CLTA News
June 21, 2011
Webinar Recordings Now Available - Short Sales, Part 1 and Part 2
The two-part recorded webinar, Short Sales - Part 1 and Short Sales - Part 2, are now available to order. The webinars were a joint production by the CEA and CLTA and were presented by industry experts Linda Hamilton with Chicago Title Company and Jonathan Zak with Wright, Finlay and Zak.
Short Sales, Part 1 will include:
- Definition of short sale and compromise sale
- Parties to a short sale
- HAFA
- Short Sale process and documentation
- Agent authorization forms for escrow to communicate with Lenders
- Licensing of processors and negotiators
- Preliminary Estimated HUD-1 details
- Short sale approval letter
- Short Sale Addendums
- Working with First Lender and Junior Lienholders
- Addressing conflicting demands of first and junior lienholders
- Notice of Default Purchase Agreement Details
- Disclosure of renters as buyers and family members and
Arm's Length Transaction - FRAUD - Agents writing up contacts to postpone Trustee Sale, other issues
- Understanding the provisions of SB 306 (2009) regarding short sale demand procedures, if utilized
Short Sales, Part 2 will include:
- Obtaining Pre-Closing/Final HUD-1 approval
- Obtaining updates of short sale letters/agreements
- Second lien holders service agreements
- Role of MERS and obtaining servicer information online
- Sale of loan by lender mid-transaction
- Equator - liability and issues
- How escrow and title can avoid contested short sales
- Types of Short Sale disputes
- How disputes occur and how to avoid them
- Events that may trigger rescission/cancellation by the lender
- Effect of foreclosure and/or bankruptcy
- What happens when Short Sale declares sale is void
- Potential issues in Short Sale litigation
- Potential plaintiffs/defendant in Short Sale litigation
Be educated. Order your webinar recordings now.
