Allen Tate Company has an exclusive agreement with Mortgage Debt Services, (MDS).  MDS is a mortgage-debt negotiating firm that is there to assist homeowners who are listed with Allen Tate who are at risk of losing their homes or need to sell their home. They may be current with their payments, but are “upside down” with their mortgage(s) and do not have the available cash to bring to a closing.

 

MDS has helped many homeowners stop their foreclosure process and has assisted them towards a short sale on their property.  Knowing how lenders think is paramount in getting a successful revision approved and reaching terms that are acceptable to all parties concerned.

 

This program is an optional service we are offering to our agents at a 15% referral fee which is calculated “off the top” with the company participating.

 

 

What will MDS do for our Agents:

-                      Counsel the seller as to what options are available given their specific situation.

-                      Assist in the determination of the seller being a short sale candidate.

-                      Identify the appropriate person at the “lending” or “service provider” holding the mortgage.

-                      Work with that person throughout the short sale process.

-                      Address the myriad of issues that needed to be resolved in order to bring the short sale process to a successful closing.

 

Requirements to get started:

-                      In order for the process to start, there must be a listing agreement between Allen Tate and the seller.

-                      Introduce MDS services to the homeowner and obtain their permission for MDS to contact them.

o   This should be done as soon as you are aware that a short sale is a potential. The sooner the better.

o   Do not wait for an offer.  Introduce this service at the time of listing if possible.

-                      Insure that all listing sheets state that the sale is “subject to third party review”.

-                      Call the Relocation Department to review the process and initiate your client into the Short Sale Program. 

-                      There is additional paperwork from both the client and from the Listing Agent, so be prepared to assist in this process.

 

 

Short Sale Assistance Program

 Once the Agent identifies that one of their listing clients has a short sale potential should their home sell for the anticipated market value as determined by the list price vs. mortgage payoff information as provided by the seller, the agent is to contact the Relocation Department.

 

The purpose of MDS involvement is as follows:

 

-                  Counsel our seller as to what options are available given their specific situation.

 

-                  Assist in determining if the client is a short sale candidate.

 

-                  Act as an intermediary between the seller and “the lender” throughout the short sale process

 

-                  Identify the appropriate person to speak with at “the lender”.

 

-                  Document every conversation with the lender for future reference.

 

-                  Identify and address all issues that need to be resolved in order to bring the property to closing. This would include but would not be limited to:

o   Back taxes

o   Any unpaid liens on the property

o   Service fees for both the realtor and MDS

 

-                  Coordinate the closing between all concerned parties.

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