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To Foreclose or not to Foreclose?

Guidelines to Help Determine


How Hard to Push Your Borrower

JUST A LITTLE ABOUT OUR COMPANIES

Foreclosure - Escrow Closings -Title


Servicing the states of California Arizona Nevada
Alaska Oregon Washington Idaho Montana and Texas

WHAT WE WILL DISCUSS


WE HAVE AN HOUR TO TALK
10 MINUTES: FORECLOSURE
20 MINUTES: THE TOOLS OF FORECLOSURE (FRIEND OR FOE)
20 MINUTES: PUSHING YOUR BORROWER
10 MINUTES: QUESTION AND ANSWERS

RULES FOR TODAY


NO LEGAL OR TAX ADVICE WILL BE PROVIDED. CONTACT YOUR LEGAL AND TAX
PROFESSIONALS REGARDING THESE TYPE OF MATTERS.
YOU WILL NEED TO TAKE YOUR OWN NOTES.
ASK QUESTIONS..THIS IS AN OPEN DISCUSSION
DONT BE AFRAID OF FORECLOSURE
(949) 252-8300 EXT. 190

RANDE D. JOHNSEN

RJOHNSEN@TRUSTEECORPS.COM

FIRST 10 MINUTES: FORECLOSURE


foreclosure
frklZHr/
noun
noun: foreclosure; plural noun: foreclosures
the process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep
up mortgage payments.

BASIC DEFINITIONS
DEED OF TRUST
MORTGAGE
PROMISSORY NOTE
ASSIGNMENT
ALLONGE

TRUSTEE / ATTORNEY
BENEFICIARY / TRUSTOR / TRUSTEE
MORTGAGOR / MORTGAGEE
NON-JUDICIAL FORECLOSURE

NOTICE OF INTENT

JUDICIAL FORECLOSURE

SUBSTITUTION OF TRUSTEE

RECEIVER

NOTICE(S) OF FORECLOSURE

DIFFERENT KINDS OF FORECLOSURES


(DIFFERS BY STATE & SITUATION)

NON-JUDICIAL FORECLOSURE

JUDICIAL FORECLOSURE

DEED OF TRUST / NOTE

MORTGAGE

GENERALLY DOES NOT REQUIRE COURT


ACTION

ALWAYS REQUIRES COURT ACTION

GENERALLY NO RIGHT TO REDEEM


WHAT YOU SEE IS WHAT YOU GET
NO RECOURSE

GENERALLY RIGHT TO REDEEM


USED TO CLEAN UP ISSUES
RECOURSE

20 MINUTES: THE TOOLS OF FORECLOSURE

RESEARCH PLAN & BUDGET - OUTSOURCE

RESEARCH PLAN & BUDGET - OUTSOURCE


DONT PLAN ON EATING THE ELEPHANT WITH ONE BITE
DONT BLOW YOUR ENTIRE BUDGET ON THE FIRST TRANSACTION
RESEARCH WHO YOU WANT TO WORK WITH
ASSEMBLE YOUR TEAM

TRUSTEE / ATTORNEY TITLE (COMPANY & ABSTRACTOR) - SKIP TRACER DOOR


KNOCKERS LOAN SERVICER - INSURANCE AND REAL ESTATE AGENTS PRODUCT
SOURCES - ETC
DONT BE AFRAID TO OUTSOURCE

COMPLIANCE
BE FAMILIAR WITH:
THE FORECLOSURE LAWS IN THE STATE WHERE THE PROPERTY IS LOCATED
STATE LAWS (TIMELINES, HOMEOWNER BILL OF RIGHTS, MEDIATION, ETC.)
CFPB
FDCPA
RESPA
TILA

THE TOOLS OF FORECLOSURE (FRIEND OR FOE)

FOE

FRIEND
GETS THE HOMEOWNERS ATTENTION

COST MONEY

FORCES A LIMITED TIMEFRAME

STATE AND FEDERAL COMPLIANCE ISSUES

PROPERTY SOLD AT PUBLIC SALE

LITIGATION

IT GETS THEIR ATTENTION

SOME FIGHT TOO LONG FOR NOTHING

MOST PEOPLE GIVE UP


EASIER, IF WELL PREPARED

EFFECT OF FORECLOSURE ON TITLE


FORECLOSURE ELIMINATES LIENS NOT DEBT
FORECLOSURE WIPES OUT ALL RECORDED JUDGMENT LIENS JUNIOR TO THE DEED
OF TRUST. FORECLOSURE OF A PURCHASE MONEY DEED OF TRUST ELIMINATES ALL
RECORDED ABSTRACTS WHICH ATTACHED AT THE TIME OF PURCHASE, AS THE
PURCHASE MONEY DEED OF TRUST WOULD HAVE PRIORITY OVER THE ABSTRACTS
PURSUANT TO CIVIL CODE 2898 OR APPLICABLE STATE LAW
EXCEPTIONS
PROPERTY TAXES
DELINQUENT HOA DUES OR A PORTION THEREOF IN SOME STATES
MUNICIPAL LIENS (WASTE, ABATEMENT, SEWAGE, ETC.)
LIS PENDENS IN CERTAIN SCENARIOS

IF THE SECOND MORTGAGE LENDER DOES NOT RECEIVE ENOUGH MONEY FROM THE
FIRST MORTGAGE LENDERS FORECLOSURE TO SATISFY THE DEBT, IT CAN SUE THE
HOMEOWNER IN COURT FOR THE DIFFERENCE AS LONG AS STATE LAW DOES NOT
PROHIBIT THIS ACTION (I.E. RECOURSE).

WHAT WE NEED FROM YOU


(TO INITIATE FORECLOSURE)

DECLARATION OF DEFAULT AND DEMAND FOR SALE OR LETTER OF ENGAGEMENT


DEFAULT INFORMATION
UNPAID PRINCIPAL BALANCE
DATE OF DEFAULT
MONTHLY PAYMENT AMOUNT
RATE
ADDITIONAL NOTICING ADDRESSES/REQUIREMENTS (IF ANY)

COPY OF DEED OF TRUST


ASSIGNMENTS
PROMISSORY NOTE AND ENDORSED NOTE/ALLONGE
COPIES OF CORRESPONDENCE TO DATE OR DEMAND LETTERS (IF ANY)

20 MINUTES: PUSHING YOUR BORROWER

GUIDELINES TO HELP DETERMINE


HOW HARD TO PUSH YOUR BORROWER

LETTERING STRATEGIES

AND WHAT I DO ON MY PERSONAL NOTES


UNDERSTAND YOU ARE LIKELY NOT THE FIRST TO SEND THEM A LETTER
YOU MAY BE THE FIRST TO DO SOMETHING ABOUT IT
THE WAKE UP
30-DAY DEMAND LETTER
STATUTORY NOTICES(S) WITH STATE SPECIFIC LANGUAGE

FORECLOSURE AFTER DEMAND EXPIRATION


CALLING HOMEOWNER (SKIPTRACE)
DOOR KNOCKER
ADDITIONAL (COURTESY) NOTICES

WORKOUT DOCUMENTS
TALKING TO THE HOMEOWNER
THERE ARE NO ORAL CONTRACTS OR AGREEMENTS
ASKING FOR THE KITCHEN SINK OR ASKING FOR ONE PIECE AT A TIME
Request for Modification Affidavit
Pay Stubs
Bank Statements
Tax Returns
Hardship letter
Other items or verification

RESOURCES
CONSUMER FINANCIAL PROTECTION BUREAU

WWW.CONSUMERFINANCE.GOV

MORTGAGE BANKERS ASSOCIATION

WWW.MBAA.ORG

ALLREGS

WWW.ALLREGS.COM

UNITED TRUSTEES ASSOCIATION

WWW.UNITEDTRUSTEES.COM

GOOGLE (NEWS CLIPS)

WWW.GOOGLE.COM

CALIFORNIA MORTGAGE BANKERS ASSOCIATION

WWW.CMBA.COM

USFN

WWW.USFN.ORG

PROPERTY RADAR

WWW.PROPERTYRADAR.COM

BIDBIDDIRECT.COM

WWW.BIDBIDDIRECT.COM

WWW.BIDBIDDIRECT.COM

LAST 10 MINUTES

QUESTION AND ANSWERS

RANDE JOHNSEN
(949) 252-8300 EXT 190
RJOHNSEN@TRUSTEECORPS.COM

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