Welcome to the IMPAC Pre-Approved Short Sale (IPASS) Program

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Welcome to the IMPAC Pre-Approved Short Sale
(IPASS) Program

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• The IMPAC Pre-Approved Short Sale program
  provides alternatives for borrowers who have
  unsustainable mortgages.
• That includes those who are experiencing
  hardshipand those who are simply upside-down in
  their mortgages.
• This program allows you to escape your
  unsustainable mortgageand in some cases, remain
  in your home even after a short sale.
•  

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• IPASS is designed for borrowers who owe more on
  their property than it is worth.
• When a home is sold for less than the amount
  owed, that is referred to as a short sale.
• Normally, the seller leaves the property after a
  short sale.
• But in some cases IPASS can allow you to stay in
  your home after the sale.

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• IPASS is unique in that your real estate agent
  will deal directly with the owner of your
  mortgage loan.
• This will make your transaction smoother and
  faster than most short sales.

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• Most home loans are serviced by one of several
  well-known companies, which consumers may refer
  to as the bank.
• This is the company that receives your house
  payments and sends you correspondence.
• But in most cases, the loan is actually owned by
  another entity, known as the investor or note
  holder.
• The investor hires the servicer to handle its
  loan activities.

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• As the borrower, you normally dont interact
  with your mortgage investor. All your
  interactions take place with the servicer.
• But with IPASS youll work directly with IMPAC
  Mortgage, the company that owns your loan.
• Your IMPAC representative can make decisions
  without consulting any third parties.
• This makes it much easier to complete a
  transaction that will benefit you.

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• The real estate agent who will be contacting you
  has been designated by IMPAC to present the IPASS
  program and explain its basic features to you.
• If youre interested, an IMPAC representative
  will provide the details and walk you through the
  next steps.
• Then your agent can help you complete the short
  sale.

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• IPASS has two short sale programs to help you
•  
• Associate Purchase Program (APP)which can allow
  you to stay in your home by selling to an
  associate, friend, or family member.
• Cooperative Short Sale Program (CSSP)a
  traditional short sale, in which you leave the
  property after the sale.
•  
• You can work with your agent and IMPAC
  representative to determine which program best
  fits you.

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• Benefits of the Associate Purchase Program
•  
• You may be able to stay in your home.
• You may be able to repurchase at current fair
  market value.
• You can eliminate negative equity.

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• Benefits of the Cooperative Short Sale Program
•  
• You can escape your unsustainable mortgage.
• Youll work directly with the investor.
• You avoid the trauma of foreclosure.
•  

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If youre distressed or upside-down in your
mortgage, IPASS offers an attractive alternative.
For more information, consult your
IMPAC-designated agent, or call the IMPAC
Homeowner Hotline California Residents
888-301-1854. Non-California Residents
877-681-1529