Eric Reid

Effective Friday, Oct. 28, agents will see enhancements to the closing process in Equator.

Some task names have changed, and new fields have been added to some of the tasks.

The purpose of these enhancements is to make closings more efficient and reduce the time it takes to go from issuing the approval letter to finalizing the short sale.

Most of the changes are internal, affecting the way we process your files. The biggest improvement you may notice directly is that the closing officer can re-approve a short sale if it has been delegated by the investor or the mortgage insurer. This will alleviate sending the file back to the short sale specialist to be reworked if there are changes during the closing process.

(However, if a transaction falls outside the guidelines for investor or MI approvals, it will still be returned to the negotiator for reconsideration by the investor or mortgage insurer.)

Changes agents will notice:

Equator task name changes:
Supply Settlement Statement will be renamed Upload Preliminary Closing HUD.
Closing Complete will be called Upload Final Certified Docs.
New Equator fields to complete:
When uploading the preliminary closing HUD-1, the agent will be asked if the file is being uploaded more than five days before close of escrow. If yes, an explanation is required.
The Upload the Short Sale Addendum field has been added to the Upload Preliminary Closing HUD task.
In the Upload Final Certified Docs task, the agent will supply a wire confirmation and confirmation number, as well as a promissory note tracking number, if required.
If any last-minute changes occur during closing, such as dealing with unexpected taxes or homeowners association fees, the agent will also be required to upload a revised HUD that reflects the latest information.

RENAISSANCE REALTY IS AN APPROVED BANK OF AMERICA SHORT SALE AGENT - Call us today if you need help.

To start the Home Affordable Foreclosure Alternatives (HAFA) program you need to call us to request to sell your home in a short sale.

If you haven’t applied for a Home Affordable Modification prior to requesting a short sale, we’ll check to see if you meet that program’s eligibility requirements first. To do this you’ll need to update your lender on your financial information.

I have requested a HAFA short sale.

Once you’ve requested a short sale, you’ll have to update us on your current financial situation. As part of the Home Affordable Foreclosure Alternatives program, we’ll review your information and check your eligibility for a Home Affordable Modification or other home retention programs that would reduce your monthly payments to enable you to stay in your home.

If you do not qualify for a modification or no longer wish to stay in your home, then we begin to work with you on a short sale.

Which lenders are participating in the GEORGIA HARDEST HIT FUND ?

ASC (America’s Servicing Company)

Bancorp South Bank

Bank of America

Bank of Dooley

Branch Bank and Trust (BB&T)

Brand Banking Company

Cenlar Mortgage

Chase Mortgage

Citi Mortgage

Delta Community Credit Union

EMC Mortgage

EverHome Bank and Mortgage

Fifth Third Bank

Flagstar Bank

GMAC Mortgage

Habitat for Humanity, Camden County GA

Habitat for Humanity, Coastal Empire

Habitat for Humanity, DeKalb County GA

Habitat for Humanity, Gwinnet County GA

Habitat for Humanity, Sumter County GA

Habitat for Humanity, North Central GA

Habitat for Humanity, Macon GA

Habitat for Humanity, Valdosta-Lowndes

James B. Nutter & Company

JPMorgan Chase Bank

Monroe County Bank

Midland Mortgage

Navy Federal Credit Union

Ocwen Loan Servicing

PNC Bank

RBC Bank Regions Mortgage

Real Estate Mortgage Network

Residential Credit Solutions

Saxon Mortgage

State Home Mortgage

SunTrust Mortgage

United Bank, Griffin GA

USAA

Vericrest Financial

Wachovia

Wells Fargo

Call us today if you hold a loan with any of the above servicers - we can help

The Georgia Department of Community Affairs is partnering with GHFA Affordable Housing, Inc. to deliver a statewide mortgage payment assistance program to prevent foreclosures. HomeSafe Georgia will help by providing "bridge" mortgage assistance to many Georgians who are unemployed or have seen a dramatic decrease in their income due to national economic conditions. Funding for HomeSafe Georgia comes from the US Department of Treasury's Hardest Hit Fund.

Need Help - call our office today - we are here to help

The Georgia Hardest Hit Fund is now HomeSafe Georgia

On August 11, 2010 the U. S. Treasury announced the State of Georgia's inclusion in an expansion of the "Hardest Hit Fund". The purpose of the program is to help Georgia homeowners who have experienced job loss or a substantial decrease in their income with a mortgage payment bridge while they find new or better employment. The Georgia Department of Community Affairs (DCA) under contract with Georgia Housing and Finance Authority's GHFA Affordable Housing Inc. will administer Georgia's HHF program.