New Lender Program "Customer Relief"

1. To be prepared is half the victory.
2. "Miguel Cervantes"
3.  

I spoke with a Wells Fargo Representative today to get clear on a program that was rolled out 2 months ago. I get a sense the lenders are trying to work out the details to be more accurate, effective and efficient. It is called the "Customer Relief program". Through this program all net proceeds will go to the first lien holder and the second will be wiped out with a zero balance. If homeowners are qualified for this program through the first lien holder then the second from what I am told has to participate. (We shall see). In addition; if the second does get wiped out it still falls within the debt forgiveness however; they will still get a 1099. If the BPO comes back higher than the unpaid balance then the homeowner will be declined for the Customer Relief program and will move into traditional short sale status. The lenders that are participating in this are the following:

- Wells Fargo
- GMAC
- Bank of America
- Chase
- Citi Group

Homeowners who WILL NOT qualify are:

1. Fannie Mae loans ( Freddie Mac is okay)
2. Lots
3. Capital Markets

The benefit for the homeowner is if they are 90 days past due on their mortgage they will NOT be asked to provide their bank statements, pay stubs or tax returns. 30 and 60 day lates will still need to provide the standard financial information. It is still unclear exactly what the qualifications are as the lender has only provided who will not be qualified for this but we were told that the value of the home and the offer would not be a determining factor. As we learn more about the program we will provide you with more information.

Call us today and let us show you a system that works to help you expand your business and effectively and efficiently close short sale transactions.

LOTUS REALTY GROUP
PROFESSIONAL SHORT SALE NEGOTIATORS

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