Retention
An option that restructures the loan terms to bring the account current.
What is a loan modification?
Accepting less than a full payoff for the sale of a home.
What is a short sale?
The 2 investors that allow for verbal acceptance on all retention options.
Who are Fannie Mae and Freddie Mac?
The MSP screen we use to find information regarding foreclosure.
What is FOR1?
Starring Emma Stone and Jonah Hill, this 2018 Netflix miniseries is based on a Norwegian TV series of the same name.
What is Maniac?
An option that allows clients to pay what they can afford while in a temporary hardship.
What is a forbearance?
An option that allows the client to gracefully exit the home by giving the home back and leaving it in good condition.
What is a deed in lieu of foreclosure?
The time we need to wait from the date of the previous modification to complete a new modification for this investor is 3 years.
Who is VA?
The stage of foreclosure where the foreclosure becomes public record information.
What is First Legal?
This artist headlined the 2018 Superbowl Halftime show.
Who is Justin Timberlake?
The people who need to sign final modification documents.
Who are the all the clients on the loan and parties with vested interest?
The time period a client has to market the home for a short sale and is protected from foreclosure.
What is an ATP (approval to participate)?
Deed in Lieu and Short Sale ATP are NOT available when first legal is filed for these investors.
Who are FHA and VA?
This notice goes out at day 45 as a “written warning” that foreclosure will start if payments are not made.
What is an NOI?
This comic book writer and creator of the Marvel universe died this year.
Who is Stan Lee?
The retention option with the least permanent credit impact.
What is a repayment plan?
The 2 conditions that need to be completed for a deed in lieu of foreclosure.
What are broom swept condition and a clear title?
This investor offers a Partial Claim option.
Who is FHA?
The LMT3 step that needs to be completed to notify the FC team about loss mit.
What is L08?
She is first American to marry into the British royal family since 1937.
Who is Meghan Markle?
A “silent second” mortgage that is used to reduce the monthly modified payment.
What is a partial claim?
The form a client will receive that is used for taxes after completing a non-retention option.
What is a 1099-C?
These investors will require an AFS if requesting a formal forbearance at due 3 or greater.
Who are FHA and VA?
An option for the client to buy back the home AFTER a foreclosure sale.
What is a redemption period?
This feud between 2 female rappers ended with this artist throwing her shoe at the other artist.
Who is Cardi B?