ZOOM! Loss Mitigation Specialists

MARS Rule Simplified for Real Estate Agents

2011-07-19T08:16:00.000-07:00

The MARS rule formerly required a series of disclosures, which many complained were misleading and confusing to distressed borrowers working on short sales.

Now, however, there is a stay on many of these disclosures.

According to a press release from the FTC:

The stay applies only to real estate professionals who: 1) are licensed and in good standing under state licensing requirements; 2) comply with state laws governing the practices of real estate professionals; and 3) assist or attempt to assist consumers in obtaining short sales in the course of securing the sales of their homes. The stay exempts real estate professionals who meet these requirements from the obligation to make disclosures and from the ban on collecting advance fees. These professionals, however, remain subject to the Rule’s ban on misrepresentations.

The Commission stated that the stay does not apply to real estate professionals who provide other types of mortgage assistance relief, such as loan modifications. In addition, the FTC will continue to enforce the Rule and Section 5 of the FTC Act, which prohibits unfair and deceptive practices, against all other providers of mortgage assistance relief services.

FTC decides not to enforce parts of MARS

2011-07-15T17:29:00.000-07:00

The Federal Trade Commission is no longer enforcing several provisions outlined in the Mortgage Assistance Relief Services rule, known as MARS, to ensure distressed homeowners have clear and easy access to foreclosure prevention services, including short sales.

"As a result of the stay on enforcement, these real estate professionals will not have to make several disclosures required by the rule that, in the context of assisting with short sales, could be misleading or confuse consumers," the FTC said in a statement.

The FTC said it is backing away from enforcement of the MARS provisions to ensure the guidelines do not "inadvertently discourage real estate professionals from helping consumers with these types of transactions."

The MARS rule was issued in 2009 after the FTC brought law enforcement actions against foreclosure and mortgage relief companies. The rule outlined several disclosures that have to be made by a company offering foreclosure relief services, including short sales.

The MARS rule specifically required participants to disclose more information about their services and banned advanced fee collection.

In a press release issued Friday, the FTC said the rule caused a number of real estate professionals to report back, saying the disclosures were "confusing customers and inaccurate in some contexts."

The stay on enforcement applies only to real estate professionals who are licensed, in good standing under state requirements and in compliance with all laws. Anyone who meets these requirements is now exempt from "the obligation to make disclosures and from the ban on collecting advance fees," FTC said. However, any misrepresentations made to distressed homeowners pursuing a short sale are still subject to enforcement action by the FTC.

The commission's exemptions do not apply to professionals who provide other types of mortgage debt relief or loan modifications. Section 5 of the Federal Trade Commission Act, which bans unfair or deceptive practices, remains in full effect and is not impacted by the MARS changes, according to the FTC. - by KERRI PANCHUK

NEW PHONE NUMBER & ADDRESS*

2011-04-28T06:42:00.000-07:00

We have moved our corporate office to a new location:

7090 South Union Park Blvd, Suite 650
Midvale, Utah 84047

**NEW** Direct Phone # 801-326-0779
Fax: 1-888-315-3401

MARS Instruction Sheet for REALTORS® - Utah

2011-04-03T17:59:00.000-07:00

If you advertise to the consumer that you offer short sale services; take a listing on a short sale; negotiate a short sale with a lender on behalf of a client; or hire a individual or vendor to negotiate a short sale the following information is IMPERATIVE to your business.

The following came into effect January 31, 2011. If you have a short sale transaction where you had any involvement after January 31, 2011 you are required to have the attached “MARS” forms included with your transaction and all communication with the consumer needs to include the mandatory disclosure language.

INSTRUCTION SHEET FOR REALTORS®

HOW TO COMPLY WITH THE MORTGAGE ASSISTANCE RELIEF SERVICES (“MARS”)

DISCLOSURE REQUIREMENTS

1. Background. The Federal Trade Commission (FTC) issued the final Mortgage Assistance Relief Services (“MARS”) rules that impact real estate professionals who represent clients involved in Short Sale transactions. If you offer any of the following services, the MARS rules apply to you and you must make the FTC required MARS disclosures: advertising to the consumer that you offer short sale services; taking a listing on a short sale; negotiating a short sale with a lender on behalf of a client; or hiring a individual or vendor to negotiate a short sale.

2. Instructions. When offering any of the Short Sale services referenced above, there are 3 types of MARS disclosures that a Realtor® must make to the consumer. In all cases, the disclosure must be clear and prominent. The 3 types of disclosures are as follows:

a) General Communications. If a Realtor® sends out a general advertisement that offers short sale services in any media whether it be in print, audio, verbal, electronic or otherwise, the Realtor® must include the mandatory MARS disclosure language contained in Form A - General Communications MARS Disclosure.

b) Consumer Specific Communications. If the Realtor® becomes aware that a specific transaction in which he or she is involved may be a Short Sale, and that Realtor® negotiates any portion of the Short Sale with the lender on behalf of the Seller, or arranges for an individual or vendor to conduct Short Sale negotiations with the lender on behalf of the Seller, the Realtor® must provide the Seller with the mandatory MARS disclosure found on - Form B - Consumer Specific Communications MARS Disclosure.

c) Lender’s Short Sale Offer Disclosure. Once the Realtor® who represents the Seller on a Short Sale receives the lender or servicer’s Short Sale Third Party Approval letter, the Realtor® must provide the following two mandatory MARS disclosures to the Seller:

a. Form C – Third Party Approval From Lender MARS Disclosure; and

b. Form D – MARS Lender Disclosure.

MARS - Mortgage Assistance Relief Services Disclosure

2011-03-08T18:15:00.000-08:00

Since the beginning of the mortgage crisis, a growing trend of fraud has plagued an already challenging situation for millions of American homeowners. To address this issue, the Federal Trade Commission (FTC) has issued the Mortgage Assistance Relief Services (MARS) Ruling.

Effective January 31, 2011 MARS client / homeowner disclosure:

• ZOOM! Loss Mitigation does not collect any upfront fees for our services

• Our companies minimum total fee is $1997.00 for services rendered

• Our clients / homeowners can stop using your services at any time (a fee may apply)

• ZOOM! Loss Mitigation Specialists is not associated with the government or any lender(s)

• The lender(s) may not agree to participate in a Short Sale or change the terms of the borrowers mortgage(s)

• We have always advised our clients to prioritize their debts and pay their mortgage lender(s) to the best of their ability

• We advise our clients to continue communicating with their lender or servicer

• You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you will owe $1,997.00 for our services.

• ZOOM! Loss Mitigation Specialists is not associated with the government, and our service is not approved by the government, and our service is not approved by the government or your lender.

• Even if you accept this offer and use our service, your lender may not agree to participate in a Short Sale of your property.

Thank you!

Non-Arms Length Short Sale Transactions

2011-01-31T10:46:00.001-08:00

Be advised that HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC are now carefully auditing short-sale transactions going forward and are also looking at previous closed short-sale settlements that may have been considered non-arm's length transactions. Agents, brokers, sellers and buyers should be aware of the “Arms Length Transaction” affidavit that many lenders/investors are now requiring all parties to sign. This specific language could be included in the short-sale approval letter itself or may be a totally separate agreement all together (such as in the form of an Affidavit) and can read something to the following effect:

“Whereas, all parties relevant to this transaction are hereby indicating to XYZ Mortgage Corporation that no party to this contract is a family member or business associate or shares a business interest with the mortgagor(s) or mortgagee. It is further stipulated there are no “hidden terms” or “special understandings” between the seller(s), buyer(s) or their agent(s) in order to entice, induce or otherwise defraud the seller’s mortgagee in this transaction. This purchase contract is not assignable. If the purchaser intends on performing a simultaneous closing (aka flip) such a transaction can take place only if the re-conveyance is of equal or lesser value as to the current sales price indicated in this transaction. The Buyer(s) & Seller(s) nor their Agent(s) listed below have any agreements (written or implied) that will allow the Seller(s) to remain in their property as renters or to regain ownership of said property after the successful execution of this short sale transaction.”

This is pretty self explanatory and if these stipulations are non-issues for your particular deal than you should be fine. But (if you have to think twice about this) you need to be very careful and think twice before you sign such a document. You would be surprised on some of the things that people have attempted to pass through our office thinking no one would know or find out. Keep in mind, lenders will not accept a sales contract that shows the contract can be assigned. If the buyer is planning on flipping the property, he or she will have to arrange a double close (or simultaneous closing). There is nothing unethical or wrong about doing the double close as long as it does not violate the parameters stipulated by the short-sale mortgagee.

Just be aware that HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC do not want to see anyone obviously taking advantage of their financial disadvantage. Lenders and investors will not tolerate "Bail-Out" situations that allows the distressed homeowner to benefit from their loss.

In addition, if it is non-arms length the lender will not pay an agent a commission.

Bank of America Cooperative Short Sale

2011-01-31T09:14:00.000-08:00

• A cooperative approach to a short sale may provide the quickest route to a short sale decision if you begin the processearly enough, such as during your initial discovery conversations with the homeowner.

• A cooperative short sale provides terms of the short sale before marketing the home.

If you do not have an offer, the agent or homeowner can call to request a cooperative program eligibility review.

Benefits of a Cooperative Short Sale:

1.Non-owner occupied eligibility

2.Jumbo loans my qualify

3.Early investor/insurer approval shortens decision time

4.Initiate process prior to marketing the property

5.Lender decision within 10 business days

6.The investor may require cash at closing or a promissory note

7.The investor may require the right to pursue deficiency

8.Foreclosure placed on hold with signed purchase agreement

9.Credit impact is typically less than a foreclosure – deficiency charge off will be reported to credit bureaus

10.$2,500 relocation assistance

Bank Of America Announces Cooperative Short Sale Program & New HAFA Guidelines

2011-01-25T12:15:00.000-08:00

Bank of America announced their new Cooperative Short Sale Program. This program is officially being launched this month. The guidelines for this new program will be posted on our blog shortly.

New HAFA guidelines have been released and go into effect on February 1st, 2011. Below are the highlights and changes:

1) HAFA is now almost..a NO DOC short sale. Servicers are no longer required to verify a borrower’s financial information or determine if the borrower’s total monthly mortgage payment exceeds a 31% debt-to-income ratio. It seems that Treasury has wised up to the fact that it makes no sense to give a hoot about someones income to debt ratios when they are….selling the house.

“While this requirement has set the standard for mortgage affordability under HAMP, it is not as important for homeowners ready to transition out of their home,” a Treasury official said. “Eliminating this requirement further streamlines the process for homeowners applying to the program.”

2) Servicers still must obtain a signed hardship affidavit. So, even though short selling owners no longer have to prove their financial hardship…they must sign an affidavit stating they have a hardship. I am no legal eagle but, doesn’t this hardship affidavit sound utterly pointless?

3) Seconds now receive a max of $6,000. In other words, HAFA pays seconds up to $6000 to accept the short sale. I am assuming that the original HAFA rules still apply that the seconds (and firsts) can’t pursue any recourse if they accept HAFA money.

4) Borrowers must receive a HAFA Short Sale agreement within 30 days of submitting paperwork.

To find out if you or one of your clients qualifies for the HAFA program simply go to http://www.CheckYourEligibilityNow.com.

Please follow MLS rules when compensating short sale processing companies - Utah

2011-01-07T15:51:00.000-08:00

Under well-established National Association and Wasatch Front Regional Multiple Listing Service rules, all offers of cooperating compensation (Buyer Agent Commission) must be blanket offers of compensation (i.e., available to all cooperating brokers who are MLS members). The compensation offered to MLS members in the BAC section must also be "unconditional," so buyer's agents know what they will be paid prior to endeavoring to sell the property.

Conditions to the BAC, or events and other factors that may limit or reduce the unconditional offer of BAC, cannot be inserted in the remarks section of the MLS.

The only exception to unconditional compensation offers involve a short sale when the private listing remarks state that any reduction "required by the lender as a condition of approving the sale" will be apportioned between the brokers.

Some listing brokers are now hiring third-party processing companies to help with the processing and negotiations between the seller and the lender.

In these circumstances, some listing brokers have inserted the following comments in the MLS remarks: "The processing company and or the negotiator will be paid part of the commission" or
"The commission offered to the buyer's agent will be reduced by the amount to be paid to the seller's negotiator."

This practice of unilaterally inserting a change to the BAC requiring the buyer's agent to pay for third parties hired to assist the seller or the listing broker is not allowed under the MLS unconditional compensation rules. The processor or negotiator should be paid by the seller unless the buyer and/or the buyer's agent specifically agree in writting outside of the MLS to share the cost (i.e., Commission / Escrow Agreement).

One solution may be for the listing broker to reduce the amount of the BAC if the seller desires to hire a processing or negotiation company with increasing the total cost of the transaction. The bottom line is that whatever BAC is offered, this amount must be paid unless the buyer's broker specifically agrees otherwise (i.e., Commission / Escrow Agreement).

By Brad Baldwin - Legal Counsel, Wasatch Front Regional Multiple Listing Service

Situation Analysis Questionnaire

2010-12-24T11:35:00.000-08:00

We are pleased to post you a special link to help Real Estate Agents and home owners determine how we can best help them avoid a home going to foreclosure.

Please click on the following link to access a brief survey http://www.ZOOMSAQ.com.

Once you have completed the questionnaire simply hit "Submit". We will call you back shortly with the results of the survey.

Year-End Tips

2010-12-20T15:35:00.000-08:00

3 Tips to Help You Avoid Foreclosure Headed into the New Year

Heading into the holiday season, you may have found some extra time to research how you can avoid foreclosure. If so, congratulations on taking the first and most important step in improving you situation - seeking help!

To be successful now and in 2011, here are the top three things you should focus on when exploring foreclosure alternatives:

1. Create a budget: When seeking an arrangement with your lender you must prove the monthly income shortfall that keeps you from making your mortgage payments. Create an itemized list detailing your monthly income and expenses. Pull together bank statements and check stubs for the last three months.

2. Know your options: It's important to know you have several options to consider, so you can take advantage of the solutions that is best for your specific situation. Find out more about your options on our website http://www.TheForeclosurePreventionSpecialists.com.

3. Contact an Experienced Agent: A licensed agent who has undergone specialized training is vital to successfully navigating foreclosure avoidance. As a CDPE-designated agent our company has trained extensively to provide you with the information you'll need to execute a strategy tailored to your situation.

Most major lenders have granted a two-week foreclosure holiday from December 20 - January 3. The sooner you contact us, the more options you'll have to prevent foreclosure and get back on track for a financially stable and successful 2011.

Short Sale Commission Disclosure

2010-10-01T14:08:00.001-07:00

Some common agent questions regarding how to correctly note commissions as part of short sale listings. Most questions are regarding the BAC. The BAC must be an exact percentage or dollar amount.

For example, acceptable language would read something like, "This is a short sale. If Seller�s lender, as a condition of approving the sale, requires a reduction in the total commission agreed to by Seller in the Listing Agreement, any such reduction shall be divided ___________ (E.g. 50/50, or 60/40 etc.) between the Seller�s and Buyer�s Broker."

Fannie Mae and Freddie Mac Announce New HAFA Programs

2010-06-02T15:35:00.000-07:00

Fannie Mae and Freddie Mac just announced the introduction of their own HAFA programs. They’re both scheduled to be implemented by August 1, 2010, and the programs are very similar to HAFA in that they simplify and streamline the use of short sales and deed-in-lieu (DIL) options and use similar forms and timelines. In addition, like HAFA, the program expires December 31, 2012. However, some of the major differences offered by the new Fannie Mae and Freddie Mac HAFA programs include, but are not limited to:

1. Both institutions will pay the servicer a $2,200 incentive fee for successful short sales
2. Both institutions will pay the servicer a $1,500 incentive fee for all successful DILs
3. The Deed for Lease (D4L) is available for borrowers who request and are approved to remain in the property following a successful DIL

Specific details on these programs can be found by visiting the following links: eFannieMae.com and Freddie Mac Bulletin

Our team of researchers at ZOOM! Loss Mitigation Specialists is keeping a close eye on the industry, including lenders and servicers, to keep all of the agents working with our company on top of the industry. Stay tuned for more updates!

Fannie Shortens Wait for Some Distressed Borrowers to Get New Loans

2010-04-19T14:55:00.000-07:00

Fannie Mae announced it is reducing the wait time for some borrowers between when they complete a short sale or deed-in-lieu of foreclosure transaction and when they can obtain a new mortgage.

Previously, a borrower was required to wait four years before getting a new mortgage, or two years if their home sold in a short sale. Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure transaction can get a new mortgage in two years, provided the borrower has a 20% down payment.

If the borrower has a 10% down payment, the wait period is still four years. In some extenuating circumstances, the wait period can be reduced to two years with a 10% down payment for deed-in-lieu of foreclosure, but not for short sales.

Fannie Mae’s Desktop Underwriter (DU) origination software will be updated in June to reflect the new deed-in-lieu of foreclosure policy, but not short sales, as the software cannot at this time determine whether a borrower participated in a short sale.

Originators are required to manually underwrite mortgages after the waiting period if the borrower previously completed a short sale. This new policy is effective for manually underwritten mortgage loans with application dates beginning July 1, 2010.

The policy changes come as Fannie Mae develops its deed for lease (D4L) plan. At Thursday’s Texas Mortgage Bankers Association (TMBA) servicing conference, Miguel Gutierrez, program’s director, outlined the initiative, where in exchange for a deed-in-lieu of foreclosure, the homeowner-turned-renter pays fair market rent to stay in their home for up to 12 months.

Fannie expects the program to get a boost from the Home Affordable Foreclosure Alternative (HAFA) program, which offers incentives to servicers and second lien holders to consummate deed-in-lieu transactions. Gutierrez said Fannie hopes its program will benefit from increased workouts incentivized by HAFA.

Written by Austin Kilgore

Government Programs...Check Your Eligibility NOW!

2010-04-07T10:24:00.000-07:00

There are a number of government programs available to provide you with solutions. Find out which program below matches your situation best, and then take a brief survey to see if you are eligible.

Government Programs:

- Home Affordable Foreclosure Alternatives (HAFA)
- Home Affordable Modification Program (HAMP)
- Home Affordable Refinance Program (HARP)
- Second Lien Modification Program (2MP)

Check your eligibility now on-line at http://www.checkyoureligibilitynow.com/ .

Take action, find out more about your options and learn if you are eligible. If your situation is urgent, or you have ANY questions, feel free to contact us at 1-800-480-1917.

Avoiding Arbitration During a Short Sale

2010-03-28T16:40:00.000-07:00

Short sales have a tendency to make all aspects of a real estate transaction more complicated, and the payment of cooperative commissions is no exception. Here are a couple of tips to help you avoid commission questions and potential arbitration when dealing with a short sale:

Indicate the possibility that the commission may altered by the homeowner's lender

Most MLSs are allowing, and oftentimes requiring, that a short sale be identified as a short sale when it is listed. Along with this designation is the option of putting in a buyer's agent commission along with a note that indicates the BAC may be altered by the seller's lender.

If you don't indicate that the BAC may be lowered and it does get reduced, then you may be picking up the entire loss yourself as the listing brokerage. Consider the following example:

You have a short sale listing and have a total commission of 12 percent. You offer 6 percent BAC but do not indicate the possibility of the seller's lender requesting that the total commission be lowered.

You get an offer, and it is accepted. The lender approves the offer but asks for the total commission to be lowered to 8 percent. You lower the total commission and expect to only pay 4 percent to the buyer's broker. At closing, the buyer's broker demands the full 6 percent because they never agreed to a lowered commission. In this case, you will probably be stuck taking a 2 percent commission and paying the buyer's broker 6 percent because you offered the 6 percent BAC unconditionally.

Tell how the commission will be split

After you identify on the MLS that the total commission may be reduced, you will need to indicate how the total commission will be split if it is lowered. Most MLSs will allow you to detail how the commission will be split in the "Agent Remarks". It is easiest to put in a percentage split, e.g., 50/50, 60/40, etc.

Do not simply put a range for the BAC. Saying the BAC is 3-5 percent leaves many questions unanswered. Can the buyer's broker count on 3 percent if the overall commission is lowered? Is the commission 5 percent if it isn't lowered? Or is the commission 3 percent if the listing broker decides they only want to give 3 percent?

If you put in a range, it will likely cause problems at settlement because the buyer's broker has no idea what to count on and will likely dispute the percentage given. MLSs do not like, and usually do not allow, a range in the BAC.

Our very best suggestion - Once the short sale is approved by the lender(s), send a Commission / Escrow Agreement to the buyer's agent explaining exactly what the compensation will be and have the buyer's agent and the buyer's broker sign the agreement so that there is no misunderstanding at closing.

New Changes to HAFA Supplemental Directive

2010-03-26T13:47:00.000-07:00

Making Home Affordable (MHA) just released an update to its Supplemental Directive 09-09 with some important clarifications for agents and participants in HAFA, in particular:

Increased homeowner assistance for short sale and deed-in-lieu of foreclosure transactions
Bankrupcy issues
Vacating the property due to relocation
Lienholder information

Check back often for all the updates you need on the HAFA program.

Can you really Cancel your home loan for up to THREE YEARS?

2010-03-11T09:08:00.000-08:00

In the process of refinancing a loan, Federal law requires that the borrower be granted a right to rescind. The document itself indicates that the time to rescind is three business days. If, however, the correct protocol is not followed regarding the execution of this document, or the correct number of copies is not given to each borrower, the rescission period can be extended for up to three years. This is arguably one of the most valuable remedies available to consumers of all the potential violations in the Truth In Lending Act, HOEPA, EOCA, GLB, or Regulation Z.

Most people are familiar with the "three-day right to cancel" period after signing a refinance loan secured by a principle dwelling. Lenders even provide documentation that clearly identifies the procedure for canceling the loan and the time in which it can be done. What the documentation fails to explain is that if any one of three key aspects of the loan package is not properly completed, the three day period is extended to three years.

Before explaining what these three defects are, it is helpful to first understand what canceling, or "rescinding" a loan really means. In a very general sense, to rescind is to "undo". Basically put the injured party back to their original position. When a person rescinds a loan during the three day period the loan is simply not funded. There are no closing costs because there is no closing (exceptions such as appraisal fees may apply). The borrower simply keeps their existing loan; but what about when the loan has already closed? What about when the borrower has made payments on the loan for say, two and half years? In that case, what happens is that all closing costs and all interest paid to date on the loan are returned to the borrower. I highlight these two items because most people find the need to read them several times. The truth is there are other favorable events that take place, but this should at least peak your interest.

What makes a loan rescindable for more than three days?

First, a loan must qualify, that is it must be a refinance, or non-purchase loan, secured by a principle dwelling (Second mortgages and home equity lines of credit qualify since they meet the requirements above.) 15 U.S.C. § 1635(a); 12 C.F.R. §§ 226.15(a) 226.23(a)

Second, there must be a failure by the creditor to provide accurate material disclosures or the notice of right to cancel in the prescribed manner. 12 C.F.R. §§ 226.15(a)(3), 226.23(a)(3). Regulation Z defines, in no uncertain terms, what the term material disclosures is intended to include. "The term "material disclosures" means the required disclosures of the annual percentage rate, the finance charge, the amount financed, the total payments, the payment schedule, and the disclosures and limitations referred to in sections 226.32(c) and (d)." 12 C.F.R. § 226.23(a)(3)(fn48). In a typical loan transaction these terms can be found on a document called "Truth In Lending Disclosure Statement". The numbers on this disclosure statement must be accurate to within very narrow tolerances. Depending on the type of loan, the Annual Percentage Rate (APR) must be within 1/8 of 1 percentage point of the actual APR. 12 C.F.R. § 226.22(a)(2). The total finance charge can not be understated by more than $100 in most cases, and not more than $35 if the creditor has initiated foreclosure proceedings. 12 C.F.R. §§ 226.23(g), 226.23(h). It is necessary to carefully examine the final closing statement and compare it to the Truth In Lending Disclosure Statement to identify possible discrepancies.

The notice of right to cancel is perhaps the most straight forward requirement of the creditor set forth by TILA, yet the most commonly violated. It seems apparent from reading TILA, Regulation Z and the associated commentary, that Congress was concerned with two aspects of the creditor/borrower relationship. First, they wanted to make sure borrowers received as much disclosure as practical so that they can make an informed decision. Second, they wanted to make sure that borrowers had ample time to consider this decision after being presented with all the details. The three-day right to cancel is intended to accomplish this second concern.

The law is very clear on what is required when it comes to the notice of right to cancel. Each borrower, must receive two notices of right to cancel which clearly and conspicuously disclose: (1) the retention or acquisition of a security interest in the consumer's principal dwelling; (2) the consumer's right to rescind the transaction; (3) how to exercise the right to rescind with a form for that purpose, designating the address of the creditor's place of business; (4) the effects of rescission; and (5) the date the rescission period expires (Regulation Z § 226.23(b)(1)(i-v)). In an effort to assist creditors, Regulation Z even includes a model form showing exactly what must be disclosed. 12 C.F.R. § 226 App. H. Unfortunately, creditors often leave the completion of these forms to the closing agent or notary public. Given the recent rise of "mobile notaries" or "loan document signers", the environment is fraught with negligence when it comes to this duty.

To understand how this negligent disclosure occurs, it is important to understand how the loan signing is conducted in practice. After loan documents are generated and issued by the lender, they are sent to an escrow company designated often times by the mortgage broker. Typically the loan documents are transmitted via email but regardless of the form, the escrow company prepares the loan document package, including the lender documents with documents prepared by escrow. The notice of right cancel is one of the documents provided by the lender, however since the lender does not know when the borrower will ultimately sign the documents, they typically leave certain fields on the notice blank, specifically the date the rescission period expires (see item #5 above). The documents are then presented to the borrower, often in the comfort of their home with a "mobile notary" present to notarize the requisite documents and direct the signing. The notary public will usually present the borrowers with a "copy package" of the loan documents that is an exact duplicate of the ones to be executed and returned to escrow. This is often where the problem arises. A prudent lender will put sufficient copies of the right to cancel in the loan documents when they deliver them to escrow. In a transaction with a husband and wife this usually means a total of five (5) copies, two per borrower as required by statute, and one to be acknowledged by the borrower and returned to the lender. However the notary will often presume that the copy package contains all necessary paperwork for the borrower(s) and proceed to have them execute all notices and retain them in the package. When the lender receives five notices they logically presume that the borrower is in possession of a copy package and thus the remaining four are redundant. The problem is that the notary never opened up the copy package and properly completed these notices and thus, the borrower never received adequate notices of right to cancel. This scenario has numerous variations but the result is that many borrowers were never properly given their notice of right to cancel, and as such, are entitled to rescission pursuant to TILA.

In defense, a lender will undoubtedly raise the fact that they are in possession of an acknowledged copy of the notice of right to cancel which clearly states the borrower acknowledges that they received two copies of such notice. TILA addresses this defense in section 1635(c) stating "Notwithstanding any rule of evidence, written acknowledgment of receipt of any disclosures required under this subchapter by a person to whom information, forms and a statement is required to be given pursuant to this section does no more than create a rebuttable presumption of delivery thereof. (emphasis added)". 15 U.S.C. 1635(c). Further case law has indicated that this is a low burden (See Cooper v. First Gov't Mortg. & Investors Corp., 238 F. Supp. 2d 50 (D.D.C. 2002)). Presumably the defective notices to the borrower(s) are likely in possession from their copy package is at least a strong argument in overcoming the presumption.

Raising the Issue of Rescission

Although a rescission claim can be brought initially in a complaint, it is often prudent and more cost effective to do so by sending a letter. The letter should be sent to the current lender who, although may not have been the original party to the loan transaction, is still liable under TILA. 15 U.S.C. § 1641(a). A borrower should be prepared to "tender" which is a requirement of TILA and basically means the borrower must return the money that is still owed to the creditor. 15 U.S.C. 1635(b). Essentially, the calculation requires taking the money that was actually received by the borrower or paid to others on their behalf (such as the payoff of the previous loan), and deducting all interest payments and attorney's fees. Since it is likely the borrower will not have this money on hand, it is best to have the borrower arrange for a new loan conditioned on the rescission, and notify the creditor of this fact in the rescission letter. Technically, the lender has 20 days after receipt of a notice of rescission to terminate the security interest and return all monies owed. 15 U.S.C. 1635(b). Returning the monies owed is usually done in the form of a new "payoff statement" reflecting the adjusted amount. Given the severity of this remedy, a lender will often respond with reasons as to why they do not feel rescission is proper. A discourse can ensue that can last for any length of time. At some point it may be necessary or appropriate to file a suit in order to conduct proper discovery and ultimately have the question resolved in court. Regardless of the method of obtaining a rescission, it is important to note that the lender is responsible for reasonable attorney's fees and costs. 15 U.S.C. 1640(a)(3). This is of particular importance because without such a provision the remedy is often meaningless to a borrower despite obvious justification.

Top 6 Short Sale and Loan Modification Acronyms in 2009

2010-02-07T13:26:00.000-08:00

TARP

2008 Troubled Asset Relief Program, the main Wall Street bailout vehicle, continued to be a political football in 2009. In March, the Treasury said its remaining $300 billion kitty would be used to buy up toxic assets and clean up balance sheets. It was the kind of vague compromise that pleases no one.

TALF

Designed to loosen consumer credit, the Fed's Term Asset-Backed Securities Loan Facility doesn't need Congress to approve spending of its $1 trillion budget. It lends cash to banks with mortgage-backed and other securities as collateral. And with a March expiration, expect a flurry TALF deals in coming months.

PPIP

The Treasury also gave us the Public-Private Investment Program for legacy assets in March, Under it, private investors team with the government to buy up toxic assets for a song - if sellers go along. The has stalled and shrunk, but once it gets rolling, TARP and TALF money will keep it liquid. We hope.

HAFA

The Home Affordable Foreclosure Alternatives program does not take effect until April 5th, 2010. The program offers borrowers foreclosure alternatives. It provides guidance to servicers and includes general terms and conditions, evaluation process, documentation, and reporting requirements. As part of the Home Affordable Modification Program (HAMP), HAFA provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure on a HAMP-eligible loan.

HAMP/HARP

You can't stop the Home Affordable Modification and Refinancing programs; you can only hope to contain'em. One entices servicers to reduce homeowners' loan payments; the other aids borrowers with little to no equity. A bold move by the Obama administration...but some wonder how many foreclosures it merely delayed.

CFPA

Under "drastic government measures," see the Consumer Financial Protection Agency. Congressman Barney Frank's brainchild, the proposed council would safeguard the economy's overall stability and protect consumers' credit rights. Now, if only you could get Congress - and the Fed - to go along with the plan.

Real Estate Agents Team Up with Short Sale Specialists

2010-02-05T17:01:00.000-08:00

Many agents around the Country have partnered with ZOOM! Loss Mitigation Specialists. ZOOM! is dedicated to helping process and negotiate short sales on behalf of the real estate agent and their client. Their job is to obtain short sale approvals in a timely manner with the very best approval terms and conditions for the homeowner. At ZOOM! our agents and our clients come first. Agents and homeowners are welcome to give us a call for a no obligation situation analysis at 1-800-480-1917 or visit our website at http://www.ZOOMLossMitigation.com.

Substitution of Trustee Law & Legal Definition

2010-02-05T09:23:00.000-08:00

A Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. A successor is a person or entity who takes over and continues the role or position of another. For example, many grantors and their respective spouses act as the initial trustees of a revocable living trust. In this situation, they remain in control until they are incapacitated or die. Then pre-selected successor trustees are appointed in under the terms of the declaration of trust. Usually a spouse, family member or trusted friend are selected as successor trustees. A second successor is a person nominated to take over responsibilities of the first successor in the case of death or disability of the first successor. A Substitution of Trustee form is often filed when a loan on real property is paid off or refinanced. It does not necessarily reflect the name of the current property owner. For example: if you assume a loan the Substitution of Trustee/Deed of Reconveyance is recorded in the name of the original borrower, not the current homeowner.

Short Sale Agent Referral Program

2010-02-01T10:19:00.000-08:00

Attention Agents!!!

Hate Listing and Selling Short Sales?

Hate Calling the Banks?

Hate Spending Valuable Time and Marketing Money?

If the answer is "Yes"! Then the ZOOM! Loss Mitigation Short Sale Referral Program is for you!!!

ZOOM! Loss Mitigation Specialists has received a record number of inquires and referrals since 2008. Agents and Homeowners have reached out to our company due to our industry high success rate of a 96% approval rate and an 84% close ratio for short sales in 2009.

Below are a few of the reasons why agents refer their clients to our company:

- They have listings in jeopardy of expiring.
- They have gone on a listing appointment only to find out the the sellers can't sell at the suggested price.
- Their Sellers won't lower or can't lower their price to a level which would allow them to sell.
- They are working with Sellers who owe more on the property than what the property is worth. - They have a Seller facing foreclosure or a looming sale date.

You've come to the right place! You can earn a referral fee for doing the right thing for your Seller or listing prospect.

Why refer your listing(s) or prospects to ZOOM! Loss Mitigation Specialists?

The ZOOM! Loss Mitigation Specialists team has helped hundreds of homeowners around the Country stop foreclosure and successfully avoid a foreclosure.

We employ full-time licensed short sale negotiators on our team. We strongly suggest they you call and review your clients situation in detail.

If you choose to refer your Utah client to our team of specialists, you will receive $100.00 upon the homeowners enrollment in our short sale program and an additional 25% referral fee upon closing.

Please call our office at 1-800-480-1917 for more information.

FHA Announces Policy Changes to Address Risk & Strengthen Finances

2010-01-20T12:46:00.000-08:00

In summary this is going to cost homebuyers MORE money. While no "date" has been set, the press release said it would be late spring/early summer when these changes are expected to take place.

Some of these changes will include:

1. Lower credit scores will require more money down.

2. Up Front Mortgage Insurance Premium (MIP) will increase by 1/2%. Changing from 1.75% to 2.25%.

3. Seller contributions will decrease from 6% to 3%.

If you have any questions about this or any other subject simply e-mail it to Questions@ZOOMLossMitigation.com.

HAFA - Home Affordable Foreclosure Alternatives Summary

2010-01-11T13:48:00.000-08:00

The U.S. Treasury announces a plan to simplify and expedite the Short Sale approval process called HAFA - Home Affordable Foreclosure Alternatives Program.

These HAFA alternatives are available for all HAMP-eligible borrowers who:

1. do not qualify for a Trial Period Plan
2. do not successfully complete a Trial Period Plan
3. miss at least two consecutive payments during a HAMP modification, or
4. request a short sale or deed-in-lieu

As is typical with government programs, this is all simply explained (note a trace of sarcasm) in an easy to read 43 page document (if you would like a copy please email ClientCare@ZOOMLossMitigation.com) or for those of you who prefer the shorter version, the summary is below.

Summary:

- Complements HAMP by providing viable alternatives for borrowers who are HAMP-eligible.

- Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

- Allows the borrower to receive pre-approved short sale terms prior to the property listing.

- Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

- Requires that borrowers be fully released from future liability for the debt.

- Uses standard processes, documents and timeframes.

- Provides financial incentives to borrowers, servicers and investors.

ZOOM! Loss Mitigation CEO Earns SFR Designation

2009-12-09T16:10:00.000-08:00

Randy Cochrane, CEO of ZOOM! Loss Mitigation Specialists has just received a new designation, the SFR (Short Sales and Foreclosure Resource) Designation. Mr. Cochrane has completed live classes and online training to bring ZOOM! Loss Mitigation's clients the highest level of service with short sales and foreclosures.

The National Association of REALTORS offers the SFR certification to REALTORS who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. REALTORS who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

In this market, Mr. Cochrane felt it was very important to be as knowledgeable as possible to help not only sellers in troubled times, but buyers as well. There are many aspects of a transaction that change depending upon the situation of the seller.

Treasury Announces New Short Sale Process

2009-12-01T14:08:00.000-08:00

The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We've been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren't everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.

Here's an initial Reuters news story outlining the new policies.

As we've said throughout 2009, the key in this market is to become a expert. Industry experts are speculating a tremendous increase in Short Sales during the coming year. At ZOOM! Loss Mitigation, our staff is quickly developing resources to help you understand the new Short Sale guidelines and explain them to your buyers and sellers.

Please let us know if we can be of service. Call 1-800-480-1917 with any questions or concerns.

Top 5 Facts You Need to Know about the Expanded Home Buyers Tax Credit

2009-11-25T15:10:00.000-08:00

On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.

Our goal is to provide real estate agents and their clients with critical real estate information.

Below are some key facts about the extended and expanded tax credit that are critical for buyers to understand in order to take advantage of this opportunity:

1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.

2. Salary requirements: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.

4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.

5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.

For more information on the home buyer tax credit, e-mail us or visit www.irs.gov.

11 Reasons to List Your Home During the Holidays

2009-11-25T04:55:00.000-08:00

1. People who look for a home during the Holidays are more serious buyers!

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!

4. Houses show better when decorated for the Holidays!

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!

6. Buyers have more time to look for a home during the Holidays than they do during a working week!

7. Some people must buy before the end of the year for tax reasons!

8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!

9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!

ZOOM! Loss Mitigation Toll-Free Fax Number

2009-10-14T13:20:00.000-07:00

ZOOM! Loss Mitigation now has a toll-free eFax number 1-888-315-3401.

Protecting Tenants at Foreclosure Act of 2009

2009-10-08T08:18:00.000-07:00

Public Law 111-22, Effective Date May 20, 2009

TITLE VII--PROTECTING TENANTS AT FORECLOSURE ACT

SEC. 701. SHORT TITLE.
This title may be cited as the `Protecting Tenants at Foreclosure Act of 2009'.

SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) In General- In the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this title, any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to--
(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and
(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure--
(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or
(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1),
except that nothing under this section shall affect the requirements for termination of any Federal- or State-subsidized tenancy or of any State or local law that provides longer time periods or other additional protections for tenants.
(b) Bona Fide Lease or Tenancy- For purposes of this section, a lease or tenancy shall be considered bona fide only if--
(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;
(2) the lease or tenancy was the result of an arms-length transaction; and
(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State, or local subsidy.
(c) Definition- For purposes of this section, the term `federally-related mortgage loan' has the same meaning as in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602).

SEC. 703. EFFECT OF FORECLOSURE ON SECTION 8 TENANCIES.
Section 8(o)(7) of the United States Housing Act of 1937 (42 U.S.C. 1437f(o)(7)) is amended--
(1) by inserting before the semicolon in subparagraph (C) the following: `and in the case of an owner who is an immediate successor in interest pursuant to foreclosure during the term of the lease vacating the property prior to sale shall not constitute other good cause, except that the owner may terminate the tenancy effective on the date of transfer of the unit to the owner if the owner--
`(i) will occupy the unit as a primary residence; and
`(ii) has provided the tenant a notice to vacate at least 90 days before the effective date of such notice.'; and
(2) by inserting at the end of subparagraph (F) the following: `In the case of any foreclosure on any federally-related mortgage loan (as that term is defined in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602)) or on any residential real property in which a recipient of assistance under this subsection resides, the immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to the lease between the prior owner and the tenant and to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit, except that this provision and the provisions related to foreclosure in subparagraph (C) shall not shall not affect any State or local law that provides longer time periods or other additional protections for tenants.'.

SEC. 704. SUNSET.
This title, and any amendments made by this title are repealed, and the requirements under this title shall terminate, on December 31, 2012.

Top 5 Tips for Securing a Loan Modification

2009-09-04T12:52:00.000-07:00

Like many Americans, you or someone you know may be behind on your mortgage payments due to a number of possible financial troubles. You’re not alone.

Here are five tips for working with your lender to expedite a loan modification:

1. Come Clean

It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Some homeowners are embarrassed; others try to fudge the numbers. However, only by laying all your cards on the table and disclosing the truth can you begin to attend to the root cause of your financial hardship and then develop and implement solutions that put you back on the path to long-term financial health.

2. Understand Your Lender’s Point of View

Regardless of how you ended up in the situation you’re in, blaming the lender or the mortgage broker or loan officer who placed you in your current mortgage does little good, unless you can prove your point in court. Usually, you have a better chance of resolving the problem by understanding your lender’s point of view, even if you don’t agree with it.
Know that for lenders, it all boils down to money. If you can show them that modifying your loan cost them less than a foreclosure would, and they believe you will honor the terms of the loan modification, they are likely to approve it. If not, then they are likely to reject it. Lenders need to protect their own interests and carefully screen out ineligible applicants, which can often make the process much more difficult and frustrating for homeowners who genuinely suffer financial hardship and need a loan modification.

3. Keep a Cool Head

Understandably, homeowners often become frustrated and angry when seeking assistance from their lender. Unfortunately, anger can result in the following:

- “Accidental” disconnects: The customer service rep you’re speaking with may put you on hold permanently or hang up “accidentally.”
- Lost files: Your file may get “lost” or “misplaced.”
- Rejection: Your lender may decide that you are unreasonable and that foreclosing would be less costly overall.
- A bad offer: Your lender may offer a workout solution that is worse than what you would get had you been nice about it.

If you doubt your own ability to remain calm, cool, and collected during the entire process, consider hiring a professional to represent you.

4. Give Them What They Need

Prior to applying for a loan modification, call your lender or visit its website to obtain an application packet or a list of items you need to submit with your application. Find out exactly which forms you need to fill out and which documents your lender needs to process your application. Label everything clearly and legibly with your name and loan number and provide a checklist of all items you’re submitting in your application packet. Arrange the items in the order listed by your lender, so whoever is processing your application does not have to search for items. Include a cover page that lists your name and loan number in large print as well as an items-included list.

5. Ask For What You Want

Before discussing the terms of the loan modification with your lender, you should have a fairly clear idea of what you want and need. Answer the following questions for yourself. This will help you field questions from your lender:

- How much do you owe in late or missed payments?
- Can you catch up on the missed payments?
- Do you need additional time to catch up on missed payments?
- How much can you realistically afford to pay each month?
- Do you really want to keep your home or would you prefer to sell if you could walk away not owing anything?

Remember, an affordable loan modification can enable you to catch up on any missed payments, lower your monthly mortgage payment, and keep your house.

To find out if you might be eligible for a loan modification, please call our office at 1-800-480-1917.

Please forward this important information on to any family members and friends who may find it useful.

Learn to Love Short Sales! - 2 Hour CE Core Course Distance Education (Utah)

2009-08-19T08:41:00.000-07:00

Whether you choose to attend one of our live 2 Hour CE Core Course Workshops or Webinars, you will become an expert in listing and selling pre-foreclosures and short sales.

Learn to Love Short Sales!

PLEASE join us for a live CE Distance Education Webinar on September 2nd, 2009

YOU DON'T WANT TO MISS THIS!!!!

Please RSVP now space is limited.

As you already know, home sellers, agents, and investors are having trouble selling their homes because of the significant drop in values. This means that more sellers will face short sale situations than ever before.

The expert who will be presenting our upcoming Workshop operates in many states around the country and is willing to share his secrets onhow to get short sales approved faster and make more money!

In this Webinar you will learn:

* Why short sales make sense

* Understanding the HUD Guidelines

* The new HVCC Rule and HERA Law

* Working with Buyers and Buyers Agents

* Short Sale Addendum's and Multiple Offers

* 11 critical questions you NEED to know

* 10 ways to generate a short sale listing TODAY

* AND MUCH MORE!!!

We realize this probably sounds unrealistic, but we will prove it on September 2nd on our special Webinar.

There is no charge for this Webinar.

However, you must register now!

Location: Utah - Live 2 Hour CE Core Course Distance Education
Date: Wednesday, September 2nd, 2009
Time: 12:00 - 2:00 PM (MDT)

After registering you will receive a confirmation e-mail containing additional information about the Webinar.

Deficiency Judgment - Short Sale

2009-08-11T15:31:00.000-07:00

In some states the lender can obtain a deficiency judgment against a homeower for any amount they are unable to recuperate through a foreclosure or a short sale. This means that if the mortgage is for $200,000 and the bank forecloses and sells the property at auction for $125,000 they could obtain a deficiency judgment for $75,000.

In most cases this does require and additional legal action and causes the mortgage company to incur additional expenses attempting to collect a debt.

There are 6 Non-Deficiency states in the US. They are as follows:

1. California
2. Minnesota
3. Mississippi
4. Montana
5. North Dakota
6. West Virgina

Mortgage companies are acutely aware of a borrowers inability to pay so they often see further collection attempts fruitless.

Short Sale Questions Answered - ZOOM! Loss Mitigation Specialists

2009-07-20T12:25:00.000-07:00

RealtyTrac Reports 1.9 Million Foreclosure Filings in First Half of 2009

2009-07-16T10:28:00.000-07:00

The number of properties involved in foreclosure filings continued to rise in the first half of 2009 (HI09), up 15% from the same period in 2008, according to the Irvine, Calif.-based RealtyTrac’s mid-year US Foreclosure Market Report, released Thursday.

RealtyTrac reported a total of 1,905,723 foreclosure filings — default notices, auction sale notices and bank repossessions — on 1,528,364 properties from January to June 2009.

Those more than 1.5m properties represent a 9% increase in total properties from July to December 2008, and represents 1.19% — one in 84 — of all US housing units.

There were at least 300,000 filings every month from March to June, bringing the second-quarter total to its highest level — 889,829 total filings — since RealtyTrac began its report in Q105.

RealtyTrac CEO James Saccacio said unemployment-related foreclosures are keeping levels up, despite industry moratoria and federal, state and municipal efforts to curb foreclosures.

“Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue,” Saccacio said in a release.

Nevada had the greatest number of foreclosure filings, with more than 6% — one in 16 — housing units receiving at least one. Filings in the state are up 23% from the previous six months and increased 61% from the first half of 2008.

Arizona had the second highest rate, with 3.37% of homes receiving at least one filing, followed closely by Florida, which had a rate of 3.08%.

The states rounding out the top 10 are: California (2.94%), Utah (1.46%), Georgia (1.42%), Michigan (1.34%), Illinois (1.31%), Idaho (1.26%) and Colorado (1.25%).

RealtyTrac’s report is based on data from more than 2,200 counties nationwide, representing more than 90% of the US population.

By AUSTIN KILGORE July 16, 2009 10:13 AM CST (Housingwire.com)

Short Sale - Your Financial Lifeline

2009-07-08T15:41:00.000-07:00

State Foreclosure Procedures

2009-07-01T09:37:00.000-07:00

Find information about homes and communities organized by state at:

http://www.hud.gov/local/index.cfm

Foreclosure Procedure - Utah

2009-06-30T06:32:00.000-07:00

Timeframe: Statutory: 124 days
First Legal Action : Regarding Notice of Default
Mailing Service:
Notice of Default: Ten (10) days after recording
Notice of Sale: Twenty (20) days before sale Certified, Return Receipt
Publication: Once a week for 3 weeks - last pub must be at least 10 days before sale but not more than 30
Reinstatement: Within three (3) months of the Notice of Default recording
Postponements: Unlimited, but not to exceed forty-five (45) days from original sale date
Miscellaneous: Request copy of note
Deficiency Judgments after a non-judicial foreclosure sale: YES

Short Sale Marketing Materials Available

2009-06-26T14:08:00.001-07:00

Sample postcard

MarketEase provides short sale marketing materials for real estate agents and investors around the Country. Contact Dan at www.MarketEase.com or call 801-527-2005 mention "ZOOM M.E." and receive a special discount.

Do I Qualify For A Short Sale?

2009-06-25T14:02:00.000-07:00

The qualifications for a short sale include any or all of the following:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Certified Distressed Property Expert (CDPE) - Press Release

2009-06-13T12:04:00.000-07:00

RANDY COCHRANE EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Randy Cochrane, CEO of ZOOM! Loss Mitigation has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
More homes than ever are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Cochrane. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Randy with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information, please call 1-800-480-1917 or visit www.ZOOMLossMitigation.com.

Salt Lake City - One Out of Seven Homes for Sale are Short Sales

2009-06-04T08:45:00.000-07:00

04 June 2009—

The Salt Lake Board of REALTORS reported that one out of every seven homes listed for sale or under contract in Salt Lake County is a short sale, a transaction in which the proceeds fall short of what is owed on the mortgage.

As of June 2, there were 7,643 homes and condominiums in Salt Lake County actively listed for sale or under contract. Of that number, roughly 15 percent (1,134 properties) were listed as a short sale (pending price approval or price approved). The number of short sales today is about double from what it was a year ago.

“Short sales can offer good deals for buyers, but it can take several months for a bank to approve a short sale,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS. “Buyers interested in purchasing a home in a short sale should do their homework by investigating the financial situation of the seller. Make sure that the seller and his/her agent have already talked with the lender. Ultimately, a short sale must be approved by the lender.”

According to a recent story in the Washington Post, “Lenders aren't in the business of accepting less than they are owed, and their paperwork machinery isn't even set up to work that way efficiently. Their approval of a short sale is always slow in coming – if it ever comes at all. You need to find out if the bank even has a clue that the seller is trying for such a deal.”

President Barack Obama last month announced incentives to encourage short sales under his new Foreclosure Alternative Program. Borrowers who qualify can receive up to $1,500 to help with relocation expenses and up to $1,000 toward the cost of paying junior lien holders to release their liens. In addition, lenders or servicers are eligible for $1,000 for the successful completion of a short sale or deed-in-lieu of foreclosure. This program is in effect through 2012.

by PR or News Wire

Short Sale Survival Kit

2009-06-01T08:15:00.000-07:00

A Short Sale is a complex transaction that requires expertise. Our Short Sale Survival Kit can help save your homeowner from foreclosure!

Items enclosed:

- How to STOP a home from going to foreclosure
- Credit counseling information
- Credit repair information
- Loan Modification verses a Short Sale
- Answers to frequently ask short sale questions
- VIP Seller Recovery Program
- And more!

This FREE Survival Kit also includes a complimentary special report entitled - "Short Sale vs. Foreclosure - Homeowner Consequenses".

Don't wait...Order your Short Sale Survival Kit now!

Call 1-800-480-1917 to receive your free Short Sale Survival Kit or simply go to www.ShortSaleRecovery.com.

Short Sale Pitfalls and Solutions

2009-05-31T06:16:00.000-07:00

As a homeowner considering a short sale, it is important you understand the process. Following are some of the most common mistakes agents and homeowners make when handling a short sale.

Your Property is Priced Incorrectly

Pitfall: Your Property is Priced IncorrectlyThis is the most common mistake made with all properties, and the most common reason a property doesn’t sell.
Solution: Agent Providing Understanding and Transparency Your real estate agent will go through a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, sales in your area, and most importantly, how much time you have left to sell.

Your Short Sale Proposal is Incomplete

Pitfall: Your Short Sale Proposal is IncompleteThis is one of the most frequently seen causes for the rejection of short sales proposals. Most agents do not understand the short sale process and what your lender will be looking for.
Solution: Understand All Aspects of the ProcessYour agent should understand the short sale process in detail and be able to explain it clearly. The agent should also be able to communicate effectively with both you and lenders to produce a complete and cohesive proposal.

There has been Inadequate Follow-up and Communication

Pitfall: There has been Inadequate Follow-up and CommunicationAs your property goes through each stage of the short sale process, an agent can jeopardize the transaction by not properly communicating with everyone involved. As the homeowner, you may not know that your file has been delayed, and that you again may run out of time to close and avoid foreclosure.
Solution: Select an Agent With ExperienceThe right agent knows exactly how to follow up to ensure that your lender’s issues are addressed in a timely manner, and will make certain you do not have unnecessary delays.

Not Enough Time

Pitfall: There Isn’t Enough TimeIt is critical that your agent understands the foreclosure laws in your area. They should be able to show you an estimated timeline for the process, from start to closing. In addition, they should know how to communicate with your lender. Certain information can be provided to lenders to postpone your foreclosure for weeks or months in order to negotiate a sale.
Solution: Provide Accurate and Useful InformationMake sure you provide your agent accurate information as to exactly how many payments you have missed and any correspondence you have received from your lender. This will allow your agent to understand your situation and work to improve it.

Your Deal is Not Submitted Properly

Pitfall: Your Deal is Not Submitted ProperlyIf you do not follow the directions you receive for submission, then you are expecting an over-worked, under-staffed department to go out of their way to handle your file. There is very little likelihood of this situation working out in your favor.
Solution: Follow Instructions CloselyIf you are instructed to fax your file, fax it and send a backup copy in the mail. If you are instructed to mail two copies, mail two copies. When you reach the point of having a contract, all your information, and a completed proposal, you do not want your deal to fall apart because no one sees it.

The Buyer’s Offer is Too Low

Pitfall: The Buyer’s Offer is Too LowMany agents will encourage you to submit any offer that comes in. The reality is that a short sale is not the same as a fire sale. In order to have a legitimate chance of getting your deal approved, you must have an offer that is more attractive to the lender than a foreclosure.
Solution: Proper NegotiationThe right agent will work with you to properly negotiate any offer that you receive to get ‘highest and best’ from each potential buyer. This ensures you are presenting the best possible solution to your lender.

The Buyer’s Contract is Not Strong Enough

Pitfall: The Buyer’s Contract is Not Strong EnoughEspecially in our current economic climate, willingness to make an offer on a property does not mean that a buyer is truly qualified to purchase. The reality is that buyers need to be preapproved for financing, closing funds must be verified, and their ability to buy needs to be confirmed.
Solution: An Agent Familiar with Qualifying BuyersYour agent should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Otherwise, these offers may have little chance of closing. Don’t risk this process with an uneducated agent who does not appreciate this aspect of short sales.

In conclusion, While these pitfalls may seem troublesome, the right agent can help you navigate your way to a successful closing. Don’t endanger your financial future and the potential sale of your home with an agent who does not fully understand the process.

ZOOM! Loss Mitigaton works with many CDPE-designated agents have completed extensive training in the short sale process, and in assisting struggling homeowners who need real solutions. They understand what you are going through, and are here to serve and help save your family’s interests.

For more information contact us directly at 1-800-480-1917 or e-mail us at Questions@ZOOMLossMitigation.com.

Please join us at the REBAR Camp SLC June 5th

2009-05-26T05:59:00.000-07:00

http://rebarcamp.com/slc/

RE Bar Camp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees.

When: 9 a.m. - 4:30 p.m. on Friday, June 5th, 2009

Where: Salt Lake Board of Realtors Campus
230 W. Towne Ridge Parkway, #200 Sandy, UT 84070

Why: To learn from each other, to network with each other, to encourage each other, to challenge each other, to help make each one of us better at what we do.

RE BarCamp is a fabulous FREE day of sharing and learning.

What makes a BarCamp the best event you’ll attend this year? YOU set the agenda. YOU come to learn and to share only the things YOU are interested in!

The main focus of the Salt Lake BarCamp on June 5th is Social Media & Technology.

Topics Include:

Blogging
Twitter
You Tube
Facebook
Search Engine Optimization
Podcasting
Web Marketing
Google
and MORE!

Come learn about the tools and technologies successful agents are using in this economy. You can’t afford NOT to come to this FREE event if you want your business to thrive like never before, even in this economy!

ZOOM! Loss Mitigation
Official Sponsor

Lender Approved Short Sale Properties Available!

2009-05-04T10:08:00.000-07:00

**NOW AVAILABLE** Lender Approved Short Sale Properties!

Do you have buyers looking for a great deal? Several agents currently working with ZOOM! have "Lender Approved" Short Sale bargains now available, which can be purchased below market value. Many of these properties have cosmetic problems which can be quickly remedied by the new owner. If a new home buyer is willing to put in a little bit of sweat equity, these homes often represent outstanding value. With our online service, you'll receive a FREE weekly list of lender approved bargains in your buyer's price range and area of preference.

Get the edge on other agents and home buyers by accessing this valuable insider information!

Free Weekly Hot List delivered to you! To begin receiving your weekly hot list, simply go to www.LenderApprovedShortSale.com and complete the form at the bottom of the page and click the 'Submit' button.

To your success,

ZOOM! Loss Mitigation Specialists
Toll-Free: 1.800.480.1917
Direct: 801.527.2011
Website: www.ZOOMLossMitigation.com

A Special Gift

2009-05-03T08:06:00.000-07:00

Dear Friend,

We are pleased to send you a special gift – a complimentary summary of Billion Dollar Agent – Lessons Learned. You may also be eligible to receive a 30 minute business brainstorming session courtesy of ZOOM! Loss Mitigation Specialists.

To receive your complimentary book summary or to schedule your brainstorming session with the author, please go to http://www.ZOOMShortSale.com and click on the link "A Special Gift" or call our office at 1-800-480-1917. Times available are usually Tue-Fri, 8-9am, 11am-12pm, and 4-6pm EST.

Billion Dollar Agent – Lessons Learned is based on interviews with 70 top agents who have sold over $1 billion in their career, or are on track to do so. It is the only book available with interviews from top national coaches/trainers like Howard Brinton, Mike Ferry, Ken Goodfellow, Walter Sanford, and Floyd Wickman. If you liked Millionaire Real Estate Agent, you will love Billion Dollar Agent – Lessons Learned!

We hope you enjoy this gift of knowledge!

To your success,

Client Care

ZOOM! Loss Mitigation Specialists

H.R. 3221 Housing and Economic Recovery Act of 2008

2009-05-02T06:24:00.000-07:00

Status:

Introduced - Jul 30, 2007
Reported by Committee - Sep 5, 2007
Passed House - Aug 4, 2007
Passed Senate - Apr 10, 2008
Signed by President - Jul 30, 2008

This bill became law.

Cost: $4 per American over the 2008-2012 period.

Other Titles:

-- Building American Homeownership Act of 2008
-- Federal Housing Finance Regulatory Reform Act of 2008
-- FHA Manufactured Housing Loan Modernization Act of 2008
-- FHA Modernization Act of 2008
-- Foreclosure Prevention Act of 2008
-- HOPE for Homeowners Act of 2008
-- Housing Assistance Tax Act of 2008
-- Housing Tax Credit Coordination Act of 2008
-- Mortgage Disclosure Improvement Act of 2008
-- S.A.F.E. Mortgage Licensing Act of 2008
-- Secure and Fair Enforcement for Mortgage Licensing Act of 2008
-- Small Public Housing Authorities Paperwork Reduction Act

Highlights for the bill, generously made available by Project Vote Smart:

The following summary was for the Concurrence Vote for this bill on 2008-07-26. The bill may have changed since then.

-Increases the national debt limit from $9.82 trillion to $10.62 trillion (Sec. 3083).

-Establishes the Home Ownership Preservation Entity Fund to fund the HOPE (Home Ownership Preservation Entity) for Homeowners Program, which will insure up to $300 billion for 30 year refinanced loans for distressed borrowers between October 1, 2008-September 30, 2011 (Sec. 1402).

-Provides that the mortgagor and the Secretary for Housing and Urban Development each receive 50 percent of the appreciation value for each eligible mortgage insured under the HOPE program if changes occur to the property value 5 years after the loan is taken over by HOPE (Sec. 1402).

-Allocates $3.92 billion in grants to States and other units of local government to redevelop abandoned and foreclosed property and $180 million to the Neighborhood Reinvestment Corporation, given that at least 15 percent of the $180 million be provided to housing counseling organizations that provide services for loss mitigation to minority and low-income homeowners (Sec. 2305).

-Establishes a Housing Trust Fund to be used to increase and preserve the supply of rental housing for extremely low and very low-income families (Sec. 1131).

-Establishes the Federal Housing Finance Agency, with regulatory authority over Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance (Sec. 1101).

-Sets conforming loan limitations for Fannie Mae and Freddie Mac at a maximum of $417,000 for a single-family residence up to $801,950 for a 4-family residence, adjusted annually (Sec. 1124).

-Raises the limits on the size of the principle mortgage obligation that is eligible for insurance for most homeowners, up to 115 percent of the local area median house price for single-family homes (Sec. 2112).

-Increases conforming loan limitations in areas where the average house price is over 115 percent of the housing price index (Sec. 1124).

-Increases appropriations under the McKinney-Vento Homeless Assistance Act from $70 million to $100 million for the fiscal year 2009 (Sec. 2901).

-Increases housing benefits for specially adapted houses for disabled veterans from $10,000 to $12,000, with increases each year tied to the residential home cost-of-construction index (Sec. 2605).

-Changes the limitation on the sale, foreclosure, or seizure of property owned by service members from 90 days to nine months after their return from military service, and limits their interest rates to 6 percent during service and one year after their return (Sec. 2203).

-Provides first-time home buyers with a tax credit of up to $7,500 for residences purchased on or after April 9, 2008, which the homebuyers will repay over fifteen years following their purchase (Sec. 3011).

-Expands home ownership counseling eligibility to include people who have a reduction in income due to divorce or death, or who have an increase in expenses due to medical expenses, divorce, unexpected property damages not covered by insurance, or a large property tax increase (Sec. 2127).

-Allows a real property tax deduction on the amount of state and local real property taxes paid during the taxable year of up to $500 for individuals and $1,000 for joint returns, applicable to taxable years beginning in 2008 (Sec. 3012).

Please send an e-mail to Questions@ZOOMLossMitigation.com or call 1-800-480-1917 for a complete summary or a full PDF version of this bill.

Treasury Announces TARP Capital Purchase Program Description

2009-05-01T06:06:00.000-07:00

We have had several agents recently ask about the TARP program and exactly what it is.

The summary is posted below:

October 14, 2008

HP-1207

Treasury Announces TARP Capital Purchase Program Description

Washington- Treasury today announced a voluntary Capital Purchase Program to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy.

Under the program, Treasury will purchase up to $250 billion of senior preferred shares on standardized terms as described in the program's term sheet. The program will be available to qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies engaged only in financial activities that elect to participate before 5:00 pm (EDT) on November 14, 2008. Treasury will determine eligibility and allocations for interested parties after consultation with the appropriate federal banking agency.
The minimum subscription amount available to a participating institution is 1 percent of risk-weighted assets. The maximum subscription amount is the lesser of $25 billion or 3 percent of risk-weighted assets. Treasury will fund the senior preferred shares purchased under the program by year-end 2008. Institutions interested in participating in the program should contact their primary federal regulator for specific enrollment details.

The senior preferred shares will qualify as Tier 1 capital and will rank senior to common stock and pari passu, which is at an equal level in the capital structure, with existing preferred shares, other than preferred shares which by their terms rank junior to any other existing preferred shares. The senior preferred shares will pay a cumulative dividend rate of 5 percent per annum for the first five years and will reset to a rate of 9 percent per annum after year five. The senior preferred shares will be non-voting, other than class voting rights on matters that could adversely affect the shares. The senior preferred shares will be callable at par after three years. Prior to the end of three years, the senior preferred may be redeemed with the proceeds from a qualifying equity offering of any Tier 1 perpetual preferred or common stock. Treasury may also transfer the senior preferred shares to a third party at any time. In conjunction with the purchase of senior preferred shares, Treasury will receive warrants to purchase common stock with an aggregate market price equal to 15 percent of the senior preferred investment. The exercise price on the warrants will be the market price of the participating institution's common stock at the time of issuance, calculated on a 20-trading day trailing average.

Companies participating in the program must adopt the Treasury Department's standards for executive compensation and corporate governance, for the period during which Treasury holds equity issued under this program. These standards generally apply to the chief executive officer, chief financial officer, plus the next three most highly compensated executive officers.

The financial institution must meet certain standards, including: (1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive. Treasury has issued interim final rules for these executive compensation standards.

Nine large financial institutions already have agreed to participate in this program, moving quickly and collectively to signal the importance of the program for the system. These healthy institutions have voluntarily agreed to participate on the same terms that will be available to small and medium-sized banks and thrifts across the nation.

Please e-mail us at Questions@ZOOMLossMitigation.com or 1-800-480-1917 for a complimentary copy of the public terms sheet.

www.ShortSaleRecovery.com

2009-04-21T11:59:00.001-07:00

Short Sale VIP Seller Recovery Program

2009-04-17T20:48:00.000-07:00

Here's how the VIP Seller Recovery Program works:

1. ZOOM! Loss Mitigation Specialists will automatically enroll the client in complementary credit counseling through the AAA Fair Credit Foundation as soon as the initial short sale submission package is received.
2. ZOOM! will negotiate the very best short pay terms and conditions on behalf of the client and their agent. This includes how the lender reports the sale to the credit bureau's.
3. ZOOM! Loss Mitigation will provide quarterly updates during the recovery program process to both the agent and to the client.
4. ZOOM! will notify both the client and their agent as soon as the client can qualify to purchase a new home.

Our goals:

1. Minimize the effects of the short sale on the clients personal credit.
2. Help the client position themselves to purchase a new home as soon as possible a the current fair market value.
3. Assist the client in qualifying for a new loan at a competitive low interest rate.
4. Create a long-term client/agent relationship.

More about the AAA Fair Credit Foundation:

Personal financial related issues have a tendency to damage lives and personal relationships. Everyone faces financial challenges in their life. If your client is experiencing financial setbacks or hardships, we strongly encourage you to refer them to a financial expert who can properly counsel them and help them work through their financial troubles.

AAA Fair Credit Foundation provides professional financial counseling and education by Certified Financial Counselors.

Your client will:

- Learn all of their options for getting out of debt
- Receive free personal advice on financial matters
- Participate in a free budget counseling profile analysis
- Learn tips on how to cut or lower everyday expenses
- Learn how credit scoring works and affect your loanability
- Learn credit building and rebuilding strategies
- Find out why filing bankruptcy does not solve everything
- Learn about the pros and cons of home equity loans
- Find out how to qualify for down payment assistance
- Learn about additional debt relief programs that may be available
- Learn about Consumer rights issues

Due to a large number of state law restrictions which explicitly prohibit paying any kind of bonus or other consideration to any person or third party for the referral to a non-profit credit counseling agency, AAA Fair Credit Foundation does not offer, pay or give any cash, fee, gift, premium, reward or other compensation to any person referring any prospective customer.

AAA Fair Credit Foundation will contact the client via telephone or email. When speaking with AAA by phone or in person, you can be assured that your information will be confidential, safe and secure. They place the highest emphasis on the protection of our customers' privacy and confidentiality.

The ZOOM! Loss Mitigation VIP Seller Recovery Program will begin helping your clients get back on the road to home ownership even before their home is sold.

Your client is our concern, help us help them by contacting our office today at 1-800-480-1917.

Find out more at http://www.ShortSaleRecovery.com.

New Address and Phone Number

2009-04-12T09:34:00.000-07:00

We've moved our corporate office to:

7070 South 2300 East, Suite 110
Salt Lake City, Utah 84121
Toll-Free: 1-800-480-1917
Direct: 801-527-2011
Fax: 801-892-2203
E-Mail: ClientCare@ZOOMLossMitigation.com
Website: www.ZOOMLossMitigation.com

How will a short sale affect your clients credit?

2009-04-01T00:47:00.000-07:00

The credit consequences of a short sale are very different than that of a foreclosure. Typically a short sale will be reported on a homeowners credit as "settlement", "settled not as agreed", "short sale", "paid not as agreed". Any of these are far better than "FORECLOSURE"!

Due to the nature of a short sale the homeowner may have been in default (over 30 days late) at some point during the short sale process. A few late payments again is far better than the "F" word.

A short sale may reduce a homeowners credit score by 80-100 points. If a foreclosure is reported on a persons credit in can take 7-10 years to remove and can reduce a credit score up to 200-280 points and possibly eliminate a credit score altogether.

During the short sale process ZOOM! Loss Mitigation Specialists always attempts to negotiate the very best possible terms, conditions, and credit reporting status for the homeowner.

Please feel free to contact ZOOM! with any additional questions by calling 1-800-480-1917 or simply e-mail your question to Questions@ZOOMLossMitigation.com.

Short Sale: How Debt Forgiveness Works - H.R. 3648

2009-03-24T18:53:00.000-07:00

H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007

With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home. First, the lender can attempt to collect the deficiency balance from the seller after the property has closed. Second, the lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale. If the new note is for less than the balance of the original debt, the difference would be considered canceled, or forgiven, debt. Third, the lender may agree to cancel the entire deficiency balance.

On the surface, option three would be seem to be the best alternative for a seller. However, the IRS considers any canceled mortgage debt ordinary income. This means that the amount forgiven is taxed at the same rate — somewhere between 15 percent and 30 percent — as the sellers’ salaries. In addition, because the IRS requires the lender to file a 1099-C form stating the amount of the canceled debt, Uncle Sam will have a record of the exact amount of the debt that was cancelled. A seller will also receive a copy of the 1099-C to use in filing income taxes. The seller’s home state would also consider the cancelled debt as ordinary income.

4 Exceptions to the Rule

The IRS does recognize four situations in which cancellation of debt will not result in tax liability for the seller. A seller may avoid tax liability:

1. When the borrower receives a bankruptcy discharge and the deficiency was included in the bankruptcy

2. When the borrower is insolvent at the time of the cancellation of the debt. Insolvency would occur when a borrower’s liabilities exceed assets. Note that seller would have to prove this insolvency to the IRS when filing a tax return.

3. When the debt was secured by a nonrecourse loan. Under a nonrecourse loan, the lender does not have the legal right to collect a deficiency judgment from any assets of the debtor not pledged to secure the loan. While most home mortgages are do not fall into this category, purchase money loans on a person’s residence are nonrecourse in some states.

4. When the tax liability from the cancellation of debt on an investment property can be offset against other business liabilities and expenses. This exception does not apply to properties occupied as a residence by the mortgagor.

In many short sales, a seller would be able to qualify under the first two of these exemptions, especially since it was almost certainly necessary to show financial hardship in order to convince the lender to agree to a short sale. However, it is the seller’s responsibility to notify the IRS why the amount in the 1099-C should not be counted as ordinary income. Otherwise, the IRS will consider the forgiven debt as income and penalize the seller for unpaid taxes.

What to Tell Your Clients

To ensure that your sellers don’t run afoul of the IRS and blame you, you should notify all sellers in writing that they should seek professional tax advice regarding the possible tax consequences of selling their home.

Please call 1-800-480-1917 or e-mail additional questions to Questions@ZOOMLossMitigation.com.

The Housing Affordability and Stability Plan (H.A.S.P.) - Loan Modification

2009-03-22T07:16:00.000-07:00

If you can’t qualify to refinance under President Obama’s Making Home Affordable plan, you might still have a chance to lower your monthly payments by doing a loan modification. This portion of the plan is aimed at people who are — or who soon will be – having a tough time paying their mortgage, but who would be able to afford their home if the interest rate on their mortgage was lowered.

Who qualifies?

This will only apply to the first mortgage on your primary residence. To qualify, you must:

1. Have originated your mortgage before Jan. 1, 2009.
2. Be an owner-occupant.
3. Have an unpaid balance that is equal to or less than $729,750 (for a single-family home).
4. Have trouble paying your mortgage due to financial hardship. That could be because you have had an increase in your mortgage payments, or because your income was reduced or you suffered a hardship (like medical problems) that increased your bills, or, you can show that you soon will be unable to make your payments. You will be required to enter an affidavit of financial hardship.
5. Your monthly mortgage payment must also be more than 31% of your gross (pre-tax) monthly income.

To seal the deal, you must successfully complete a three-month trial period at the modified rate. If you make all payments on time, you will keep this lower rate that will be fixed for five years.

I Owe Way More Than My Home is Worth. Am I Eligible?

Yes, how underwater you are (or aren’t) doesn’t matter for this program.

What if I am About to be Foreclosed On?

The foreclosure process will stop while you’re being considered for the program (or for any alternative foreclosure prevention option).

How Will This Help?

The aim is for your monthly payments (not including private mortgage insurance) to reach 31% of your pre-tax monthly income. The monthly payments are defined as payments on the principal, interest, taxes, insurance (not including mortgage insurance) and homeowners association/condo fees.

First, the lender will reduce the interest rate to no less than 2% on the loan so that the monthly payments are less than 38% of your monthly income. Then, the Treasury will match further reductions, dollar-for-dollar, with your lender, to bring the monthly payments down further, to 31% of your monthly income.

If you keep your payments on time after the modification, the government will pay up to $1,000 each year in the first five years toward reducing the principal on your mortgage.

After five years, the interest rate on the loan will start to increase by no more than 1% per year, but can’t go higher than what the market rate was (as determined by Freddie Mac) on the day your loan was modified.

What’s in it for My Lender/Servicer?

The company that services your loan will get a an incentive fee of $500 for each modification they do. Once your lender modifies your loan, they’ll be paid a $1,500 incentive.

Is There a Deadline?

New borrowers will be accepted until Dec. 31, 2012.

How Do I Start?

Give us a call today and find out what you qualify for at 1-800-480-1917 or simply go to http://www.nationalloanbailout.com/.

How to Submit a New Short Sale File

2009-03-06T18:03:00.000-08:00

First go to http://www.ZOOMDocuments.com and print off:

1. Items Needed By Agent
2. Items Needed By Client
3. Save BPO the form to your desktop (please complete the listing agent BPO it can make or break your deal!)
4. Gather and submit ALL required documents
5. Fax all documents and items requested to 801-892-2203 or e-mail them to NewFile@ZOOMLossMitigation.com

Please feel free to call us with any questions at 801-527-2011 or e-mail Questions@ZOOMLossMitigation.com.

Thank you!

REALTORS® ACHIEVE VICTORY WITH SHORT SALE COMMISSIONS

2009-03-04T06:38:00.000-08:00

Washington, D.C. (March 3, 2009) – NAR preserves Realtor® commissions. After extensive lobbying and educational efforts by NAR, Fannie Mae made the attached announcement last week.

Fannie Instructs Its Servicers Not to Cut Commissions on Short Sales

On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers instructing them NOT to negotiate commissions on short sales below the amount negotiated by the listing agent (unless the commission exceeds 6 percent). The requirement took effect March 1, 2009. Fannie Mae recognizes that (a) negotiating commissions for short sales is unfair because getting a short sale to closing requires intensive work over many months, often requiring working with numerous buyers, and (b) compensating real estate agents fairly benefits Fannie Mae because agents play a crucial role in short sales. The Announcement reminds servicers that third party approvals (i.e., private mortgage insurers) may be required and can affect commissions.

NAR has asked both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions. NAR welcomes Fannie’s announcement, and has urged Freddie to follow Fannie’s lead.

ZOOM! Can Help You Supercharge Your Business!

2009-02-17T17:42:00.000-08:00

"Don't step over dollars to pick up pennies"

Do you fully understand the 18 page HUD Pre-Foreclosure Sale Program changes that went into effect on December 24, 2008 for all short sales? WE DO!!!

ZOOM! Loss Mitigation Specialists can help you supercharge your business and make more money. We provide short sale assistant services to real estate agents to help them get to the next level of their business.

How many hours a week do you spend doing assistant-level tasks? How much money are you losing every week by doing $10 - $20/hour work instead of $50-$100/hour sales activities? We can help solve this problem - fast!

We assist you with the following:

Contact the borrowers lender
Order and review title
Order mortgage pay-off(s)
Order a forensic loan audit and legal document review and report results
Provide imminent foreclosure or toxic listing notification
Collect documents and prepare the short sale submission file
Short sale lender submission(s)
Maintain constant contact
Reduce your legal liability
Negotiate with the lender and junior lien holders
Obtain lender short sale APPROVAL(s)
Balance your business needs, work hours, and lower-value tasks
Increase your net profit
Help your clients out of a tough situation

We believe in fast action, direct communication, and long-term relationships.

If you wish you had more time to sell and could spend less time on non-sales activities, then ZOOM! Loss Mitigation Specialists can help. As part of our services, we will also provide complementary short sale training and marketing ideas to help your listings sell faster!

Contact us today for a free consultation - Call 801-438-1168
Website: http://ww.zoomlossmitigation.com/
Short Sale Questions: http://ww.zoomlossmitigation.blogspot.com/
E-Mail: info@BestMortgageReports.com

Trustee Sites - Utah

2009-02-14T15:02:00.000-08:00

The following Trustee sites will tell you when and where upcoming Utah Foreclosure auctions will be:

Scott Lundberg
Bryan Cannon
Recontrust
Smith Knowles
Marlon Bates
Woodall and Wassermann
Pettey Legal

You can also find out about upcoming trustee sales by viewing the classifed sections of local newspapers.

http://www.zoomlossmitigation.com

Do Not Breach Your Fiduciary Duty!

2009-02-13T17:16:00.000-08:00

Listing Agents - This is a quick reminder to NEVER EVER give anyone other than your seller the login and password to the ZOOM! Loss Mitigation Specialists Information Center.

Thank you!

ZOOM! Loss Mitigation Specialists

FREE Real Estate Agent and Investor Coaching and Training

2009-02-13T09:21:00.000-08:00

At ZOOM! Loss Mitigation Specialists we are not here to sell real estate agents' and investors' books and tapes.

We firmly believe that the more educated the real estate agent, investor, and home owner are throughout the transaction the higher chance we have of accomplishing everyone's goals.

How can ZOOM! Loss Mitigation Specialists best help you?

We are real estate and mortgage experts! We provide our active real estate agents' and investors' with on-going coaching, training, and marketing ideas via:

1. One-on-One coaching calls
2. Office presentations and seminars
3. Mastermind groups
4. Information Blogs
5. Tele-seminars
6. Webinars
7. And much more!!!

Call 801-438-1168 or e-mail ZOOMLossMitigation@gmail.com to find out how we can help you supercharge your business.

http://www.zoomlossmitigation.com/

Short Sale Approval - Deal or No Deal?

2009-02-13T07:38:00.000-08:00

Would you or your client be interested in ZOOM! Loss Mitigation's services if it made the difference between whether or not the home is approved for a short sale or not?

Give ZOOM! the opportunity to do what they do best. Call us now for a FREE no obligation consultation about you short sale.

1-801-438-1168 or simply e-mail ZOOMLossMitigation@gmail.com

http://www.zoomlossmitigation.com/

Agents - It Actually COSTS YOU MONEY to Sell A Short Sale!

2009-02-11T19:00:00.000-08:00

Did you know that the average short sale takes an average of 120 business hours to get approved?

That is 15 full 8 hour business days. Can you really afford to spend that amount of time processing a file verses out actually selling real estate???

Let ZOOM! Loss Mitigation Specialists save your valuable time and help you make more $$$!

1. Are you paying an assistant wages and over-head to try and process your files (by the way...If they are not a licensed real estate agent you may be in violation)?

2. Are you paying an agent in your office HALF your commission to do the work you don't want do?

3. Does your broker really have the time to negotiate a short sale for you?

4. Are you wasting valuable commission-generating hours attempting to process and negotiate short sales yourself?

5. Do you have Attorney's available to provide Forensic Loan Audits, Legal Document reviews, and actually rescind a borrowers home loan?

Consider this:

120 Hours x $30.00 (average producing agent income per hour) = $3,600.00 LOST agent income negotiating the average short sale.

$200,000 Home Sale
x 3% Full Listing Agent Compensation*
= 6,000.00 Compensation
- 3,000.00 Broker Split 50/50
- 3,600.00 Lost Agent Income Negotiating the Short Sale
$ -600.00 Negative Income (not including home marketing expenses)

AGENTS...It actually COST YOU MONEY to sell a home! Now who wants to work for FREE?!?

Stop wasting your valuable time and go make more money! Let ZOOM! Loss Mitigation Specialists do what we do best and you can do whatever you like with the extra 15 days of your life.

NO COST - ZOOM! Loss Mitigation services are available at no cost as long as the lender is willing to compensate for services rendered.

Call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com and let's get started!

http://www.zoomlossmitigation.com/

*Agent compensation is an average and not a suggestion or a standard. All agent commissions are negotiable and vary. % used above is an example only.

Top 10 Reasons Why You and Your Clients Should Take Advantage of ZOOM! Loss Mitigation Specialists

2009-02-10T09:59:00.000-08:00

Do you think you or your client would see the benefit to investing $500.00 right now to:

1. An attorney will do a forensic loan audit and legal document review and possibly rescind the home loan all together

2. Receive notice of an imminent foreclosure or toxic listing

3. Stop or postpone a foreclosure sale

4. Have access to the status of the short sale 24 hours a day/7 days a week

5. Reduce your legal liability

6. Find out what the lender or servicing company is actually going to let the property sell for

7. Possibly keep your seller in their home another 30-120 days without having to come up with moving expenses, first and last months rent and security deposits, as well as up rooting their family

8. Dramatically speed up the short sale process

9. Increase the chance of the property actually selling

10. Do none of this work yourself!!!

No further investment is necessary until we receive an "Approval" from the lender. Can you see how ZOOM! can be a huge benefit to you and your client?

Take advantage of ZOOM! Loss Mitigation Specialists. Call us now at 1-800-480-1917 or simply go to http://www.zoomlossmitigation.com and fill out the form at the bottom of the page.

What is the benfit to doing a Forensic Loan Audit and Legal Document review?

2009-02-07T07:25:00.000-08:00

Is your client suffering a financial hardship?

Are they behind or struggling to make their current mortgage payments?

Are they a victim of predatory lending?

Does foreclosure loom?

Do they want to avoid having a foreclosure on their credit report for the next 10 years?

DID YOU KNOW?

1. The borrower can rescind (cancel) your home loan or refinance for up to THREE years if the lender mishandled your closing.

2. The loan may be re-negotiated if you are suffering financial hardship.

3. There are ways to avoid having a foreclosure on your credit report for the next 10 years.

4. The borrower can sue the mortgage company for predatory lending violations if found by a forensic loan document audit.

A current Federal Law states if a current mortgage loan was not handled properly at settlement by the Title Company and/or the Lender, the home loan be able to canceled for up to 3 years from the time the loan was closed and receive back ALL of the interest paid, all closing costs, all broker fees, and even pay the attorney fees.

Finding a violation during the forensic loan audit and legal document review process can create tremendous leverage when negotiating a short pay-off of the note.

Your client can get help fast by calling 1-800-480-1917 to find out if their current home loan qualifies for cancellation.

9 Crucial Listing and Submission Questions for Real Estate Agents

2009-02-06T12:04:00.000-08:00

Below are 9 Crucial Real Estate Agent Tips and Information that ZOOM! needs to know:

1. Is the subject property occupied or vacant?

2. Is the subject property a primary residence or an investment property?

If the property is an investment property a copy of the rental agreement needs to be submitted to ZOOM!.

3. Make sure that all documents that are being submitted are current within 30 days.

4. Make sure all documents that require signatures are SIGNED and DATED by ALL borrowers within 30 days.

5. Provide all settlment documents for the most recent purchase or refinance within the past 36 months.

6. Is the home owners first mortgage an FHA loan?

7. BAC/SAC - The biggest mistake a listing agent can make is not having the MLS reflect the compensation listed on the listing agreement.

For example: If the seller has agreed to a __% SAC/BAC like you would normally charge - DO NOT put 1-3% or 2.5% (when it is higher on the listing agreement) or 50/50 across the MLS.

This makes it almost impossible for ZOOM! to negotiate the full agent compensation. Believe us the lender looks EVERY TIME and they know from the paperwork submitted if an agent has already agreed to or is willing to take less than full compensation on the sale of the home. Our advise is to charge what you normally charge, don't adjust it because it is a short sale, and let us do our best.

8. Has the home owner recently modified their home loan or is thinking about doing a modification?

9. Is the home owner thinking about filing bankruptcy during the short sale process?

Contact us today with any short sale question you may have at 1-800-480-1917 or simply e-mail it to ZOOMLossMitigation@gmail.com.

http://www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Specialists - Who Are We???

2009-02-02T12:39:00.000-08:00

At ZOOM! we think of our business as having three components: talent, customers, and care.

Talent. ZOOM! seeks to attract and retain the best and brightest employees and account executives. This enables us to gain a competitive advantage in new and emerging markets.
Customers. If we truly want to have a compelling value propostion for homeowners, real estate agents, and investors we must understand the diversity of our customer base.
Care. We work to build and execute innovative processes and systems for an increasingly diverse customer base by using the diverse talents, ideas, and perspectives of our staff and account executives.

Mission Statement

ZOOM! strives to help homeowners,real estate agents, and investors through the short sale process in a stress free timely manner by providing exceptional client care, coaching and training, information, and extraordinary service while earning fair and adequate compensation for our services.

Vision Statement

Establish ZOOM! Loss Mitigation Specialists as a national leader in short sale processing and negotiation through executive leadership, engagement, education, and accountability. We will build value and commitment to work-life balance, and continue to provide new opportunity for people.

Core Values

The core values at ZOOM! are:

- Thinking and acting nationally. ZOOM! employs a creative staff and independent account executives that generates innovative marketing and services for homeowners, real estate agents, and investors.

- Attention to detail. ZOOM! believes every detail is critical to systems, processing, and client care.

- Compassion. ZOOM! understands that this may be one of the most difficult situations a homeowner can experience - we want the best possible outcome.

- Innovation. Innovation helps lower the cost of expenses, marketing, and technology.

- Feedback. ZOOM! strives to provide timely feedback and updates for real estate agents and their clients via a 24 hour online Information Center.

Strategy Overview

ZOOM!'s diversity and inclusion strategy is an important part of our business priorities. We are working with the staff members and account executives across the company to support and drive our efforts. The pillars of our diversity and inclusion strategy are:

-Driving leadership accountability and ownership.

-Attracting, developing, and retaining a diverse staff and account executives.

-Creating a culture and climate of respect.

ZOOM! makes a difference.

How Does ZOOM! receive compensation?

2009-01-31T14:38:00.001-08:00

NO COST processing is provided if ZOOM! is able to be compensated by the lender and or servicing company. However, some lenders or servicing companies are unable to provide compensation due to certain lender guidelines.

All files submitted are subject to a non-refundable $500.00 service fee at the time the initial file is submitted to ZOOM! Loss Mitigation Specialists. An additional $1,497.00 is due and payable upon closing. Any of the above fees can be payable in the form of cash, check, or credit card and can be paid by the client, real estate agent, buyer, investor, or any other party.

In the event ZOOM! Loss Mitigation Specialists is successful in negotiating their professional fees with the lender and/or servicing company and receives a minimum professional service fee of $1,997.00 upon closing, all money received prior to settlement including the initial deposit of $500.00 shall be refunded to the contributing party and/or parties within fourteen (14) calendar days of closing.

In the event of a successful closing, any remaining balance of the total fee of $1,997.00 shall be received directly from the listing agent, in the form of a referral fee. By signing this form the Listing Agent agrees to have his/her Broker pay the agreed upon referral fee within seven (7) calendar days of closing.

Once ZOOM! Loss Mitigation Specialists has received the initial service and submission fee and all required documentation, the file shall be submitted to the lender and/or servicing company within 48 business hours.

The short sale process may take anywhere from 60-90 days once the submission package has been received by the lender and/or servicing company. We ask that the listing agent, client, and buyer agent be as patient as possible—this is not an overnight process. All file updates shall be promptly posted on the ZOOM! Loss Mitigation Information Center.

Please feel free to contact us with any additional questions at 1-800-480-1917 or simply e-mail ZOOMLossMitigation@gmail.com.

http://www.zoomlossmitigation.com/

Foreclosures are at record levels

2009-01-28T14:31:00.000-08:00

The red-hot market, according to Steve Murray with REAL Trends, could be gone for several years. Think about that and ask yourself this: Is my business still geared for the sales pace of 2003-06 or have I adjusted to the slower market I have now?

It's a vital question, because the nature of the market has changed significantly. Foreclosures, not a factor in 2003-05, now have a huge impact on price, commissions, marketability and consumer confidence. And though much will be done to curb the problem, it will take time to work these troubled properties through the system, due in part to sheer volume. RealtyTrac reported more than 3 million foreclosure filings on 2.3 million properties in 2008, an increase of 81% from 2007 and 225% from 2006; banks repossessed over 850,000 properties last year, more than double the 2007 total.

Homes in some stage of pre-foreclosure or foreclosure will account for a large portion of sales this year. Our goal at ZOOM! Loss Mitigation Specialists is to help agents recognize that and arm them with the skills and knowledge to best serve them in this sector of the industry.

Please feel free to call us with any questions at 1-800-480-1917 or simply e-mail us at ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

Benefits To Avoiding Foreclosure

2009-01-27T15:57:00.000-08:00

Benefits To Avoiding Foreclosure

Home Owner Benefits to Avoiding Foreclosure with ZOOM! Loss Mitigation Specialists:

1. Help in Avoiding Foreclosure
2. Less Credit Damage than Foreclosure or Bankruptcy
3. Simple and Inexpensive Relief
4. Our unparalleled support includes: Real Estate Professionals, Lenders, Attorneys, Buyers, Consultants and more
5. Access to our top notch network of Real Estate Professionals, Attorneys, Lenders, Mortgage Companies, Buyers, Consultants and more.
6. A Fresh Start
7. You pay nothing to us upon a successful short sale transaction.
8. The lender typically pays the selling and buying agent’s commissions, attorney fees, rehab fees, our costs, past due payments, and more. The lender and/or seller will absorb the closing costs as well.

Real Estate Agent Benefits to working with ZOOM! Loss Mitigation Specialists:

1. FREE yourself to focus on your business and not get bogged down trying to negotiate a short sales on your own
2. Increase your market share and income
3. Training and support
4. Postpone foreclosure sales
5. Organize and process the entire short sale package
6. We do all the negotiation
7. Provide 24 hour access to the ZOOM! Loss Mitigation Information Center

Lenders prefer to work with ZOOM! Loss Mitigation Specialists:

1. It costs lenders a fortune to foreclose a property. A short sale helps absorb additional losses and gives them an immediate pay-off
2. They are lenders, and are not in business to buy and sell real estate
3. A REO (banked-owned property) is a liability, not an asset to the bank
4. Most lenders are REQUIRED to have an amount up to SIX Times the retail value of each REO in reserves, so a short sale gives them an immediate relief
5. Protection of their banking charter
6. ZOOM! Loss Mitigation has a full-time staff of licensed processors and staff members that specialize in short sale processing and negotiation

To find out more call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

Minimum Charges for Escrow Services - UTAH

2009-01-27T11:35:00.000-08:00

Rule R592-13

"Minimum Charges for Escrow Services"

Recently, The Title and Escrow Commission in conjunction with The Utah State Insurance Department invoked a new rule (Rule R592-13) that will effect your future real estate transactions. This new rule requires all title insurance agencies operating in the state of Utah to charge a uniform "minimum charge for escrow services". This minimum escrow fee is determined by the purchase price/ loan amount of the transaction and includes the combination of both the closing/ settlement fee and the document preparation fee. The new minimum charge requirements will be applied as follows:

Purchase Price/Loan Amount - Minumum Escrow Fee
$0 to $180,000.00 - Minimum Escrow Fee $150 per side
$180,000.01 to $250,000.00 - Minimum Escrow Fee $250 per side
$250,000.01 and above - Minimum Escrow Fee $350 per side

It is important to note that this is a minimum charge requirement. Some transactions may require additional fees to cover services rendered or to fulfill requirements made by the parties involved in a transaction.

Although, this rule was put into effective January 22, 2009 it will not be implemented until April 1, 2009.

When should a Loss Mitigation file be submitted to ZOOM!?

2009-01-26T17:49:00.000-08:00

Answer:

The day the home is listed. It doesn't matter if you have an offer on the property or not. This allows ZOOM! to go into action. Once the initial file and the $500.00 service and processing fee is received ZOOM! will:

1. Order title on your clients behalf from their preferred service provider and forwarded to the listing agent as soon it becomes available.

2. Order loan pay-off(s) to determine the actual amount(s) encumbered.

3. Order a Forensic loan Audit and legal document review services with the legal department and will be processed while waiting for an offer on the property.

4. The lender and/or servicing companies will be notified immediately that the home is listed for sale and is in a short sale situation. This may include the postponement of a pending sale.

5. Notify the listing agent should the property be deemed a possible imminent foreclosure or toxic listing.

These 5 steps are crucial in expediting your short sale to "Approval". Once you receive and offer, option, or letter of intent to purchase the property, please forward it to ZOOM! processing as promptly as possible.

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Online Document Manager

2009-01-24T03:26:00.000-08:00

The document manager is a collection of commonly used or requested files. Click the document title to download the file to your local computer.

Click here for access to the ZOOM! Loss Mitigation Online Document Manager

Can't find what your looking for or have a question? Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Specialists Privacy Policy

2009-01-20T21:05:00.001-08:00

ZOOM! Loss Mitigation Specialists collects information ("nonpublic personal information") about client/home owners from the following sources:

Information we receive from the client/home owner on contact information forms, financial worksheets, tax returns, bank statements, social security numbers, and other forms.

However, we recognize the importance the client/home owner places on their privacy and the confidentiality of their financial information. Therefore, we do not disclose nonpublic information about the client/home owner to nonaffiliated third parties except as permitted by law.

Additionally, we restrict access to nonpublic personal information about the client/home owner to those employees who need to know that information to provide services to the client/home owner. Finally, we maintain physical, electronic, and procedural standards and safeguards to guard the client/home owners nonpublic personal information.

Should the client/home owner have any questions regarding this Privacy Policy, please feel free to call us toll free 1-800-480-1917.

ZOOM! Loss Mitigation Specialists
4525 South Wasatch Blvd, Suite 335
Salt Lake City, Utah 84124
www.ZOOMLossMitigation.com

Should The Home Owner Do A Deed In Lieu Of Foreclosure?

2009-01-10T19:21:00.003-08:00

Answer: It is not recommended

A home owner can attempt a "deed in lieu of foreclosure" but sometimes the lender won't agree. If there is more than one lien holder, it is very difficult to do a deed in lieu.

If a foreclosure is imminent, this may be the only option. In some cases the home owner can have a deficiency judgment filed against them.

Often times a lender will offer the home owner "cash for keys" and pay them up to $1,500 or more to vacate the property and leave it broom swept clean by a pre-determined date.

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

How Will The Lender Report The Short Sale On The Credit Bureau's?

2009-01-10T19:14:00.000-08:00

Answer: Depends on the lender or servicing company

Anything less than "Paid In Full" is considered derogatory, and will reduce a home owners credit scores. Typically, the lender will report the account "Paid Not As Agreed". This is still much better than a foreclosure that will remain on a persons credit for up to 10 years.

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

Short Sale Tips For Listing Agents

2009-01-10T18:29:00.001-08:00

Below are some tips that can improve the odds of your short sale listing being "Approved" by the lender:

1. Sell the property "AS-IS" - lenders and servicing companies don't like to see offers subject to repairs and condition.

2. No seller concessions - lenders and servicing companies are already losing money on their asset, they don't want to lose an additional 3% or buy a home warranty just to sell an asset. Concessions can kill your deal!

3. Sell to an owner occupant - lenders frown on letters of intent, option contracts, and/or assign offers.

4. 1% - 3% in earnest money - the more earnest money the better.

5. Pre-Qualification letter and/or Proof of Funds - the buyer needs to demonstrate the ability to buy.

6. Flexible deadlines - buyers need to be flexible and patient during the short sale process.

7. Educate Buyer Agents and Investors - they need to be "realistic", if a property is already priced at 75% or 80% of market value don't expect a lender to sell the property for much less than that.

8. Listing Agent BPO and summary reports- don't take pictures of the beautiful rooms in the home and don't use the nicest home on the street as your sold comparable. You want to point out the issues that effect the homes value and re-sale(ie. leaking roof, mold, meth, etc.). In addition, use comparables that are other sold short sales and bank owned properties.

9. Get out of the way - don't get in the way of a transaction, nobody has any idea what a lender is willing to do to get their asset sold.

10. Be patient, be patient, be patient.

11. SUBMIT YOUR SHORT SALE TO ZOOM! LOSS MITIGATION - contact us at 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com for a complete list of all items needed for successful short sale transaction on your listing.

www.ZOOMLossMitigation.com

Are Concessions Allowed On A Short Sale?

2009-01-10T18:23:00.001-08:00

Answer: Sometimes

It really depends on the lender or servicing company. A lot depends on how short the lender or servicing company is on their note. Overall, most lenders and servicing companies frown on any type of concession (especially seller paid closing costs).

Have a question? Call 1-800-480-1917 or simply e-mail it to www.ZOOMLossMitigation@gmail.com.

ZOOMLossMitigation.com

Can A Trustee Sale Be Stopped?

2009-01-10T18:09:00.003-08:00

Answer: Yes

The only way to stop a trustee sale is to have the lender or servicing company stop it.

There are only a few ways to stop or postpone a sale:

1. Reinstate the note - make a payment acceptable to the lender or servicing company

2. A valid offer to purchase - if an offer is too low the lender or serving company will contiune with the sale

3. Bankruptcy - temporary forebearance

4. Home Loan Modification - must be able to prove a hardship with the ability to continue to make payments

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

Do Non-Owner Occupied or 2nd Homes Qualify For A Short Sale?

2009-01-10T18:01:00.000-08:00

Answer: Yes

A short sale is a hardship and needs to be demonstrated to the lender or servicing company as the only alternative to foreclosure. There are many situations where a home owner may own several homes they can no longer afford. The lenders and servicing companies know that a non-owner occupied home or 2nd home may be easier for the owner to walk-away from because they typically have another home to live in. Often times these short sales are approved quicker than an owner occupied home.

Every short sale situation is different. If you or your client is unsure if they may qualify for a short sale please call our office at 1-800-480-1917 or e-mail your clients situation to ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

Does A Home Owner Need To Be Behind On Their Payment To Qualify For A Short Sale?

2009-01-10T17:54:00.000-08:00

Answer: NO

A short sale is a hardship, and needs to be demonstrated to the lender or servicing company as the only alternative to foreclosure. There are many situations where a home owner may not be behind on their payments but still may need to sell short. However, delinquent Sellers have much less to lose, as their credit is already damaged by "mortgage lates," and are in "arrears. The odds of getting a short sale approved increase the closer a home gets to foreclosure.

Every short sale situation is different. If you or your client is unsure if they may qualify for a short sale please call our office at 1-800-480-1917 or e-mail your clients situation to ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

How Long Does A Home Need To Be On The Market Before It Qualifies For A Short Sale?

2009-01-10T17:45:00.000-08:00

There is not specific time frame that a home needs to be on the market. However, it does help prove to the lender or the servicing company that every effort has been made to sell the home at the highest market value. It is much easier to ask for a concession if the MLS history demonstrates the home has been on the market for 12 months and has had 17 showings with only 1 offer, as opposed to 7 days on the market and 4 offers.

Please call 1-800-480-1917 or simply e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

Does It Cost The Home Owner Any Money To Do A Short Sale?

2009-01-10T17:35:00.000-08:00

The answer to this question is: "Possibly"

There may be up-front costs incured:

1. If the listing agent collects and up-front marketing fee to cover the marketing costs and additional work necessary to faciliate a short sale. Remember...according the NAR 90% of all short sales end up in foreclosure. There is a very small chance that an agent will recover their marketing expenses on a short sale listing.

2. Some lenders charge a fee to the borrower to process the short sale.

3. Loss Mitigation may charge an upfront loss mitigation fee to the home owner or the agent if the lender or servicing company is a non-compensating company.

4. A law firm may charge between $500.00 and $2,000.00 for a Forensic Loan Audit and Legal Document review.

Please call 1-800-480-1917 or e-mail any additional questions to ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

Can A Lender Come After A Home Owner For A Deficiency?

2009-01-10T17:26:00.001-08:00

The "Anti-Deficiency Law" states that a lender CANNOT go after personal assets if foreclosing on a "purchase money" loan.

There is a big "HOWEVER"...

Foreclosures on "refinanced money", 2nd trust deeds, and mechanics liens are not subject to this law, and can go after personal assets. Lien holders often times use this to threaten and motivate the seller to make payments (Phone calls and letters). Typically, a purchase money lender or a 2nd will propose an unsecured note for less than the amount owed.

Even if it is an original "Purchase Money Loan," 2nd Trust Deeds may still go after personal assets. However, judicial foreclosure to obtain a deficiency judgment is a costly option, takes a long time, and is not often pursued.

The most difficult Short Sale Approval is when the seller voluntarily stops paying without a hardship, the seller walks away, and/or disappears.

Please call 1-800-480-1917 or e-mail any additional questions to ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

What Do I Do With A Listing That Does Not Have An Offer

2009-01-10T11:53:00.000-08:00

An offer is golden key to getting a Short Sale approved by a lender. We will not submit a short sale file to any lender or servicing company without one.

If you don't have an offer do whatever it takes to get one. Even if an offer comes in low we submit it, it is enough to get the short sale process started. The lender and/or servicing company may not accept it, however, it may give us an idea of what they are willing to accept.

Tips on how to get offers on your short sales:

1. List the home on the MLS at 75% - 80% of the "realistic" market value. NEVER "fish" for offers on a short sale property!

2. Continue to reduce the price every 7 days until an offer comes in.

3. Have a handful of investors in your pipeline that will an write offer or letter of intent on any short sale property you list.

4. Take the important informtion off the property flyer (price, sq footage, number of bedrooms and bathrooms, acreage, etc), that way every interested buyer will need to call you directly for information. NEVER put "Short Sale" on your flyers!

5. Take the listing at your normal compensation rate. Don't just assume that the lender and/or servicing company is not going to pay full compensation.

6. Fax or e-mail the property information to Buyers Agents and Investor Agents that like to invest in short sale properties.

7. Although the seller is losing the home or having to sell short, stress to the seller that the home needs to be in showing condition at all times.

8. Access to the property must be easy!

If you have additional questions please call 1-800-480-1917 or simply e-mail it to ZOOMLossMitigation@gmail.com

www.ZOOMLossMitigation.com

Will the Client Receive a 1099 from the IRS?

2009-01-10T11:06:00.000-08:00

This is a very common question and concern.

The answer currently is: Maybe

A current Federal Law may prohibit a Lender(s) from sending the home owner a "1099" for a deficiency (unpaid principal balance negotiated through a short sale) through the end of 2012.

However, in certain scenarios a client may receive a 1099 and some additional forms and documents may need to be submitted to the IRS. You can reference IRS publication 544 where you will find more information on page 3 on the right hand side under "Cancellation of debt". Based upon this publication most tax advisors would conclude that cancellation of debt on a personal residence is not taxable. Your accountant or tax advisor would file form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), to report the income exclusion. If the property is investment property your accountant or tax advisor would use form 4797.

ZOOM! Loss Mitigation Specialists highly recommends that home owners seek the advise and guidance of a professionally licensed tax advisor.

Please call us at 1-801-527-2011 or simply e-mail us at Questions@ZOOMLossMitigation.com with any additional questions.

www.ZOOMLossMitigation.com

Should My Client File Bankruptcy?

2009-01-10T08:35:00.000-08:00

This is a very common question. Our advise is to always have your client contact a Bankruptcy Attorney for advise.

Many sellers will file chapter 7 Bankruptcy, forcing a "Stay of Foreclosure." Some sellers do this simply to buy time sufficient to close a current escrow, and then dismiss the BK application. This is known as "Stopping the Clock" of the three month process. Once a bankruptcy is accepted, a bank IS NOT ALLOWED to offer a Short Sale to the seller, and will be sold at a BANKRUPTCY SALE.

The bank then hires attorneys to file for a "Relief of Stay" which allows them to continue foreclosing even though the clients are in a Bankruptcy.

However, courts are reluctant to approve this, and prefer a BANKRUPTCY SALE in order to pay off more creditors than a NON-JUDICIAL FORECLOSURE would, provided there is more equity over and above paying off the lien holders. Other "Non-Secured" creditors may be able to be paid off.

Example (does not apply to a short sale): If 250k is owed on the home, and the home can sell for 400k, the courts know the bank will "under price it" to recapture just the loan and costs - but not a penny more, especially in a declining or even a flat market. Banks want to "cut their losses." Courts want to realize the MAXIMUM RETURN, where Banks want only the note value and costs.

The homestead act may apply in this example.

(In a rising market, banks are willing to price REO's along side the competition, going with the upward trend.)

Bankruptcy is very risky and may be the very last resort prior to a foreclosure. A Bankruptcy will stay on a persons credit for 10 years. Selling the home can the BEST choice for the seller depending on their specific situation.

If you have a question please call 1-800-480-1917 or email it to ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

New Fannie/Freddie Short Sale Guidelines for 2009

2009-01-09T07:19:00.000-08:00

On December 24th, 2008 the Department of Housing and Urban Development (HUD) released "Mortgage Letter 2008-43".

For those of you who somehow managed not to be engrossed by this less than climatic title, here are the major changes coming soon to a FHA/HUD foreclosures:

1. Elimination of the clause calling for 63 percent or greater property appraisal versus debt. Now properties can appraise at any value and still be eligible for the program.

2. Increased Net. Instead of the former 82 percent net based upon appraisal value the new limits will be 88 percent if sold with 30 days, 86 percent if sold within 60 days and 84 percent thereafter.

3. Increased Closing Costs on Short Sales. Although not a lot - FHA will now allow up to 1 percent of closing costs rather than the former zero.

4. Increased Seller Incentives. Again, although not a lot this will at least allow sellers a reasonable down payment toward a rental home by putting up to $1,000 in their pocket at closing.

5. Increased Lien Allocations. Junior liens up to $2,500 are now allowed - just one more tool that helps sweeten the pot for short sale investors interested in pursuing FHA/HUD homes.

6. Removal of Repair Limitations. This is one change that could potentially add up to thousands depending upon the required maintenance on the home. This opens the doors to many homes that would otherwise be ignored due to excessive damage.

7. Exceptions to Non-Owner Occupant Requirements. This is on a case by case basis but opens to the door to rental properties formerly excluded from the program.

Questions? Call 1-800-438-1917 or simply email your question to ZOOMLossMitigation@gmail.com

Call us today or send us an e-mail to receive a FREE copy of the 22 page report Fannie/Freddie report.

www.ZOOMLossMitigation.com

Common Short Sale Conditions

2009-01-08T10:29:00.000-08:00

Below is a list of common short sale conditions received back from the lender and/or servicing company for an offer to purchase:

1. CLOSING DATE MUST BE FIRM
2. SALES PRICE MUST BE FIRM
3. BUYER MUST BE FIRM- NO ASSIGNMENT
4. AMOUNT OF PROCEEDS TO LENDER MUST BE FIRM
5. SALE "AS IS" MUST BE FIRM- NO REPAIRS PAID BY LENDER
6. THERE MAY BE CONTRIBUTION REQUIRED FROM SELLER
7. ZERO PROCEEDS MAY BE PAID TO SELLER
8. ZERO PROCEEDS TO BE PAID TO ANY ENTITY NOT DISCLOSED ON ESTIMATE
9. SELLER CANNOT ASSUME DEBTS OR COSTS OUTSIDE OF ESCROW
10. ONLY WIRE TRANSFER OF FUNDS ACCEPTED AT CLOSING
11. ANY REFUNDS AFTER CLOSING WILL GO TO THE LENDER
12. LENDER TO APPROVE FINAL HUD (NOT ESTIMATE!) PRIOR TO RECORDING

Do you have a question? Call 1-800-480-1917 or e-mail it to ZOOMLossMitigation@gmail.com

www.ZOOMLossMitigation.com

Your client is in foreclosure, what can they do?

2008-12-27T11:55:00.000-08:00

1. Put the property up for sale prior to the sale date.
2. Bring the delinquent balance current.
3. Find someone to deed the property to that will pick up the payments (this is very risky!).
4. Get an offer to purchase and send all the paperwork to ZOOM! Loss Mitigation. We will work with the lender to show the hardship and ask the balance to be forgiven less the sale proceeds.

Don't wait! Call us at 1-800-480-1917 or simply go to www.ZOOMLossMitigation.com.

Put Your Real Estate Business On Steriods with ZOOM! Loss Mitigation Specialists

2008-12-20T12:40:00.000-08:00

Here is what you do:

1. Find a Seller that is 100% committed to getting their home SOLD!
2. List the property for sale.
3. Leave the seller a ZOOM! Loss Mitigation submission package so they know where to send their documentation.
4. Send us your short sale submission information.
5. Go on to your next deal!
6. Close when we get the Short Sale Approved and deposit your check!

Here is what we do for you and your client:

1. We make sure that all information is complete so the short sale can be processed as quickly as possible.
2. We help analyze the transaction to determine if the property is able to be sold as a short sale.
3. We submit the clients information to our legal team for a Forensic Loan Audit and Legal Document review.
4. Our preferred services providers can process title for you anywhere in the country.
5. We take care of getting the authorization to the Lender.
6. We Prepare the Short Sale Package and Submit to the Lender.
7. Our prefered service provider will prepare a HUD-1 Settlement Statement (or “Net Sheet”).
8. We assist in scheduling the BPO or Appraisal.
9. We Follow up and negotiate with the Lender.
10. We provide constant contact 24/7 www.ZOOMLossMitigation.topproducerpages.com.
11. We bulldog the Lender!
12. We bulldog the Lender!
13. We bulldog the Lender (if you’ve done one you know this is not a typo)!
14. We spend OUR time on hold with the Lender while you run your business.
15. We get the Approval Letter.
16. We help you navigate closing logistics so you get your check as fast as possible! But even more important than all of this, one of the most important things we do for you is give you the ability to move on a find another deal. The true power of leverage is being able to turn around a few months from now and look back on many successful deals…not just one.

Try us today at 1-800-480-1917 or online at www.ZOOMLossMitigation.com.

Forensic Loan Audit and Legal Document Review

2008-12-12T17:39:00.001-08:00

A current Federal Law states that if a mortgage loan was not handled properly at settlement by the Title Company and/or the Lender, the home owner may be able to cancel the home loan for up to 3 years from the time the home owner closed on the loan and receive back ALL of the interest paid, all closing costs, all broker fees, and even pay the attorney fees.

For more information call 1-800-480-1917 or simply go to www.CancelYourHomeLoan.com.

Constant Contact

2008-12-09T09:04:00.001-08:00

Dear Agent and Home Seller,

We have given you access to the ZOOM! Loss Mitigation Information Center where you will find up-to-the-minute information 24/7 about our service activities for you.

You can access the center by clicking the following link:
http://www.ZOOMUpdate.com

(If you do not connect to the site when you click the link above, copy and paste the link into your web browser's address line and press ENTER)

Your username is: SoldHome
Your password is: Sample

If you have any questions, please don't hesitate to contact us.

Best regards,

Austin Coleman
Loss Mitigation Specialist
Toll-Free: 1-800-480-1917
Website: http://www.zoomlossmitigation.com/

NO COST Short Sale Processing and Negotiation Services

2008-12-08T08:14:00.000-08:00

ZOOM! Loss Mitigation offers a NO COST program for real estate agents and their clients.

If ZOOM! is able to negotiate our full fee with the lender or servicing company our services become free to the homeowner and/or their agent.

Start saving time and making more money now! Find out more by calling 1-800-480-1917 or simply go to http://www.ZOOMLossMitigation.com and fill out the contact me now form at the bottom of the page.

What Does ZOOM! Loss Mitigation Specialists Do???

2008-12-07T16:34:00.000-08:00

1. Successfully negotiate short sale transactions with lenders and/or servicing company's on the behalf of the real estate agent and their client(s)
2. Assist home owners in avoiding foreclosure
3. Preserve agent compensation
4. Forensic Loan Audit and Document Review
5. STOP the collection calls your client is receiving
6. Provide ongoing short sale training for real estate agents
7. Free up your valuable time
8. Eliminate stress and pressure
9. Imminent foreclosure and toxic listing notification

For more information call 1-800-480-1917 or simply go to http://www.ZOOMLossMitigation.com.

New Fannie Mae Guidelines Encourage Short Sales

2008-12-05T13:16:00.001-08:00

Fannie Mae recently released updated underwriting guidelines for new mortgage loans that directly address individuals with various types of foreclosure history. Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years. Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years. Finally, the silver lining...Short Sales require only a two year wait with no additional requirements. These new guidelines make short sales a more attractive option for homeowners as well as provide realtors with a tremendous opportunity to assist distressed homeowners with a short sale AND future home ownership.

For more information call 1-800480-1917 or simply go to www.NationalLoanBailout.com.

ZOOM! Loss Mitigation Specialists

2008-11-21T20:09:00.000-08:00

Spend more time making sales and finding new clients by allowing ZOOM! Loss Mitigation Specialists to gather and submit all required short sale documentation. Each lender has a different process and each short sale requires a relentless number of phone calls, emails, and ongoing communication. Let the experts at ZOOM! Loss Mitigation Specialists handle this for you so you can do what you do best. SELL MORE REAL ESTATE!!!

Contact us today at 1-800-480-1917 or simply go to www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Specialists

MARS Rule Simplified for Real Estate Agents

FTC decides not to enforce parts of MARS

**NEW PHONE NUMBER & ADDRESS***

MARS Instruction Sheet for REALTORS® - Utah

MARS - Mortgage Assistance Relief Services Disclosure

Non-Arms Length Short Sale Transactions

Bank of America Cooperative Short Sale

Bank Of America Announces Cooperative Short Sale Program & New HAFA Guidelines

Please follow MLS rules when compensating short sale processing companies - Utah

Situation Analysis Questionnaire

We are pleased to post you a special link to help Real Estate Agents and home owners determine how we can best help them avoid a home going to foreclosure.Please click on the following link to access a brief survey http://www.ZOOMSAQ.com.

Once you have completed the questionnaire simply hit "Submit". We will call you back shortly with the results of the survey.

Year-End Tips

Short Sale Commission Disclosure

Fannie Mae and Freddie Mac Announce New HAFA Programs

Fannie Shortens Wait for Some Distressed Borrowers to Get New Loans

Government Programs...Check Your Eligibility NOW!

Avoiding Arbitration During a Short Sale

New Changes to HAFA Supplemental Directive

Can you really Cancel your home loan for up to THREE YEARS?

Top 6 Short Sale and Loan Modification Acronyms in 2009

Real Estate Agents Team Up with Short Sale Specialists

Substitution of Trustee Law & Legal Definition

Short Sale Agent Referral Program

FHA Announces Policy Changes to Address Risk & Strengthen Finances

HAFA - Home Affordable Foreclosure Alternatives Summary

ZOOM! Loss Mitigation CEO Earns SFR Designation

Treasury Announces New Short Sale Process

Top 5 Facts You Need to Know about the Expanded Home Buyers Tax Credit

11 Reasons to List Your Home During the Holidays

ZOOM! Loss Mitigation Toll-Free Fax Number

Protecting Tenants at Foreclosure Act of 2009

Top 5 Tips for Securing a Loan Modification

Learn to Love Short Sales! - 2 Hour CE Core Course Distance Education (Utah)

Deficiency Judgment - Short Sale

Short Sale Questions Answered - ZOOM! Loss Mitigation Specialists

RealtyTrac Reports 1.9 Million Foreclosure Filings in First Half of 2009

Short Sale - Your Financial Lifeline

State Foreclosure Procedures

Foreclosure Procedure - Utah

Short Sale Marketing Materials Available

Do I Qualify For A Short Sale?

Certified Distressed Property Expert (CDPE) - Press Release

Salt Lake City - One Out of Seven Homes for Sale are Short Sales

Short Sale Survival Kit

Short Sale Pitfalls and Solutions

Please join us at the REBAR Camp SLC June 5th

Lender Approved Short Sale Properties Available!

A Special Gift

H.R. 3221 Housing and Economic Recovery Act of 2008

Treasury Announces TARP Capital Purchase Program Description

www.ShortSaleRecovery.com

Short Sale VIP Seller Recovery Program

New Address and Phone Number

How will a short sale affect your clients credit?

Short Sale: How Debt Forgiveness Works - H.R. 3648

The Housing Affordability and Stability Plan (H.A.S.P.) - Loan Modification

How to Submit a New Short Sale File

REALTORS® ACHIEVE VICTORY WITH SHORT SALE COMMISSIONS

ZOOM! Can Help You Supercharge Your Business!

Trustee Sites - Utah

Do Not Breach Your Fiduciary Duty!

FREE Real Estate Agent and Investor Coaching and Training

Short Sale Approval - Deal or No Deal?

Agents - It Actually COSTS YOU MONEY to Sell A Short Sale!

Top 10 Reasons Why You and Your Clients Should Take Advantage of ZOOM! Loss Mitigation Specialists

What is the benfit to doing a Forensic Loan Audit and Legal Document review?

9 Crucial Listing and Submission Questions for Real Estate Agents

ZOOM! Loss Mitigation Specialists - Who Are We???

How Does ZOOM! receive compensation?

Foreclosures are at record levels

Benefits To Avoiding Foreclosure

Minimum Charges for Escrow Services - UTAH

When should a Loss Mitigation file be submitted to ZOOM!?

ZOOM! Loss Mitigation Online Document Manager

ZOOM! Loss Mitigation Specialists Privacy Policy

Should The Home Owner Do A Deed In Lieu Of Foreclosure?

How Will The Lender Report The Short Sale On The Credit Bureau's?

Short Sale Tips For Listing Agents

NEW PHONE NUMBER & ADDRESS*

We are pleased to post you a special link to help Real Estate Agents and home owners determine how we can best help them avoid a home going to foreclosure.

Please click on the following link to access a brief survey http://www.ZOOMSAQ.com.