Post on 10-Apr-2018
Agenda
Foreclosure for Clerks of Superior Court December 8-9, 2014 School of Government, Chapel Hill Monday, December 8, 2014 8:15 a.m. Check in 8:30 a.m. Welcome and Introductions Meredith Smith, Assistant Professor of Public Law and Government, School of Government
8:45 a.m. The Clerk’s Role and the Players in a Foreclosure (60min) Meredith Smith, Assistant Professor of Public Law and Government, School of Government
9:45 a.m. Break 9:55 a.m. A Discussion of Mortgage Servicers and their Role in a Foreclosure (90min) Sara Weed, Legal Counsel, NC Office of the Commissioner of Banks
11:25 a.m. Break 11:35 a.m. Lender Loss Mitigation and the Consumer Financial Protection Bureau Regulations (60min) Jeff Rogers, Partner, Smith Debnam Narron Drake Saintsing & Myers, LLP
12:35 p.m. Lunch (Dining Hall) 1:30 p.m. Holder of a Valid Debt (60min)
Jack Lloyd, Supervising Attorney, Legal Aid of North Carolina, Inc.
2:30 p.m. Break 2:40 p.m. Default, Notice, Power of Sale, Home Loans and Military Service (80min) Meredith Smith, Assistant Professor of Public Law and Government, School of Government 4:00 p.m. Break 4:15 p.m. A View from the Bench: Selected Evidentiary Issues in Foreclosure Hearings (75min) Judge Forrest Bridges, Senior Resident Superior Court Judge, Judicial District 27B
5:30 p.m. Adjourn 6:30 p.m. Dinner at The Weathervane Tuesday, December 9, 2014 8:30 a.m. Home Loan Certificates and the NC Foreclosure Prevention Fund (60min)
Troy Hershberger, Public Outreach Coordinator, NC Housing Finance Agency
9:30 a.m. Break 9:40 a.m. The Role of a Lawyer When Serving as a Substitute Trustee (60min) Alice Mine, Legal Counsel, North Carolina State Bar
10:40 a.m. Break
10:50 a.m. Panel Discussion: Conducting a Foreclosure Hearing (60min) Nicole Brinkley, Assistant Clerk of Superior Court, Wake County Fred Benson, Assistant Clerk of Superior Court, Mecklenburg County Johanna Finkelstein, Assistant Clerk of Superior Court, Buncombe County Teri Lawson, Assistant Clerk of Superior Court, Guilford County
Meredith Smith, Moderator, School of Government
11:50 a.m. Break 12:00 p.m. The Application of Rules of Civil Procedure to Foreclosure Hearings (30min) Ann Anderson, Assistant Professor, UNC School of Government
12:30 p.m. Box Lunches + Mock Hearing (90min) Meredith Smith, Assistant Professor of Public Law and Government, School of Government 2:00 p.m. Adjourn 12 Hours CEUs Applied for 12 General Hours of CLEs
1
Foreclosure for Clerks of Superior Court UNC School of Government
Chapel Hill, NC December 8‐9, 2014
EVALUATION
SESSION EVALUATION Monday, December 8, 2014 The Clerk's Role and the Players in Foreclosure Meredith Smith, Assistant Professor, School of Government
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
2
A Discussion of Mortgage Servicers and their Role in a Foreclosure Sara Weed, Legal Counsel, NC Office of the Commissioner of Banks
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future: Lender Loss Mitigation and the Consumer Financial Protection Bureau RegulationsJeff Rogers, Partner, Smith Debnam Narron Drake Saintsing & Myers, LLP
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
3
Holder of a Valid Debt Jack Lloyd, Supervising Attorney, Legal Aid of North Carolina, Inc.
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
Default, Notice, Power of Sale, Home Loans and Military Service Meredith Smith, Assistant Professor, School of Government
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
4
A View from the Bench: Selected Evidentiary Issues in Foreclosure Hearings Judge Forrest Bridges, Senior Resident Superior Court Judge, Judicial District 27B
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
Tuesday, December 9, 2014
Home Loan Certificates and the NC Foreclosure Prevention Fund Troy Hershberger, Public Outreach Coordinator, NC Housing Finance Agency
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
5
The Role of a Lawyer When Serving as a Substitute Trustee Alice Mine, Legal Counsel, North Carolina State Bar
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
Panel Discussion: Conducting a Foreclosure Hearing Nicole Brinkley, Asst. Clerk, Wake, Fred Benson, Asst. Clerk, Mecklenburg, Johanna Finkelstein, Asst. Clerk, Buncombe, Teri Lawson, Asst. Clerk, Guilford, Meredith Smith, Moderator, School of Government
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
6
The Application of Rules of Civil Procedure to Foreclosure Hearings Ann Anderson, Assistant Professor, School of Government
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
Box Lunches + Mock Hearing Meredith Smith, Assistant Professor, School of Government
Strongly Strongly Please rate your instructor’s teaching: Disagree Neither Agree The instructor presented the material clearly. SD D N A SA The instructor was knowledgeable and well‐prepared. SD D N A SA The instructor’s pace was appropriate. SD D N A SA Overall, the session was skillfully done. SD D N A SA
Strongly Strongly Please rate the session content: Disagree Neither Agree The session content is important for my professional development. SD D N A SA
Was the content appropriate for your level of knowledge? Too difficult About right Too easy
Please share any additional comments about the instructor’s teaching and the session’s content. If you indicated that you were dissatisfied with one or more aspects of the instructor’s teaching or the session’s content, we are particularly interested in learning how we can do better in the future:
7
COURSE EVALUATION Course Content Please rate the usefulness and length of each session:
Usefulness Session Length
Keep Session
OmitSession
Too Short Just Right Too Long
Clerk's Role & the Players in a Foreclosure
Discussion of Mortgage Servicers & their Role in Foreclosure
Lender Loss Mitigation & the Consumer Financial Protection Bureau Regulations
Holder of a Valid Debt Default, Notice, Power of Sale, Home Loans & Military Service
A View from the Bench: Selected Evidentiary Issues in Foreclosure Hearings
Home Loan Certificates & the NC Foreclosure Prevention Fund
The Role of a Lawyer When Serving as a Substitute Trustee
Panel Discussion: Conducting a Foreclosure Hearing
The Application of Rules of Civil Procedure to Foreclosure Hearings
Boxed Lunch & Mock Hearing
Are there any topics that we should add to the course? Strongly Strongly Please rate the course content: Disagree Neither Agree The course (as a whole) will be useful to me. SD D N A SA The course materials will be useful to me. SD D N A SA Please share any additional comments about course content. If you indicated that you were dissatisfied with one or more aspects of course content, we are particularly interested in learning how we can do better in the future: Strongly Strongly Please rate the logistics of the course: Disagree Neither Agree Registering for the course was simple and straightforward. SD D N A SA Before attending the course, I received appropriate and SD D N A SA
timely information about course logistics. The room set‐up was appropriate for this class. SD D N A SA On‐site School of Government staff was informed and helpful. SD D N A SA
8
Please share any additional comments about course logistics. If you indicated that you were dissatisfied with one or more logistical aspects of the course, we are particularly interested in learning how we can do better in the future:
How did you find out about the course? (please check all that apply)
___ Postcard Announcement ___ Email Announcement ___ School of Government Flyer ___ School of Government Website ___ School of Government Listserv Please specify: _______________________
___ Referral from Colleagues ___ Web Search ___ Advertisement ___ School of Government Blog Please specify: _______________________ ___ Other, Please specify: _________________
Borr
ower
not
ice
mus
t:1.Indicate the specific reasons why
NO
OPT
ION
S
Borr
ower
not
ice
mus
t:1.Indicate which options are
offered
2.Give the Borrower 7
+ d
ays
to accep
t or reject offer.
WIT
H O
PTIO
NS
Borr
ower
not
ice
mus
t:1.Indicate which options are
offered
2.Give the Borrower 1
4+
day
s to accep
t or reject offer.
3.State the Borrower has the right
to appeal the determ
ination
within 1
4 d
ays
4.State the req
uirem
ents for an
appeal
WIT
H O
PTIO
NS
Bor
row
er n
otic
e m
ust
:
(i)
State the application is complete
(ii)
Give Borrower 1
4+
day
s to accep
t or reject loss m
itigation offer
(iii)
State the borrower has or will have the right to appeal determination.
(iv)
Instruct Borrower to contact servicers of any other m
ortgage loans
secured by the same property to discuss loss mitigation options.
Day 1
Day 2
Day 3
Day 4
Day 5
LOSS
MIT
IGAT
ION
APP
LICA
TIO
N R
ECEI
VED
90+
DAY
S BE
FORE
SCH
EDU
LED
FO
RECL
OSU
RE S
ALE
LOSS
MITI
GA
TION
PRO
CED
URES
September 2014
1.
Review and determ
ine
if application is
complete
(exc
ludi
ng le
gal p
ublic
hol
iday
s, Sa
turd
ays,
and
Sund
ays.)
2.
Notify Borrower of receipt in writing,
wit
hin
fiv
e d
ays
FOR
INCO
MPL
ETE
APP
LICA
TIO
NS
COM
PLET
EDA
PPLI
CATI
ON
S
If application
becomes complete
90
+ d
ays before
sched
uled
foreclosure sale
date…
follow step 2
for completed
applications.
If application becomes complete 3
8-
89
day
sbefore sched
uled
foreclosure sale date...
30
Day
Mark
Within 3
0 d
ays of
receiving the complete
application:
1.
Evaluate Borrower for all
loss m
itigation options
available
2.
Notify Borrower in
writingof determination.
Borr
ower
not
ice
mus
t:1.Indicate the specific reasons
why
2.State the Borrower has the right
to appeal the determ
ination
within 1
4 d
ays
3.State the req
uirem
ents for an
appeal
NO
OPT
ION
S
Within 3
0 d
ays of
receiving the complete
application:
1.
Evaluate Borrower for all
loss m
itigation options
available
2.
Notify Borrower in
writingof determination.
Bor
row
er n
otic
e m
ust
:
1.
State the application is
incomplete
2.
Provide a list of what is
required
to complete the
application
3.
Give Borrower a reasonable
deadline to submit missing
inform
ation.
4.
Instruct Borrower to contact
servicers of any other
mortgage loans secured by
the same property to discuss
loss m
itigation options.
NO
OPT
ION
SBo
rrow
er n
otic
e m
ust:
1.Indicate the specific reasons why
Borr
ower
not
ice
mus
t:1.Indicate which options are offered
2.Give the Borrower 7
+ d
ays to accep
t or reject offer.
WIT
H O
PTIO
NS
Bor
row
er n
otic
e m
ust
:
(i)
State the application is complete
(ii)
Give Borrower 7
+ d
ays to accep
t or reject loss m
itigation offer
(iii)
Instruct Borrower to contact servicers of any other m
ortgage loans
secured by the same property to discuss loss mitigation options.
Day 1
Day 2
Day 3
Day 4
Day 5
1.
Review and determ
ine
if application is
complete
(exc
ludi
ng le
gal p
ublic
hol
iday
s, Sa
turd
ays,
and
Sund
ays.)
2.
Notify Borrower of receipt in writing,
wit
hin
fiv
e d
ays
FOR
INCO
MPL
ETE
APP
LICA
TIO
NS
COM
PLET
EDA
PPLI
CATI
ON
S
If application becomes complete 3
8-8
9 d
aysbefore sched
uled
foreclosure sale date...
30
Day
Mark
Within 3
0 d
ays of
receiving the complete
application:
1.
Evaluate Borrower for
all loss mitigation
options available
2.
Notify Borrower in
writingof
determination.
Bor
row
er n
otic
e m
ust
:
1.
State the application is
incomplete
2.
Provide a list of what is
required
to complete the
application
3.
Give Borrower a reasonable
deadline to submit missing
inform
ation.
4.
Instruct Borrower to contact
servicers of any other
mortgage loans secured by
the same property to discuss
loss m
itigation options.
LOSS
MIT
IGAT
ION
APP
LICA
TIO
N R
ECEI
VED
45-
89 D
AYS
BEFO
RE S
CHED
ULE
D F
ORE
CLO
SURE
SAL
E
LOSS
MITI
GA
TION
PRO
CED
URES
September 2014
COM
PLET
EDA
PPLI
CATI
ON
S
NO
OPT
ION
S
Borr
ower
not
ice
mus
t:1.Indicate the specific reasons whyBo
rrow
er n
otic
e m
ust:
1.Indicate which options are offered
2.Give the Borrower 7
+ d
ays to accep
t or reject offer.
WIT
H O
PTIO
NS
Within 3
0 d
ays of receiving
the complete
application:
1.Evaluate Borrower for all loss
mitigation options available
2.Notify Borrower in
writingof
determination.
Loss m
itigation application
received
0 t
o 3
7 d
ays before
sched
uled foreclosure sale
You
are
not r
equi
red
to co
mpl
y w
ith a
ny o
f th
e lo
ss m
itiga
tion
requ
irem
ents
und
er 1
2 C.
F.R.
§10
24.4
1 (2
014)
.
LOSS
MIT
IGAT
ION
APP
LICA
TIO
N R
ECEI
VED
38-
44 D
AYS
BEFO
RE S
CHED
ULE
D F
ORE
CLO
SURE
SAL
E
LOSS
MITI
GA
TION
PRO
CED
URES
September 2014
NO
OPT
ION
S
WIT
H O
PTIO
NS
LOSS
MIT
IGAT
ION
APP
EALS
PRO
CESS
If Application becomes complete
90
+ d
ays
before sched
uled foreclosure sale, Borrower has the
right to appeal Servicer’s determination to deny
Borrower’s Loss M
itigation Application for any trial
or permanen
t loan
modification program
.
Borro
wer
mus
t be
perm
itted
to
subm
it an
app
eal w
ithin
14
day
s af
ter r
ecei
ving
the
offe
r not
ice.
With
in 3
0 d
ays
of re
ceiv
ing
Borr
ower
’s ap
peal
: 1.Have personnel (indep
endent of personnel who authorized
initial determ
ination) review
the appeal
2.Notify Borrower of whether a loss m
itigation option is being
offered based
upon appeal.
Borr
ower
not
ice
mus
t:
1.Indicate which options are
offered
2.State Borrower has 1
4+
day
s
to accep
t or reject the offer.
Borr
ower
not
ice
mus
t:
1.State no options are available
2.Provide Borrower specific reasons for den
ial
(optional)
LOSS
MITI
GA
TION
PRO
CED
URES
September 2014
LOSS
MIT
IGAT
ION
PRO
CED
URE
SSeptember 2014
If, after notifying a Borrower of Borrower’s complete application status, a servicer
realizes that additional inform
ation or corrections are necessary to complete the
application, t
he fo
llow
ing
rule
s app
ly:
•The Servicer m
ust promptly request the missing inform
ation and give the Borrower a reasonable
opportunity to complete the application.
•The application is treated
as complete until the Borrower submits the missing inform
ation.
•If a Borrower does not accept an
offer within the deadline established
by the Servicer’s notice, the
Servicer m
ay consider the offer rejected.
•Borrowers are lim
ited
to one appeal.
Serv
icer
s mus
t exe
rcise
reas
onab
le d
iligen
ce in
ob
tain
ing
doc
umen
ts a
nd in
form
atio
n to
com
plet
e a
loss
miti
gatio
n ap
plic
atio
n.
In general, loss mitigation option offers should only be based on complete
applications. T
he fo
llow
ing
are
exce
ptio
ns to
that
rule
:
•If Servicer has exercised
reasonable diligence in obtaining documen
ts and inform
ation to complete
a Borrower’s loss m
itigation application, but the application rem
ains incomplete for a significant
period of time without further progress by the Borrower to m
ake the application complete,
Servicer m
ay evaluate the incomplete application and offer the Borrower any available loss
mitigation options.
•Servicers may offer a short‐term paymen
t forbearance program
to Borrowers based
upon an
evaluation of an
incomplete loss m
itigation application.
IMPORTANT NOTES
Smith Deb
nam
Narron Drake Saintsing & M
yers, LLP
Laur
en V
. Ree
ves
| A
ttorn
eyDirect Line: 919.250.2126
Email: lreeves@
smithdeb
nam
law.com
Sam
uel D
. Fle
der |
Atto
rney
Direct Line: 919.250.2238
Email: sfleder@sm
ithdeb
nam
law.com
Jeff
D. R
oger
s |
Partn
erDirect Line: 919.250.2112
Email: jrogers@sm
ithdeb
nam
law.com
Ba
nkru
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recl
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recl
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form
atio
n.
4601
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Fork
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276
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Hel
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2
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C H
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“For
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Lett
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tives
.
�N
CHFA
has
par
tner
ship
agr
eem
ents
with
36
HUD
app
rove
d ho
usin
g co
unse
ling
orga
niza
tions
to p
rovi
de a
ssis
tanc
e to
hom
eow
ners
.
�H
omeo
wne
r file
s ar
e as
sign
ed to
cou
nsel
ing
part
ners
usi
ng a
sys
tem
re
ferr
al w
izar
d to
dire
ct c
alls
acc
ordi
ng to
the
prop
erty
loca
tion
and
agen
cy c
apac
ity.
3
12
2008
13
,004
2009
65
,184
20
10
87,1
81
2011
12
0,97
6 20
12
81,4
84
2013
59
,148
2017
2013
2012
� 46
1,97
2 in
itial
filin
gs th
ru O
ctob
er 2
014
� 67
,585
hom
eow
ner c
ouns
elin
g se
ssio
ns h
ave
been
con
duct
ed
� 12
,788
fore
clos
ures
hav
e be
en p
reve
nted
� 9,
526
stat
utor
y 30
day
ext
ensi
ons
have
bee
n gr
ante
d
NC
Stat
e Ho
me
Fore
clos
ure
Prev
entio
n Pr
ojec
t
Prog
ram
Act
ivity
(In
itial
Sub
-Prim
e &
Hom
e Lo
an F
iling
s)
Thru
10/
14
34,9
95
• Su
b-pr
ime
Loan
s (2
005
thru
200
7)
• 2
Year
Sun
set
(Oct
. 201
0)
• 30
Day
Ext
ensio
n
Allo
wan
ce
SHFP
P es
tabl
ishe
d w
ith fo
cus o
n su
bprim
e lo
ans
(HB
2623
)
SHFP
P ex
pand
ed to
in
clud
e al
l ho
me
loan
s
(SB
1216
)
SHFP
P Ph
ase
I ad
min
istr
atio
n tr
ansf
erre
d fr
om N
CCO
B to
N
CHFA
(H
B 48
4)
SHFP
P Ph
ase
2 re
mai
ning
ad
min
istr
atio
n tr
ansf
erre
d to
N
CHFA
(S
B 82
6)
• Al
l Hom
e Lo
ans
• 2
½ Y
ear S
unse
t (M
ay 2
013)
• 3
0 Da
y E
xten
sion
Allo
wan
ce
• Fili
ng F
ee
( •
NCH
FA-
Coun
selin
g &
Pr
ogra
m S
taff
• N
CCO
B- F
iling
s &
Ext
ensio
n Ap
prov
als
(S(
• NCH
FA- F
iling
s &
Exte
nsio
n Ap
prov
als
• 45
Day
Pre
FC
prog
ram
cont
act
chan
ge to
NCH
FA
•Sun
set D
ate
Rem
oved
2012
20
11
2010
20
08
Proj
ect T
imel
ines
& P
rogr
am C
hang
es
N
C St
ate
Hom
e Fo
recl
osur
e Pr
even
tion
Proj
ect
�Fi
ling
Excl
usio
ns (§
45-
101)
(1b)
(a)
oEq
uity
line
of c
redi
t o
Cons
truc
tion
loan
s o
Reve
rse
mor
tgag
e
oBr
idge
loan
�N
on H
ome
Loan
Det
erm
inat
ion
(§ 4
5-10
1) (1
b) (d
) o
Loan
s th
at e
xcee
d th
e Fa
nnie
Mae
con
firm
ing
loan
siz
e ar
e de
emed
non
hom
e lo
ans
upon
filin
g
�Th
e 45
day
wai
t per
iod
does
not
app
ly
�N
o fil
ing
fee
is b
illed
�
Cond
ition
al c
ertif
icat
e of
com
plia
nce
avai
labl
e up
on fi
ling
(Non
Hom
e Lo
an C
ertif
icat
e)
�
Pre-
Fore
clos
ure
Not
ice
& El
ectr
onic
Fili
ngs
(§ 4
5-10
2 an
d 10
3)
o45
day
not
ice
requ
ired
oEl
ectr
onic
filin
g
oCo
nditi
onal
cer
tific
ate
of c
ompl
ianc
e av
aila
ble
45 a
fter
filin
g (e
arlie
st p
ossi
ble
cour
t fil
ing
date
) o
Filin
g fe
e bi
lled
(one
tim
e pe
r hom
e lo
an)
o30
day
ext
ensi
on a
llow
ance
(if g
rant
ed c
ertif
icat
e av
aila
ble
75 d
ays
afte
r fili
ng)
6
�Sy
stem
acc
ess
is g
rant
ed in
the
nam
e of
the
serv
icer
or
indi
vidu
al
note
hol
der
initi
atin
g th
e fo
recl
osur
e pr
ocee
ding
. �
Acce
ss fo
rms
can
be lo
cate
d at
: ht
tps:
//w
ww
.nch
fa.o
rg/S
HFP
POnl
ine/
fcs/
Com
pany
Logi
n.as
px
�Fo
rms
are
retu
rned
to N
CHFA
via
em
ail,
fax
or m
ail.
o
Scan
and
em
ail t
o Pr
eFCF
iling
Acce
ss@
nchf
a.co
m
oFa
x to
(919
) 981
-268
1, A
ttn:
SH
FPP
Acco
unt S
etup
Tea
m
oM
ail t
o SH
FPP
Acco
unt S
etup
Tea
m: P
.O. B
ox 2
8066
, Ral
eigh
, NC
2761
1
7
Serv
icer
Log
in L
ink:
htt
ps:/
/ww
w.n
chfa
.org
/SH
FPPO
nlin
e/fc
s/Co
mpa
nyLo
gin.
aspx
1st
Scr
een:
◦
Prop
erty
Add
ress
Info
rmat
ion:
◦
Addr
ess*
◦
City
* ◦
Stat
e*
◦Zi
p*
Loan
Info
rmat
ion:
◦
Orig
inal
Loa
n Da
te*
◦O
rigin
al P
rinci
pal B
alan
ce *
◦
Loan
Term
s (in
mon
ths)
* ◦
Lien
Sta
tus (
1st o
r 2nd
)*
◦Bo
rrow
er’s
Prin
cipa
l Dw
ellin
g at
Orig
inat
ion*
(yes
or n
o)
Prim
ary
Borr
ower
Info
rmat
ion:
◦
Firs
t Nam
e:*
◦La
st N
ame:
*
◦Bo
rrow
er's
Mai
ling
Addr
ess (
if di
ffere
nt fr
om th
e pr
oper
ty a
ddre
ss)
* Re
quire
d Fi
elds
8
2nd S
cree
n:
This
scre
en o
nly
com
es u
p if
the
filin
g is
dee
med
a H
ome
Loan
◦
Co-B
orro
wer
Info
rmat
ion:
◦
Firs
t Nam
e:
◦La
st N
ame:
◦
Borr
ower
's M
ailin
g Ad
dres
s (if
diffe
rent
from
the
prop
erty
add
ress
) Lo
an C
onfir
mat
ions
: ◦
Date
of 4
5-10
2 Pr
e-fo
recl
osur
e N
otic
e:*
◦Du
e Da
te o
f Las
t Sch
edul
ed P
aym
ent M
ade:
*
�N
otes
:
1)Th
e sy
stem
will
pro
vide
a c
onfir
mat
ion
that
the
filin
g w
as su
cces
sful
ly
subm
itted
incl
udin
g th
e as
signe
d ca
se n
umbe
r.
2)Th
e ho
me
loan
cer
tific
ate
is on
e pa
ge a
nd n
on h
ome
loan
cer
tific
ate
is tw
o pa
ges w
ith th
e se
cond
bei
ng a
n ou
tline
of l
oan
info
rmat
ion
subm
itted
. 3)
The
serv
icer
or d
esig
nate
d at
torn
ey h
as to
log
back
into
the
syst
em to
prin
t the
ce
rtifi
cate
of c
ompl
ianc
e, it
is n
ot m
aile
d by
NCH
FA.
4)Th
e fil
ing
fee
invo
ice
is ge
nera
ted
the
mon
th a
fter t
he su
bmiss
ion
and
mus
t be
pulle
d fr
om th
e sy
stem
, it i
s not
mai
led
by N
CHFA
.
9
�Pr
ogra
m “F
requ
ently
Ask
ed Q
uest
ions
” are
pub
lishe
d on
the
serv
icer
log
in s
cree
n an
d se
nt to
new
use
rs u
pon
acce
ss to
th
e sy
stem
.
�Pr
ogra
m C
onta
cts:
�
Cert
ifica
te q
uest
ions
: ce
rtfic
ates
@nc
hfa.
com
�
Filin
g fe
e In
quiri
es:
filin
gfee
s@nc
hfa.
com
�
Syst
em a
cces
s in
quiri
es: p
refc
filin
gacc
ess@
nchf
a.co
m
�Fi
ling
fee
cred
its: f
iling
feec
redi
ts@
nchf
a.co
m
�Fi
ling
stat
utor
y in
quiri
es: m
mho
lder
@nc
hfa.
com
�
Gen
eral
filin
g su
bmis
sion
inqu
iries
: cat
hyax
tell@
nchf
a.co
m
10
Call 1‐888‐623‐8631 or visit our web
site www.foreclosureprevention.gov
for program
details
North Carolina Housing Finance Agency
NC FORECLO
SURE PREV
ENTION FUND
NC Foreclosure Prevention Fund
•18 states including NC received Fed
eral
Hardest Hit Funds in 2010
•NC Housing Finance Agency chosen to
administer Foreclosure Prevention Fund
Program
•40 HUD approved Counseling agen
cies
throughout the state
•Over 17,800 homeo
wners assisted
•Average 400 loans closed m
onthly
NC Foreclosure Prevention Fund
Program
s
•Mortgage Paymen
t Program
(MPP) –
pays monthly m
ortgage and m
ortgage
related expen
ses or reinstates a
mortgage
•Second M
ortgage Refinance Program
(SMRP) –refinances and extinguishes
an unaffordable second m
ortgage
Program
Eligible (Temporary) Financial
Hardship…
NCHFA
uses this term to describe an
event or condition that has caused a tem
porary red
uction in
income. This term can
encompass any of the following circumstances:
•Job loss due to no fault of their own
–Part‐tim
e/Full‐Time Req
uirem
ents
–Under‐employed with a 10% red
uction in
income from previous em
ployer
•Red
uction in
hours or income due to no fault of their own (>60 days)
–Part‐tim
e/Full‐Time Req
uirem
ents
–Em
ployer Furloughs
–Under‐employed with a 10% red
uction in
income from present
•Special H
ardships‐Which cause an employm
ent related hardship
–Illness or injury (temporary)
–Death of a co‐borrower
–Divorce or separation
–Military
MPP Types of Assistance
•Short Term Assistance ‐Job Search
–Up to $36,000 for up to 18 m
onths
•Long Term
Assistance ‐Job Training/Education
–Up to $36,000 for up to 36 m
onths
–Military Service M
embers: Enrolled in
VA‐sponsored program
or utilizing GI B
ill
enrolled in
a Vocational Reh
abilitation Program
or school are eligible for
Automatic 36 M
onths of assistance
•One‐Time Assistance –Reinstatem
ent
–Up to $36,000
–Also available to applicants receiving retirement, disability and social security
who experienced an employm
ent related hardship
0% interest, deferred paymen
ts, forgiven
after 10 years
MPP Population Served
Homeo
wner:
•experienced an employm
ent related financial
hardship on or after January 1, 2008
•able to search for a job, or attend school or
retraining, to secure employm
ent
•need help with m
onthly m
ortgage payment
SMRP Types of Assistance
Extinguish principal balance of second m
ortgage
Up to $30,000
0% interest, D
eferred Payments, N
OT forgiven
after 10 years
***A
lso available to applicants receiving retiremen
t,
disability and social security who experienced an
employm
ent related hardship
SMRP Population Served
Homeo
wner:
•experienced an employm
ent related financial
hardship on or after January 1, 2008
•recovered –full‐time permanent em
ploym
ent
•still need help ‐pay off second m
ortgage loan
Eligibility Criteria
Four Types
1.Basic Req
uirem
ents
2.Basic Exclusions
3.Property Req
uirem
ents
4.Underwriting Req
uirem
ents
Eligibility Criteria
1. B
asic Req
uirem
ents
Be a N.C. H
omeo
wner and a Legal U.S. Resident
Occupy home as primary residen
ce
Through
no fault of own experienced a program
eligible financial hardship on or after January 1,
2008
Military: Must be honorably discharged from
Active Duty (DD214 form
)
A homeowner must:
Eligibility Criteria
2. B
asic Exclusions
Been convicted
of a
mortgage related
felony
in last 10 years
Unpaid principal balances
on m
ortgages greater
than
$300,000
Seller financed m
ortgage
Curren
t pen
ding litigation
on primary residen
ce
mortgage
A homeowner who wishes to apply for MPP assistance m
ust
NOT HAVE:
Eligibility Criteria
3. Property Req
uirem
ents
The primary residen
cehome must be:
Located in North Carolina
Only one property in
addition to primary residen
ce
allowed
A single‐family home
Condominium/townhome (attached
or detached
)Manufactured or mobile home on foundation
permanen
tly affixed to real estate owned
by
homeo
wner
Duplex where owner occupies one unit as their
residen
ce
Eligibility Criteria
4. U
nderwriting Req
uirem
ents
Satisfactory m
ortgage paymen
t history 6 m
onths prior to the
hardship
Financial hardship, no fault, since January 1, 2008
Total m
ortgage related
expen
ses greater than
25% of household
income after hardship event –documen
ts Need for Assistance
Ability to Resume paying deb
ts –One‐time assistance and SMRP
Federal and N.C. Tax Deb
t must be on a rep
aymen
t plan
Self Employed Borrower’s income preference to continue as self‐
employed or seek wage earner income.
Important Facts
Homeo
wner does not have to be delinquent on
mortgage, or in foreclosure to participate.
However, cannot be within 15 days of foreclosure sale.
A stay of foreclosure is provided
to stop a foreclosure for
120 days during NCFPF loan
process if
homeo
wner is 90 days or more delinquent.
Will not stop servicer contact.
Borrower should continue to pay m
ortgage payments.
•The NCFPF provides m
oney directlyto the
servicer (or tax collector, or insurance agency,
or homeo
wner’s association) on beh
alf of the
homeo
wner (borrower)
MPP and SMRP Assistance
Provided
as a Loan
NCHFA
transfers $$
Servicers and
other payees
receive $$
Freq
uently Asked
Questions
•Will you check my cred
it?
•How long does it take to get approved?
•What if I am
more than
6 m
onths beh
ind on my
mortgage?
•Is this program
only available in
my city?
•I w
as in the program
before, and still have not found a
job. May I reapply?
•I w
as den
ied previously due to an incomplete
application. May I reapply?
•How long will this program
be around?
•If I find a job, w
ill you cut my assistance?
•What if I am
approved for short‐term assistance, but
decide to go back to school? Can
I apply again?
NC Foreclosure Prevention Fund
Troy Hershberger
Outreach Specialist
tdhershberger@
nchfa.com
919.981.2647 (office)