Attend the 2009 ALTA Annual Convention, being held Oct. 21-24 at the Breakers in Palm Beach, Fla., to join a two-part presentation that will explore the panoply of workout options, commonly known as "distressed property transactions," for dealing with properties with troubled or delinquent loans.
Why do you need to be versed in workout options . . . Because there are more than five million home loans in the United States in distress, according to the Mortgage Bankers Association.
Short Sales & Other Distressed Property Transactions: Part One, held from 1:00-2:15 p.m., Oct. 23 and presented by James Kearn of The Fund, will focus on the host of government programs available for, and designed to keep borrowers in possession of their homes. These federal sponsored programs include:
- Forbearance by the lender, a structured re-payment option, and the Home Saver Advance program.
- Several types of mortgage modifications, including the Home Affordable Modification Program (HMP) and the Home Saver Forbearance program.
Also discussed will be the implementation of those programs by Fannie Mae and Freddie Mac, as well as federally sponsored alliances of lenders and community organizations, such as the Hope Now network, designed to help guide mortgagors through the labyrinth of available programs and options.
Short Sales & Other Distressed Property Transactions: Part Two, held from 2:30-3:45 p.m., Oct. 23 and presented by James Kearn of The Fund, will explore those workout options resulting in the borrower losing possession of the property, which include pre-foreclosure redemptions, commonly known as “short sales”; and the proffer of a deed in lieu of foreclosure. Here you will learn:
- the mechanics;
- and title insurance aspects of each workout option
The workout option sessions, which have been approved for CE/CLE credit, are just one of many professional development sessions available at the 2009 ALTA Convention, click here for more details.
Take a look at the ALTA Annual Convention Registration Brochure online.
For additional information please contact the Meetings Department, by e-mail at firstname.lastname@example.org or by phone at 202-261-2942.