EL105: Module 5 - Foreclosure
This module has three sub modules. Module 5.1 covers the industry practices that cause foreclosures, the regulatory changes and legal settlements that have helped to shape our foreclosure response today. Participants are exposed to key foreclosure related documents, judicial and non-judicial foreclosures, and they will know how to evaluate financial situations to find the best option to avoid foreclosures. Module 5.2 provides information about programs for foreclosure prevention and the forms and requirements for a loss mitigation package. We discuss streamlined servicer processes that keep everyone accountable. We cover the process of evaluating client information to determine FHA and conventional loss mitigation, and how to do the math for surplus income. We also cover mortgage default scams and how to report them. Module 5.3 explains the costs and consequences of foreclosure, short sale, deed in lieu as well as the credit impact of these life decisions. We cover the transitioning process and foreclosure timeline and how it varies between loan types, as well as the action steps for recovery – budgeting, financial coaching, education and engagement.
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