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1. Loan Workout Analysis.
For this low flat fee of Marilyn will help you analyze your situation and determine the best loan workout option for you. Is it loan mod? Were you denied for a mod and shouldn’t have been? Are you upside down and can’t decide whether to go or stay? Is short sale your best option? If so, when do you list? This is a three-step process. The first step is to complete two forms Marilyn has created to assess your financial and legal status. The second stop is Marilyn’s analysis of your documents. The third step is a telephone consultation with Marilyn where she will discuss your options and help you choose the best course of action based on your unique situation.
If you are ready: E-mail Marilyn.
2. Comprehensive Loan Workout Analysis. $795
Suggested for owner-occupied home loan(s) where you are more than 25% underwater [unless you do not want to consider letting of the property] and all non-owner occupied loans under water
We will submit two Questionnaire to you for completion and return. Marilyn will then consult with you regarding these issues:
1. We always start with the value of the property in relation to the loan(s)
2.
Whether it makes financial sense to keep the property;
3. Loan modification feasibility.
4. Principal reduction eligiblity.
5. Should you short sell, deed in lieu or allow the lender to foreclose?
6. Should you lease out your house?
7. Are you eligible for short sale under Home Affordable Foreclosure Alternatives (HAFA).
8. Are you eligible for unemployment relief under Making Home Affordable?
9. Will your financial status cause the lender to require you to make a financial contribution at short sale?
10. If you let go of the property, can your lender obtain a deficiency judgment against you?
11. If so, how long do they have after sale to obtain a judgment.
12. If you let go of the property, whether a 1099-C for Cancellation of Debt will issue and in what amount.
13. How will these options affect your credit.
Although you have to be the one to make these decisions, we will guide you with the best and most up-to-date information regarding loan workouts.
We will provide this analysis in writing for a fee of $195 more. The written analysis will be approximately five pages. These concepts are not easy to grasp. We find that clients need the written format to best understand these issues.
If you are ready: E-mail Marilyn.
Our services consist of:
- AUTHORIZE. We will prepare a Third Party Authorization for you to sign and transmit to the lender(s) authorizing your lender to deal with her on your behalf for modification of your loan.
- REQUIREMENTS. We will ascertain your lender’s specific requirements for consideration of a modification of your loan.
- ASSEMBLE. Marilyn will work with you to complete and compile all necessary documents that will be required by your lender to consider a loan modification.
- ANALYSIS. We will analyze your documents and assist you with preparation of your Hardship Affidavit and Hardship letter.
- VALUATION. We will obtain a valuation of your property so you will be guided by a true valuation in making your decisions and so a principal loan reduction can be requested from the lender if the property is significantly underwater.
- ASSESSMENT. We will run your numbers through our Loan Modification calculator to insure that you have the best possible chance of modification.
- PROPOSAL. We will prepare a loan modification proposal that fits your financials and the lender’s requirements.
- SUBMISSION. We will submit your loan modification package and proposal to your lender(s).
- CONFIRMATION. We will confirm lender receipt of the loan workout package, make sure it has been deemed complete and keep in constant contact with your lender(s) to insure that the application is being processed on a timely basis.
- LENDER TIME FRAMES. We will report to you about the expected time frames for lender review and decision.
- MONITOR. MS will regularly check in with the lender to make sure your application is moving along as expeditiously as possible and report back to you.
- UPDATE. We will update the documents if required by the lender.
- NEGOTIATE. MS will negotiate with your lender to obtain the most favorable modification terms including interest rate reduction, re-amortization of term to as long as 40 years, principal reduction, capitalization of arrearages, cancellation of late charges.
- REVIEW. If modification is approved, we will review the modification documents and help you decide if you want to accept the terms offered.
If you are ready: E-mail Marilyn.
If your property is worth significantly less than the junior loan and you are close to a foreclosure sale, there is a good chance the junior lender will settle for less than the amount owed, sometimes for significantly less
(5 to 15%) depending on how under water the property is and your financial predicament.
[This fee is if we are handling the loan modification of your first loan. If not, we charge $1995.]
If you are ready: E-mail Marilyn.
As a real estate broker and developer, Marilyn knows how to short sell so lenders will accept the offer in an abbreviated timeframe. She will advocate your legal position to obtain release of deficiency judgment rights against you. She will negotiate their demands for financial contributions from you. Review our Testimonials page for some of her results.
Her fee is paid as follows: 2% of the agent's commission (typically paid by the listing agent). If the transaction does not close, no fee is due. These are the services Marilyn provides in a short sale:
- 1. IDENTIFY. Ascertain your lender(s)' guidelines and determine whether your short sale conforms to your lender’s specific requirements.
2. ELIGIBILITY. Determine your eligibility for the Home Affordable Foreclosure Alternatives Program, if applicable.
3. ANALYZE. Analyze your financial status to ensure that it conforms to short sale requirements.
4. FIND A LISTING AGENT. If you do not have one, locate a real estate agent specializing in short sales and facilitate the listing terms to conform to your lender's requirements. Comparable sales will be reviewed to set a list price that will have the best chance of bringing a fast sale but also conform to lender requirements for the highest possible sale price. A marketing plan will be implemented to expeditiously and proactively service the listing.
5. MONITOR. Monitor the real estate agent throughout the listing to make sure the listing is diligently and pro-actively serviced.
6. REVIEW. Review offers and prepare addenda to insure that they conform to your lender’s short sale requirements and coordinate with you and your listing agent.
7. SUPERVISE. Supervise preparation of the initial Broker Price Opinion Valuation of your property at listing and again when an offer is received to support the short sale price.
8. COMPILE AND SUBMIT. Prepare the Short Sale package (often in excess of 75 pages) and submit it your lender along with a legal memorandum analyzing why the subject offer should be accepted.
9. LEGALITIES. Identify non-recourse and deficiency judgment rights for use in negotiations with the lender(s).
10. NEGOTIATE. Negotiate the Short Sale Offer with the lender(s) as well as resulting tax and deficiency liability.
11. CERTIFICATION. Provide you with a Short Sale Certification for bolstering your credit. This document certifies that you earnestly undertook proactive steps which resulted in minimized loss to your lender. This certification can assist with obtaining new credit sooner.
12. FACILITATE TAX ISSUES. Facilitate your claiming exclusions from 1099 cancellation of debt income reporting, if applicable.
If you are ready: E-mail Marilyn.
If you have decided foreclosure is the best option for you, we can coach you through proactively experiencing the process. If the property is a rental, continue receiving rent (to which you are legally entitled) for as long as possible and work with your tenant so they can plan to vacate at the right time. Know how long you have before the sale, the lender's notice and posting requirements so you can make sure they are followed, what happens at the sale, how long you or your tenants will be able to stay after the sale, whether you or your tenants may be able to rent the property after sale. If you have not analyzed the legal and tax ramifications of foreclosure, you should consider obtaining the analysis immediately above.
If you are ready: E-mail Marilyn.
Want to do it yourself? Marilyn will coach you through the process. She will:
- Pre-qualify you.
- Provide you with a Workout Roadmap including lender contact information.
- Guide you to prepare your workout package including financials and hardship letter.
- Explain the options of supporting your offer with a Broker Price Opinion if your property is underwater.
- Coach you about commuicating with the lender and getting the best results.
- Review the lender’s response with you.
If you are ready: E-mail Marilyn with your request.
If we are providing a Property Valuation as part of our service, we will also petition to have your property taxes reduced in line with the valuation for this additional fee.
If you are ready: E-mail Marilyn
Marilyn also consults at an hourly rate of $290 for e-mail and $335 for phone or in person, prorated to the time spent. Please e-mail Marilyn if you desire a consultation with her. Marilyn has rolled her rates back from $450 an hour to assist fellow real estate owners in these troubling times.
If you are ready: E-mail Marilyn
We no longer perform forensic audits because the most predatory violations are Truth in Lending violations which must be raised within three years of loan origination. In most cases, this statute of limitations has run.
The majority of Marilyn’s services after the initial consultation are performed by e-mail and fax. So, please have an e-mail address and a scanner that produces pdf files to attach to e-mails or a fax machine available.
Click here for Testimonials
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