impossible to properly
disclose this in a truth in lending statement.
(14) Is the loan unconscionable and thus unenforceable?
(15) Was there any fraud, deceit or undue influence used against the elderly?
(16) If the Lender targeted minority groups, were the contracts negotiated in the
language of the borrower?
(17) Was there predatory underwriting on stated income loans (i.e. underwriter did
not verify borrowers stated income via salary.com or in another manner as required
by their internal policies - turning a blind eye and not following their own underwriting
policies to get a loan done)
(18) Were there excessive fees that Violate HOEPA? Or YSP fees that are predatory
in nature that feathered the nest of the broker at the expense of the borrower?
(19) Was the borrower asked to sign conflicting disclosures or documents such as
two different ARM disclosures or two different truth in lending statements that
reflect two different APR's or Interest rates (evidencing potential bait and switch
or loan fraud practices)?
(20) Are there any other legal grounds to prevent foreclosure on the property and/demand
a favorable loan mod
SPACE IS LIMITED and a continental breakfast, Dunkin Donuts Coffee and Lunch will
be provided! $2,500.00 training for only $499.00 (for limited available spaces left)
per attendee.
Sign Up Now |