Client Workout Package



H e lping Us H e lp You – H e lpful H int s for com ple t ing docum e nt s Be sure t o read and adhere t o t he follow ing inform at ion in order for us t o get t he best workout possible. *

The accuracy of your financials are very im port ant , your credit w ill be pulled dur ing t he process, by t he lender, t o verify t he inform at ion provided. Any paym ent s t hat are on your credit report w ill be verified be sure t o account for your bills. I f you have a surplus ( m ore incom e t han expenses) be sure t o include every m ont hly bill and you have t he abilit y t o be a lit t le higher on food, ut ilit ies, insurnace paym ent s, t ransport at ion, and any ot her expenses t he t arget is t o have about $200.00 in surplus. I f you are running a deficit ( m ore expenses t han incom e) you m ust st art t hinking about cut t ing non essent ial bills during t he workout pr ocess. I t is probably in your best int erest t o cut bills for long t erm if possible and sim plify your life for a while. You should be able t o cut cable, cell phone ( or lessen plan) , buy generics for a t im e, and car pool. I f you have excessive credit card bills you can st op paying am d w r it e a let t er t o t he lender st at ing “ m y hom e is m ore im port ant t han any ot her bills and I am going t o st op paying m y credit card paym ent s ( you can be specific about what cards you are not going t o pay. You can also t urn in a car t hat has a high paym ent for som et hing m ore affordable dur ing t he process. Any changes you m ake need t o be reflect ed on your financial st at em ent .

*

I f you have som eone else helping w it h your paym ent s whet her fam ily or som eone living w it h you t hey can help. I f t hey are not on t he m ort gage you will need t o add a st at em ent from t he cont r ibut er . The let t er is called a cont r ibut ion let t er and t he let t er w ill need t o have cont ribut ers nam e, address, am ount cont ribut ing m ont hly, SSN and a st at em ent allow ing lender t o pull credit .

*

You m ust save, save, save and you m ust st ick t o a budget and put at least paym ent s preferably a paym ent and a half aside on t he first of every m ont h in your checking account . We will cont act w it h you periodically about your savings and be report ing t o t he lender.

*

The hardship let t er is also a very im port ant piece of t he puzzle, be sure t o docum ent t he reason you were not able t o m aint ain paym ent s. Be as det ailed as possible w it h dat es and t im es and provide docum ent at ion t o support your claim . Do not m ake up a st ory for any reason, t ell t he t rut h. I f you fib t o t he lender t hey will deny all possible plans we are working and you w ill forfeit your deposit . You m ust rem em ber our reput at ion and relat ionship is on t he line w it h your lender, also.

* I f you are not in foreclosure yet please get paperwork back t o us fast , so we can t ry t o resolve your case prior t o foreclosure, alt hough t here is a chance because lenders are so busy t hat you can go int o foreclosure during t he process.

* Docum ent Expenses: ( writ e t his on a separat e sheet of paper so you can add and subt ract as needed. • Mort gage Paym ent s – Be sure t o st at e whet her or not I nsurance and Taxes are included in your paym ent . I f not be sure t o add. • Ut ilit ies – Have a breakdown of elect r ic, nat ural gas, heat ing oil, and propane ( included in ut ilit ies are Cable, Phone, Cell Phones) • Wat er & Sewer – Be sure t o convert t o a m ont hly figure, som e areas are billed quart erly • Cable Television – t his m ay be one of t he first t o cancel if bills and savings get t ight • Hom e Maint enance – Only st at e if you have a m ont hly recurring expense • Food – Try t o get as close as possible, add eat ing out , lunches, and school lunch • Clot hing – only add if m ont hly recurr ing expense • Laundry and Dry Cleaning – Only st at e if necessary • Medical and Dent al Expenses – I f you are m aking paym ent s docum ent alt hough m any m edical bills go unpaid. • Transport at ion Cost s – Money spent on gas be sure t o docum ent m ont hly and include cost for public t ransport at ion. • Recreat ion Clubs, ent ert ainm ent and char it able cont r ibut ions should not be added on t his sheet unless you show excess funds at t he end of t he m ont h. • I nclude Hom eowner I nsurance if not paid fr om m ort gage paym ent s, be sure t o calculat e m ont hly • I nclude m ont hly cost for Aut o I nsurance and Life I nsurance • Aut o Paym ent s - include m ont hly paym ent s and break down if m ult iple aut om obiles • I nclude second m ort gage paym ent s and m ort gage paym ent s on invest m ent proper t ies • Credit Cards – I nclude all credit cards on 1 line it em ( add paym ent s t oget her) • Any rent al furnit ure or paym ent s on furnit ure • Any personal loans or paym ent s t o relat ives • Alim ony child support – include m ont hly figures • Child care – include m ont hly figures • I nclude any expenses from a business or a business t hat m ay not have worked out in t he past • Docum ent any m oney t hat goes out on a m ont hly basis, t hink about it for a few m inut es and consult w it h fam ily m em bers t o rem ind you of it em s t hat you m ay have forgot t en * Tot al All Expenses and double check your figures

* Take all of your m ont hly incom e “ Net ” t ake hom e be sure t o add all incom e int o t he house child support , Disabilit y, Social Securit y, anyone living in your hom e’s incom e. Also include all rent al incom e from propert ies. I f you are short m ont hly you m ay want t o t ake on a rent er or if fam ily m em bers are helping t he lender w ill allow a cont ribut ion let t er.

Cont ribut ion Let t er – a let t er from anyone cont ribut ing t o household incom e st at ing t he am ount of m oney cont ribut ed m ont hly including Nam e, Address, Am ount Cont ribut ed, SSN and t he let t er needs t o st at e cont ribut ors allow ing lender t o pull credit . I f lender is using incom e will also use expenses t hat are list ed on t he credit report . Credit score has no bearing on whet her or not able t o help w it h cont ribut ion.

Figures for incom e need t o be broken down t o m ont hly incom e. I ncom e - Tot al Expenses = Surplus/ Deficit I f you are running a deficit you m ust look at your bills and m ake a det erm inat ion on what you need t o cut out in order t o save your hom e. You will not be able t o save your hom e if you can not afford it , alt hough lender are get t ing m ore aggr essive and creat ive for deficit s. The t arget is t o have about $200 - $450 surplus every m ont h. This m ake you a pret t y good candidat e for a loan m odificat ion.

* I m port ant - I f you are showing m uch m or e t han $400 go back and m ake sure you have docum ent ed all of your expenses, m ay put you on repaym ent plan. Rem em ber you can always t ake expenses away once package has been subm it t ed but you w ill not be able t o add expenses.

REQUIRED DOCUMENT CHECKLIST FORM Certain requirements must be met before a delinquency resolution can be considered. Please complete and provide copies of the following information for our review.

‰ Working Agreement ‰ Client Workout Package (sign and date ALL FORMS) ‰ Payroll Stubs and/or Proof of Income verification Information for Last 30 days

(if paid every month we need at least 2 months and if self employeed please supply a profit and loss showing a profit or schedule C) ‰ Last Two Month’s Bank Statements (or a letter stating that you currently do not have a bank account) ‰ Two Years Federal Income Tax Returns and All Schedules (or a letter stating that you did not file income taxes for that year) ‰ Mortgage Coupon Payment Stub or Lender Statement ‰ Any recent Lender Correspondences Received ‰ Correspondences from Lender’s Attorney or Sheriff - if any ‰ A Detailed letter of Hardship (INCLUDE VERY DETAILED W/ DATES: reason for delinquency, what you have done to attempt to workout problem in the past, what you have done to prevent this from reoccurring in the future). (SIGN & DATE) ‰ Supporting Hardship Information (i.e. letter of termination, lay-off notice, letter from doctor, medical documentations etc.)

I/We ___________________________________________________, understand that the information that is needed to provide a complete assessment to my/our mitigation process is indicated above. I/We understand that without the complete information requested above, Homeownership Preservation Group cannot assist me/us. I/We understand that my/our lender will proceed with foreclosure process. Not withstanding the above, lender’s right to the foreclosure process is not negated by mere submission of mitigation package. __________________________________________ Printed Name _________________________________________________________________________ Signature(s) Date



             

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Figuring your income a vital part of the workout and financials. Fill in the information below in order to provide accurate information. Borrower: How often are you paid (circle) Weekly / Biweekly / Semi Monthly (1st and 15th or 15th and 30th) / Monthly / Quarterly / Annually Are you paid a bonus (circle) Yes / No If so how much and when: __________________ Formulas to determine income below: Use the formula based on your pay frequency – Once complete this is your average monthly income. This formula is how many lenders determine income. The formula below is for homeowners not on a fixed income if you are retired, disabled or receive any other type of income be sure to list on the income section of the Financial Worksheet in Workout Package If Weekly Pay 1.

Add 2 paychecks together divide by 2 that is average Weekly Income Check 1 _____________ + Check 2______________ / 2 = _________________ Average Weekly Income 2. Take average Weekly Income Multiply by 52 (number of weekly pay periods in a year) divide by 12 months and you have your average monthly income Average Weekly Income __________ X 52 = ___________ / 12 ________________ average monthly income 3. Average Monthly Income ______________________ -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Spouse If Weekly Pay 1. Add 2 paychecks together divide by 2 that is average Weekly Income Check 1 _____________ + Check 2______________ / 2 = _________________ Average Weekly Income 2. Take average Weekly Income Multiply by 52 (number of weekly pay periods in a year) divide by 12 months and you have your average monthly income Average Weekly Income __________ X 52 = ___________ / 12 ________________ average monthly income 3.

Average Monthly Income ______________________

If Biweekly Pay

1.

Add 2 paychecks together divide by 2 that is average Biweekly Income Check 1 _____________ + Check 2______________ / 2 = _________________ Average Biweekly Income 2. Take average Biweekly Income Multiply by 26 (number of biweekly pay periods in a year) divide by 12 months and you have your average monthly income Average Biweekly Income __________ X 26 = ___________ / 12 ________________ average monthly income 3. Average Monthly Income ______________________ -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Spouse If Biweekly Pay 1.

Add 2 paychecks together divide by 2 that is average Biweekly Income Check 1 _____________ + Check 2______________ / 2 = _________________ Average Biweekly Income 2. Take average Biweekly Income Multiply by 26 (number of biweekly pay periods in a year) divide by 12 months and you have your average monthly income Average Biweekly Income __________ X 26 = ___________ / 12 ________________ average monthly income 3.

Average Monthly Income ______________________

If Semi Monthly Pay 1.

Add 2 paychecks together divide by 2 that is average Semi Monthly Check 1 _____________ + Check 2______________ / 2 = _________________ Average Semi Monthly Income 2. Take average Semi Monthly Income Multiply by 24 (number of weekly pay periods in a year) divide by 12 months and you have your average monthly income Average Semi Monthly Income __________ X 24 = ___________ / 12 ________________ average monthly income 3. Average Semi Monthly Income ______________________ --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Spouse If Semi Monthly Pay 1.

Add 2 paychecks together divide by 2 that is average Semi Monthly

Check 1 _____________ + Check 2______________ / 2 = _________________ Average Semi Monthly Income 2. Take average Semi Monthly Income Multiply by 24 (number of weekly pay periods in a year) divide by 12 months and you have your average semi monthly income Average Semi Monthly Income __________ X 24 = ___________ / 12 ________________ average monthly income 3.

Average Semi Monthly Income ______________________

Financial Analysis for Workout Page 1 of 2 Loan Number

Borrower Name

Social Security Number

Borrower Name

Social Security Number

Home Phone

Work Phone

Number of People in Household

Number of Cars

Property Address Street, City, State, Zip

Mailing Address if Different Street, City, State, Zip

Monthly Household Expense

Assets

Property Tax if not escrowed

Home

Home Insurance (not escrow)

Other Real Estate

Home Owners Assn.

Automobile

Child Care

Automobile

Mortgage

Checking Accounts

Other Mortgage/Rent

Savings Money Market

Alimony/Child Care

IRA

1.Automobile

401K/ESOP

2. Automobile

Stocks/Bonds/CDs

Auto Insurance

Other Investment

Medical (not from check) Credit Cards Food/Clothing Transportation Utilities(elect/water/gas…) Cell Phone Charity/Church Student Loan Misc. Expenses

Total Monthly Expense

Financial Analysis for Workout Page 2 of 2

Monthly Income

Name__________________

Name___________________

Net Salary/Wages Commissions/Bonuses Rental Income Other income in Household Other Identify

Total Net Income

Total Monthly Income (-) Total Monthly Expense (pg.1) (=) Surplus / Deficiency

_______________________ _______________________ _______________________

Please briefly explain your reason for delinquency:

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 Nam e:

Address:

Spouse Nam e:

Cit y, St at e, Zip:

DOB:

Spouse DOB:

SSN:

Spouse SSN:

Marit al St at us:

No. Dependent s:

Ages:

Years t here:

Hom e Phone:

Em ail:

Em ploym ent I nform at ion Present :

Years:

Posit ion:

Address:

Phone Num ber:

Spouse Em ployer:

Years:

Posit ion:

Address:

Phone Num ber:

Any Part - Tim e Work?

Em ployer:

Phone:

Any Part - Tim e Work? ( Spouse) :

Em ployer:

Phone:

Have you ever been a client here before?

How did you hear about us?

Nearest relat ive not living wit h you:

Locat ion: ( Cit y, St at e) :

Relat ionship:

Relat ive’s em ail:

Phone:

Lender I nform at ion Lender nam e: Loan # :

Originat ion Dat e:

Mont hs Behind:

Purchase Dat e:

Purchase Price:

Balance:

Mont hly Paym ent :

Value of Hom e:

Second Mort gage:

Loan# :

Mont hs Behind ( 2 nd ) : Dat e:

Balance ( 2 nd ) : Signat ure:

I nt erest Rat e:

Type ( FHA, Conv. Or VA)

Mont hly Paym ent ( 2 nd ) : Have you declared bankrupt cy? Signat ure:

When:

Asset s Form   Sect ion I : Asset s  U.S. Savings Bonds ( current value) Cash in bank ( checking and savings $ $  account s, building and loan account s)  Cash on Hand St ocks and/ or ot her bonds ( current  Real Est at e Assessed Value Aut  om obile ( resale value) :  1. Ot her Asset s (resale value) Specify:  2. 1.  3. 2.  Trailer, Cam pers, Boat s ( resale value)  Tot a l Asse t s: $   Sect ion I I : I nst allm ent Cont ract s and Ot her Debt s NOTE: Show below ALL debt s which you are required t o pay in regular m ont hly inst allm ent s, such as car, t elevision, washing m achine, credit cards, paym ent s t o dealers, banks, finance com panies, repaym ent of m oney borrowed for any purpose, doctor bills, hospit al bills, et c. DO NOT   N a m e of Date and Or igin a l Un pa id Am ou nt Pa st M on t h ly  Am ou nt of Due Cr e dit or Pu r pose of de bt Ba la n ce  D e bt ( I f a n y)            Tot a ls $ $ $ $   Sect ion I I I : Addit ional Dat a  Have your ever filed a bankrupt cy? I f so, was t he current m ort gage involved?     e discharged from bankrupt cy Dat Locat ion of t he Court ( Cit y and St at e) Docket num ber ( if know n)    USE THI S SPACE AND ADDI TI ONAL SHEETS, I F NECESSARY, TO SUPPLY ANY OTHER PERTI NENT I NFORMATI ON AND TO  CONI NUE YOUR ANSWER TO PREVI OUS I TEMS ABOVE TO WHI CH YOUR COMMENTS APPLY.      Sect ion I V: Cert ificat ions

I ( W e ) AFFI RM t h a t t h e in for m a t ion con t a in e d he r e in is t r u e , cor r ect , a n d com ple t e t o t h e be st of m y ( our ) k now le dge a n d be lie f. Sign a t u r e

Date

Sign a t u r e

Date

Financial Analysis for Workout MI Cert ificat e #

Loan #

FHA #

VA #

Loan Num ber

Bor rower Nam e Bor rower Nam e e Phone MortHom gagor:

Who should we call for appoint m ent Propert y Address Lender:

Social Securit Num ber Pr imyary Borrower’s SSN: Social Securit y Num ber Work NumCoberMort gagor:

Lender Rep:

St reet , Cit y, St at e, Zip

Lender Phone # ’s: Mailing Address if Different St reet , Cit y, St at e, Zip

FAX # : Mont hly I ncom e Mont hlySalary/ Paym ent : Net Wages Com m issions/ Bonuses Mont Behind: Oths her I dent ify Tot al Net I ncom e Tot al Arrears:

Loan Type ( VA,FHA, Conv) : Lat e Charges:

Paym ent ( if lat e) :

Mont hs: Legal fees owed:

Asset s

Liabilit ies

Hom e Second Mort gage I nform atMort iongage : Ot her Real Est at e

Lender:

Aut om obile Lender Rep: Aut om obile Checking Account s Dept : Savings Money Mark et I RA Mont hly Paym ent :

FAX # :

401K/ ESOP Mont hs Behind: St ock s/ Bonds/ CDs Ot her I nvest m ent Tot al Arrears: Cash

Ot her Mort gage/Loan Rent # Alim ony/ Child Care Phone # : Aut om obile Aut om obile Ut ilit ies

Lat e Charges: I nsurance/ St udent

Dat e Loan Originat ed: Paym ent ( if lat e) :

Loan Credit Cards Mont hs: Food/ Clot hing at ion Legal Transport fees owed: Ot her Expenses TOTAL

At t orney I nform at ion ( if any) :

Does lender an at t orney I f :so, which Mort gage ( 1 st or 2 nd ) ? Please br have iefly explain your involved? reason for delinquency _____________________________________________________________________________ Nam_____________________________________________________________________________ e of t he Law Firm : ______________________________________________________________ Address: Tot al Mont hly I ncom e __________________________ Mont hly Expenses __________________________ ContTot actalPerson: Phone # : FAX # : Surplus / Deficiency __________________________ Publicat ion st art ed ( w hen) ? Foreclosure dat e? I s propert y for sale?

I s propert y rent al?

I s t here a t enant ?

I s propert y owner occupied?

Do you wish t o keep propert y?

I / We, declare t hat t he inform at ion cont ained herein is t r ue and correct t o t he best of our knowledge.

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Au t h or iza t ion For m This form w ill serve t o acknowledge t hat t he capt ioned m ort gagor has aut horized our firm , Hom eownership Preservat ion Group, t o act in t heir behalf t o resolve t heir m ort gage problem s. This is in accordance wit h Tit le 24 of t he CFR 203.500( HUD) .

Mort gagor Nam e: Spouse Nam e: Propert y Address: Cit y, St at e, Zip: Social Securit y of t he Pr im ary Borrower:

Mort gagee Lender: St reet Address: Cit y, St at e, Zip: Loan Num ber:

Mort gagor’s Signat ures Mort gagor:

Dat e:

Co- Mort gagor:

Dat e: Agent s of Hom eownership Preservat ion Group 904- 268- 7179 – Office 904- 339- 9993 - Fax