1. LEARN COLLECT EXCEL Working Foreclosures Kendall Tierney President, GRCA

2. LEARN COLLECT EXCEL The Language of Foreclosure Varies by state Strict Foreclosure Deed in Lieu of Foreclosure Judicial vs. Non-Judicial Short Sale Trustee Sale Redemption

3. What should I ask? What stage of foreclosure is the home in?

4. What should I ask? What stage is the foreclosure in? What options have they explored?

5. LEARN COLLECT EXCEL Making Home Affordable Loan terms may be modified by reducing payments for distressed borrowers Refinancing is intended to help owners who are current on payments, but have little or no equity in their home Loans can be modified only one time To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac

6. LEARN COLLECT EXCEL Making Home Affordable Plan starts immediately and is strictly for primary residences that are not vacant or condemned There are no fees for this type of loan modification Modification plan ends on December 31, 2012 www.makinghomeaffordable.gov

7. What should I ask? What stage is the foreclosure in? What options have they explored with their lender? Are they planning to file bankruptcy?

8. LEARN COLLECT EXCEL Foreclosure and Bankruptcy Chapter 7 bankruptcy does not prevent foreclosure Equity Chapter 13 can prevent foreclosure Post-petition debt Loan modifications made by judges

9. LEARN COLLECT EXCEL How Might Modifications Work? Amends Bankruptcy Code section 1322(b) What are the rules?

10. LEARN COLLECT EXCEL An Example Under the current Chapter 13 laws: Parker, Chip. “How Will Mortgage Modification Work under the New Bankruptcy Law?” www.bankruptcylawnetwork.com.

11. LEARN COLLECT EXCEL An Example Under the proposed Chapter 13 laws: Parker, Chip. “How Will Mortgage Modification Work under the New Bankruptcy Law?” www.bankruptcylawnetwork.com.

12. What should I ask? What stage is the foreclosure in? What options have they explored with their lender? Are they planning to file bankruptcy? Does my government have a lien in place?

13. LEARN COLLECT EXCEL What About My Judgment? Deficiency judgments First position v. Junior position When a Junior lien holder forecloses Do I need a new judgment?

14. What should I ask? What stage is the foreclosure in? What options have they explored with their lender? Are they planning to file bankruptcy? Does my government have a lien in place? What do I do now?

15. LEARN COLLECT EXCEL Determine Property Ownership What is the importance of the trustee sale date? – Homeowners are responsible for the property until the sale date – Trustco Bank, National Association v. Eakin (681 N.Y.S.2d 410) What is the importance of having the deed recorded by the new buyer?

16. The debtor says… My house is in foreclosure. I gave my house back in the bankruptcy. I lost the property in foreclosure. The bank kicked me out.

17. Thank you for your attention. Kendall Tierney 877-724-GRCA Kendall.tierney@govcollect.org