NEED TO SELL AND OWE TOO MUCH?

OPTIONS YOU HAVE WHEN YOU MUST SELL AND YOU OWE MORE THAN THE PROPERTY IS WORTH.

BRING MONEY to the closing to make up the difference – By far the best and quickest way to go if you can manage it, and worth the money. If you have the money, the bank will know, because you have to send them your bank statements, and after waiting months on a short sale, you may still need to pay the bank some or all of the difference. A normal sale will produce a higher selling price and a quicker sale saving you time and money.
OUTCOME: No future tax, credit, or legal problems.

SHORT SALE – Make sure your Realtor is successful in this area, has SFR and CDPE designations and has testimonials and referrals. Talk to your CPA about tax issues. OUTCOME: Possible future tax and legal issues, and/or wage garnishment if not handled properly. You could still unknowingly owe the difference if not handled properly. Or, if handled properly, NO tax issues, legal issues, credit issues, or wage garnishment. The experience of the Realtor handling the short sale is the critical key. See Testimonial on www.DeeSmith.com

FORECLOSURE – Stop paying your mortgage, and do nothing.
OUTCOME: Surety of future legal issues, tax issues, credit issues, and/or wage garnishment.

DEED IN LIEU OF FROCLOSURE – you must negotiate your own satlisfaction of mortgage. OUTCOME: Possible legal issues, tax issues, credit issues and/or wage garnishment.

BANKRUPTCY – speak with a bankruptcy attorney. Every bankruptcy is different. This takes a long time.
OUTCOME: still may have some long term tax, credit, legal issues and/or wage garnishment. Ask bankruptcy attorney about future issues and get the answers in writing so you can remember what was said. Or take notes. Bankruptcy goes on for years and affects every aspect of your life. This should be your last resort.

IF YOU CHOOSE SHORT SALE - BE SURE YOU HAVE AN EXPERIENCED, SUCCESSFUL SHORT SALE SPECIALIST WITH CDPE AND SFR DESIGNATIONS, AND CAN SUPPLY REFERRALS & TESTIMONIALS.

For more information go to http://www.DeeSmith.com, email deesmith@deesmith.com or text 813-714-9737

DO YOU QUALIFY FOR A SHORT SALE?

DO YOU QUALIFY FOR A SHORT SALE.
Since the recent lawsuit settlement between the 5 major banks(Ally, Bank of America, Chase, CitiBank, Wells Fargo) and the government (Federal as well as 49 states), the major banks have indicated that they plan to go forward more quickly with foreclosures on borrowers who are behind on their payments. However, the settlement states they cannot foreclose on you AND attempt to do a short sale or loan modification AT THE SAME TIME. If you are behind on your mortgage, you need to contact a Short Sale Specialist and get your home on the market ASAP to avoid a foreclosure, or start a loan modification.
WHY NOT JUST LET IT GO? Foreclosure has a great adverse effects on your future credit, and many other aspects… forever! Foreclosure can affect your present job security as well as future job opportunities, insurance rates, and future credit opportunities. With a Foreclosure you are still reponsible for the balance of your mortgage not paid off by the bank's sale of your home, and they can come after you for that balance for years to come, even garnish your wages. Foreclosure never goes away. Short sales usually go away in a matter of months.
Your Short Sale Specialist can secure a satisfaction of mortgage, so there is no future wage garnishment. We have helped many families put this nightmare behind them and move on with their lives. http:www.DeeSmith.com click on Testimonials
NOT BEHIND ON PAYMENTS AND NEED TO MOVE. You don't want to ruin your credit. A short Sale Specialist can most times manage a short sale without getting you behind on your payments, thereby not damaging your credit. Consult with a Short Sale Specialist to see if your mortgage qualifies.
LIFE AFTER SHORT SALES. You can then go on to buy another home within a few months after their short sale closes. Short Sale Specialists have resources to help you get your credit back in shape, and go on with your life.
SHORT SALE FLIPS? THEY ARE ILLEGAL. Beware of anyone who approaches you and says they will buy your property and short sale it. IT IS A SCAM! Do not sign a power of attorney. Do not sign over your deed to anyone. Do not sign a contract to sell to someone who will then find a buyer before you close. You can lose your home and still be financially responsible for the entire mortgage balance.

For more go to www.DeeSmith.com, email deesmith@deesmith.com or text 813-714-9737

SHORT SALES IN WESLEY CHAPEL/LAND O LAKES

WHY WESLEY CHAPEL AND LAND O LAKES AREA? Many homes have been built in Wesley Chapel, Land o’ Lakes since 2005, so we have a lot of short sale opportunities to buy a newer home at a huge discount. We have starter homes, retirement homes & large luxury homes in gated communities. We are fortunate enough to have the best A-rated schools here with all the extra-curricular programs and activities for our extraordinary students. Sports is a big deal in Pasco County so we have some of the best sports parks in the state with both recreational as well as competitive sports for all ages. We have new Hospitals, and the best health care, Churches, Restaurants, Movies, and many shopping centers including the Wiregrass Towne Center in Wesley Chapel. There are so many attractions only a few miles away, lots of golf courses and plenty to do. Pasco County is known for their lower taxes than Tampa, and lower insurance rates for your home and car. The Wesley Chapel & Land o Lakes area is the best place to live in the Tampa Bay Area! CONTACT DEE: deesmith@deesmith.com text 813-714-9737 http://www.DeeSmith.com

EXECUTIVE SUMMARY OF MULTISTATE/FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS

Recently a settlement between 49 States and the Federal Government against 5 major banks over illegal foreclosure procedures was reached and here is the summary from the CDPE website.

Philip A. Lehman
Assistant Attorney General
Consumer Protection Division
North Carolina Department of Justice

The settlement between the state attorneys general and the five leading
bank mortgage servicers will result in approximately $25 billion dollars in
monetary sanctions and relief. The settlement represents the largest financial
recovery obtained by the attorneys general except for the 1998 Master Tobacco
Settlement. The accord will enable hundreds of thousands of distressed
homeowners to stay in their homes through enhanced loan modifications. It
will also fund payments to victims of unfair foreclosure practices and provide
support for housing counseling and state-level foreclosure prevention programs.
In addition to the monetary allocations, the settlement will require
comprehensive reforms of mortgage loan servicing. The mandated standards
will cover all aspects of mortgage servicing, from consumer response to
foreclosure documentation. To ensure that the banks meet the new standards,
the settlement will be recorded and enforceable as a court judgment.
Compliance will be overseen by an independent monitor who will report to the
attorneys general and the court.
The settlement follows ten months of intensive negotiations between the five
banks and a coalition of state attorneys general and federal agencies, including
the Departments of Justice, Treasury, and Housing and Urban Development. The
investigation began in October 2010 following revelations of widespread use
of “robo-signed” affidavits in foreclosure proceedings across the country. State
attorneys general formed a working group to investigate the problem and to
confront the banks about the allegations. The major mortgage servicing banks
soon acknowledged that individuals had been signing thousands of foreclosure
affidavits without reviewing the validity or accuracy of the sworn statements.
Several national banks then agreed to stop their foreclosure filings and sales
until corrective action could be taken.
While the robo-signing issue received the most attention, other servicer-related
problems were identified, including deceptive practices in the offering of loan
modifications (for example, telling consumers that a loan modification was
imminent while simultaneously foreclosing). The performance failures resulted
in more than just poor customer service. Unnecessary foreclosures occurred due
to failure to process homeowners’ requests for modified payment plans. And
where foreclosures should have been concluded, shoddy documentation led to
protracted delays. This misconduct threatened the integrity of the legal system
and had a negative impact on communities and the overall housing market.
All 50 state attorneys general determined that the compliance and performance
failures prevalent in mortgage servicing were a high priority law enforcement
and consumer protection matter. A bipartisan Negotiating Committee, made up
of eight attorneys general led the settlement negotiations. The Committee had
extensive discussions with a wide variety of stakeholders, including investor
groups, state banking examiners, bankruptcy attorneys, consumer groups and
1
EXECUTIVE SUMMARY OF MULTISTATE/
FEDERAL SETTLEMENT OF FORECLOSURE
MISCONDUCT CLAIMS
legal aid attorneys. The assistance and cooperation of state banking regulators and the Conference
of State Banking Supervisors was particularly helpful in developing expertise. The attorneys
general also partnered with federal authorities in order to benefit from their expertise and
investigations. A working relationship with federal agencies was particularly important because
national banks assert that state officials have no authority to investigate their banking practices.
The negotiations focused on robo-signing and mortgage servicing misconduct. The resulting
settlement addresses the primary goals of the attorneys general: to provide immediate relief to
enable struggling homeowners to avoid foreclosure; to bring badly needed reform to the mortgage
servicing industry; to ensure that foreclosures are lawfully conducted; and to penalize the banks
for robo-signing misconduct. The settlement imposes monetary sanctions on the banks while
providing immediate and continuing relief to homeowners. Full litigation of the states’ claims
would likely have taken years, at a time when the foreclosure crisis requires immediate relief for
homeowners. And adjudication of state-based robo-signing claims may have led to civil penalties
but could not have yielded the amount and scope of the relief obtained in this settlement.
The settlement was not intended to address issues related to mortgage loan securitization or the
concerns of investors. The settlement does not release securitization claims, so private parties
and government officials are free to pursue those claims. Nor does the settlement provide any
immunity or release for criminal conduct.
SUMMARY OF KEY SETTLEMENT TERMS
I. Relief for Struggling Homeowners
The settlement requires the five banks to allocate a total of $17 billion in assistance to borrowers
who have the intent and ability to stay in their homes while making reasonable payments on their
mortgage loans. At least 60 percent of the $17 billion must be allocated to reduce the principal
balance of home loans for borrowers who are in default or at risk of default on their loan payments.
Many homeowners, particularly in states like Florida, Arizona, Nevada and California, have
negative equity in their homes and have no realistic ability of refinancing or selling their homes, or
to build equity. Principal reductions will also yield lower payments and will give homeowners a
fair opportunity to preserve their homes.
In addition to principal reductions, the banks must allocate funds, approximately $5.2 billion, for
other forms of homeowner assistance. These options include the facilitation of short sales which
allow houses to be bought and sold when the mortgage balance exceeds the value of the property.
Another program is unemployed payment forbearance, which will defer payments for homeowners
who are between jobs. Other options for funding include relocation assistance for homeowners
facing foreclosure, waiving of deficiency balances, and funding for remediation of blighted
properties.
II. Refinancing of Underwater Homes
To assist homeowners who are not delinquent on their payments but cannot refinance to lower
rates because of negative equity, the banks must offer refinance programs totaling at least $3
billion. The banks will be required to notify eligible homeowners of the availability of these
programs. To be eligible, a borrower must be current on mortgage payments, have a loan to value
ratio in excess of 100%, and must have a current interest rate in excess of 5.25%. The refinanced
rate must reduce monthly payments by at least $100.
EXECUTIVE SUMMARY OF MULTISTATE/FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS
2
III. Mortgage Servicing Reforms
A major component of the settlement is the comprehensive reform of mortgage servicing
practices. The new standards will prevent mortgage servicers from engaging in robo-signing and
other improper foreclosure practices. The standards will require banks to offer loss mitigation
alternatives to borrowers before pursuing foreclosure. They also increase the transparency of the
loss mitigation process, impose time lines to respond to borrowers, and restrict the unfair practice
of “dual tracking,” where foreclosure is initiated despite the borrower’s engagement in a loss
mitigation process.
Specific new servicing standards include:
• Information in foreclosure affidavits must be personally reviewed and based on competent
evidence.
• Holders of loans and their legal standing to foreclose must be documented and disclosed to
borrowers.
• Borrowers must be sent a pre-foreclosure notice that will include a summary of loss
mitigation options offered, an account summary, description of facts supporting lender’s right
to foreclose, and a notice that the borrower may request a copy of the loan note and the
identity of the investor holding the loan.
• Borrowers must be thoroughly evaluated for all available loss mitigation options before
foreclosure referral, and banks must act on loss mitigation applications before referring loans
to foreclosure; i.e. “dual tracking” will be restricted.
• Denials of loss mitigation relief must be automatically reviewed, with a right to appeal for
borrowers.
• Banks must implement procedures to ensure accuracy of accounts and default fees, including
regular audits, detailed monthly billing statements and enhanced billing dispute rights for
borrowers.
• Banks are required to adopt procedures to oversee foreclosure firms, trustees and other
agents.
• Banks will have specific loss mitigation obligations, including customer outreach and
communications, time lines to respond to loss mitigation applications, and e-portals for
borrowers to keep informed of loan modification status.
• Banks are required to designate an employee as a continuing single point of contact to assist
borrowers seeking loss mitigation assistance.
• Military personnel who are covered by the Service members Civil Relief Act (SCRA) will have
enhanced protections.
• Banks must maintain adequate trained staff to handle the demand for loss mitigation relief.
• Application and qualification information for proprietary loan modifications must be publicly
available.
• Servicers are required to expedite and facilitate short sales of distressed properties.
• Restrictions are imposed on default fees, late fees, third-party fees, and force-placed
insurance.
IV. Monitoring and Enforcement
The settlement with each bank will be incorporated into a Consent Judgment that will be submitted
to a federal judge for approval. Compliance with the servicing standards and financial obligations
of the banks can be ultimately enforced through court process. Civil penalties may be assessed for
violations of the Consent Judgment.
EXECUTIVE SUMMARY OF MULTISTATE/FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS
3
The banks’ performance of their obligations under the settlement will be overseen by an
independent Monitor. The Monitor will employ a staff of professionals to review the banks’
compliance. The Monitor will issue periodic reports to the attorneys general, including notices of
any potential violations.
The banks will report on their compliance in the form of agreed-upon metrics and outcome
measures. Included among the compliance metrics are testing for proper documentation of
foreclosures, loss mitigation offers and proper evaluation of loan modification applications. There
will also be testing to ensure that borrowers’ account information is accurate and that any fees are
properly assessed and are not excessive. If banks fail to remedy violations, they are subject to civil
penalties of up to $5 million from the court.
V. Payments to Foreclosure Victims
Approximately $1.5 billion of the settlement funds will be allocated to compensation to borrowers
who were foreclosed on after January 1, 2008. These borrowers will be notified of their right to
file a claim. Borrowers who were not properly offered loss mitigation or who were otherwise
improperly foreclosed on will be eligible for a uniform payment, which will be approximately
$2000 per borrower depending on level of response. Borrowers who receive payments will not
have to release any claims and will be free to seek additional relief in the courts. Borrowers may
also be eligible for a separate restitution process administered by the federal banking regulators.
VI. Payments to the States
The remaining settlement funds, approximately $2.5 billion, will be paid to the participating states.
The funds may be distributed by the attorneys general to foreclosure relief and housing programs,
including housing counseling, legal assistance, foreclosure prevention hotlines, foreclosure
mediation, and community blight remediation. A portion of the funds may also be designated as
civil penalties for the banks robo-signing misconduct.
VII. Release of Claims
The proposed Release contains a broad release of the banks’ conduct related to mortgage loan
servicing, foreclosure preparation, and mortgage loan origination services. Claims based on
these areas of past conduct by the banks cannot be brought by state attorneys general or banking
regulators.
The Release applies only to the named bank parties. It does not extend to third parties who may
have provided default or foreclosure services for the banks. Notably, claims against MERSCORP, Inc.
or Mortgage Electronic Registration Systems, Inc. (MERS) are not released.
Securitization claims, including claims of state and local pension funds, and including investor
claims related to the formation, marketing or offering of securities, are fully preserved. Other
claims that are not released include violations of state fair lending laws, criminal law enforcement,
claims of state agencies having independent regulatory jurisdiction, claims of county recorders for
fees, and actions to quiet title to foreclosed properties. Of course, the Release does not affect the
rights of any individuals or entities to pursue their own claims for relief.
EXECUTIVE SUMMARY OF MULTISTATE/FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS
4