Docstoc

Prequalification Submission Date____________ Affiliate Information

Document Sample
Prequalification Submission Date____________ Affiliate Information Powered By Docstoc
					        Prequalification                                                                                  Submission    Date____________
 Client Name:__________________________________ Client   Email:_________________________________________ 

Address:___________________________________________________________________________________________    

Phone Number: ____________________________________ Alt. Phone Number:_______________________________ 
 
1st Lender: ______________________________________________  Loan #:____________________________________  
 
2nd  Lender: _____________________________________________  Loan #:____________________________________ 
 
Please Answer the Following Questions: 
     1) Has the borrower gone into Foreclosure and what was the filling date? ___________________ 
     2) Has the borrower received their NOD, and when was it received? ___________________ 
     3) Is there a Notice of Sale, and what date is the N.O.S? ___________________ 
     4) Is this a Single family residence or a 1‐4 unit property? ___________________ 
     5) How many people live in the home? ___________________ 
     6) Have they had this current loan over 1 year? ___________________ 
     7) Is the borrower currently behind in their mortgage payment? ___________________ 
     8) How many months are they behind? ___________________ 
     9) Is the borrower currently involved in bankruptcy? ___________________ 
     10) Has the current loan adjusted yet? If not, when is it set to adjust? ___________________ 
      
Affiliate Information: 
           Name: _________________________________________________________________________  

           Address: _______________________________________________________________________  

           Phone Number: _____________________  Email: ______________________________________ 
            
           File Price:_______________________   Client’s Total Fees: ______________________________ 

       YES I WANT MY CHECK SENT VIA FEDEX FOR A FEE OF $25.00 WHICH WILL BE DEDUCTED FROM PROCEEDS  
         Note: If you want your check sent via FedEx make sure you note on invoice for first few files (mandatory) after that please indicate on this submission form.  
 
Items needed to submit a file to 911eLAW for a Loan Modification:
o Submission Form (filed out)                                                 Jon-Paul Boyadjian
o Authorization Form(s)                                                           Account Executive
o Financial Worksheet (signed and dated)                                  Office: (949) 315-7613
o Hardship Letter (signed and dated)                                        Fax: (562) 415-2604
                                                                          Email: jp@911elaw.com
o Homeowner Acknowledgment form (initialed, signed and dated) 
o 4506‐T (signed and dated) 
o Attorney Retainer/Power of Attorney (signed & dated) 
o Payment (made to correct attorney) 
o If you have CITIMORTGAGE, SUNTRUST, NATIONSTAR, AURORA, WAMU, SAXON or TAYLOR BEAN and 
   WHITAKER your client will be asked to fill out further documentation. 
Required Documentation Checklist




      Owner Occupied           Non-Owner Occupied

                               Required Documentation for Loan Modification

           If you are a Wage Earner (you receive a W-2 from your employer) please use the following
           checklist:
             Two (2) Most Recent Pay Stubs
             Length of service with Current Employer
           Year(s):         Month(s):
             Most Recent one (1) month of Complete Bank Statement

              Most Recent Tax Return
                    Completed 4506-T – Request for Transcript of Tax Return
              Proof of Income for other household members living in the home (Alimony, Child Support, Pension, etc.) if you
              want such income considered for a loan workout
              Proof of occupancy – a recent utility bill in your name at property address
              If loan is Non-Escrowed
                   A) Proof of payment of most recent taxes
                   B) Proof of payment of Homeowner’s Insurance
                   C) Proof of payment of Homeowner’s Association Fees
              Non-Owner Occupied (ONLY)
                   A) Rental Income w/copies of Rental Agreement
                   B) PITI & MTG Holder(s) for Prime Residence
                   C) Primary Residence Address (input below)


           If you are Self Employed, please use the following checklist and submit:

              P & L Statement / Audited or reviewed YTD Income Statement
              Most Recent two (2) years of Tax Returns or 1099s
                    Completed 4506-T – Request for Transcript of Tax Return
              Last four (4) months of complete Business and Personal Bank Statements

             Length of time of Business Ownership
           Year(s):            Month(s):
             Proof of Income for other household members living in the home (Alimony, Child Support, Pension, etc.) if you
             want such income considered for a loan workout
             Proof of occupancy – a recent utility bill in your name at property address
             If loan is Non-Escrowed
                  A) Proof of payment of most recent taxes
                  B) Proof of payment of Homeowner’s Insurance
                  C) Proof of payment of Homeowner’s Association Fees
             Non-Owner Occupied (ONLY)
                  A) Rental Income w/copies of Rental Agreement
                  B) PITI & MTG Holder(s) for Prime Residence
                  C) Primary Residence Address (input below)


           Primary Address:



           Comments:
                     Homeowner Acknowledgment of Consideration for Services




            •   It was explained to me that I have the right to choose any attorney. ______


            •   I understand that I am purchasing a service, not a result. ______


            •   I understand that if a loan modification is unsuccessful, a resolution of a different nature

                   will be pursued with my authorization, such as a short-sale (this process may be done in

                   conjunction with a 3rd party). ______


            •   I understand that if the attorney’s office accepts my retainer agreement the fee for services

                   is $_______ at that time. ______


            •   I understand that a representative who works on behalf of the law firm will be contacting

                   me. ______


            •   I understand if I am purchasing a forensic audit with my loan modification that I will

                   need all items listed in the “Required Documentation for Forensic Audits” form. I also

                   understand that I am fully responsible for supplying all documents necessary, and that

                   NO documents will be pursed on my behalf. _______




______________________________                                              __________________

Client Name (Print)                                                         Date



______________________________

Client Signature




                                         Please initial all bullet points
                                                  Financial Worksheet

                         CLIENT NAME:
                    APPLICATION DATE:
                                                            Holder of 1st loan (bank/lender):
                 MONTHLY TOTALS *office use                 Holder of 2nd loan (bank/lender):
INCOME                                                 0
EXPENSES                                               0    1st Mortgage loan number
TOTAL CASH FLOW (net disposable income) 0
TOTAL DTI (debt to income ratio)                  0%        2nd Mortgage loan number

MONTHLY EXPENSES                                  Amount    MONTHLY INCOME (Gross)                             Amount
                        HOME
First Mortgage Payment                                      Full-Time Job
Property Taxes                                              Part-Time Job
Home Owner Association Fees                                 Self-Employment
Second Mortgage Payment                                     Pension #1
                        UTILITIES                           Pension #2
Electricity                                                 Unemployment
Gas                                                         Disability
Water                                                       Child Support
Sewer/Garbage                                               Alimony
Phone                                                       Rental Income #1
Cable/Internet                                              Rental Income #2
Cell Phone/Pager
                       NECESSITIES                          Full-Time Job
Groceries                                                   Part-Time Job
Household Supplies                                          Self-Employment
                    TRANSPORTATION                          Pension #1
Car Insurance                                               Pension #2
Car Payment #1 (Model, Yr below)                            Unemployment
___________________________________                         Disability
Car Payment #2 (Model, Yr below)                            Child Support
___________________________________                         Alimony
Car Fuel                                                    Rental Income #1
Car Repair Allowance                                        Rental Income #2
Mass Transit                                                TOTAL INCOME                                           0
                       INSURANCE
Medical/Dental                                              QUALIFYING QUESTIONS
Life/Disability                                                                        PROPERTY QUESTIONS
Homeowner's Insurance                                       Is their a Notice of Default (NOD)?
                    MONTHLY DEBTS                           Is their a Notice of Sale & what is the date?
Credit Card #1                                              How many people ocuppy this property?
Credit Card #2                                              Is this property either a SFR or a 1-4 unit?
Credit Card #3                                              Have they had the the loan at least 1 year?
Student Loans                                               How many months behind are the payments?
Personal Loans                                                                         MORTGAGE QUESTIONS
TOTAL AMOUNT OF CREDIT CARD DEBT                            What type of loan is on the 1st?
                CHILD CARE/EDUCATION                        Has the loan adjusted yet?
School Lunch                                                If not, when is the loan set to adjust?
Tuition/Books                                               Has the loan been modified within the last year?
Child Support
Daycare                                                     Mortgage Payment Calculator (1st loan)
                   MEDICAL EXPENSES                         Princpal Balance of current loan
Pharmacy/Prescriptions                                      Original Loan Amt
Hospital/Clinic                                             Annual Interest Rate
                    ENTERTAINMENT                           Years of Loan
Dining Out                                                  Monthly Loan Pmt
Movies/Shows
Hobbies                                                     Mortgage Payment Calculator (2nd loan)
          MISCELLANEOUS (add optional expenses)             Princpal Balance of current loan
___________________________________                         Original Loan Amt
___________________________________                         Annual Interest Rate
___________________________________                         Years of Loan
TOTAL MONTHLY EXPENSES                                 0    Monthly Loan Pmt
                                       Authorization Form


               We, the undersigned, hereby authorize you to release information regarding the
       referenced loan to 911eLaw and/or their agents or assigns. This form may be duplicated
       in blank and/or sent via facsimile transmission. This authorization is a consenting
       authorization for said parties to receive information about my loan, including duplicate of
       any notices sent to me regarding my loan. This is in accordance with Title 24 of the CFR
       203.500 (HUD)




Lender:

1st Loan Number:

Phone Number of Lender:


Borrower's Full Name:

Co-Borrower's Full Name:

Property Street address:

City, State, Zip:

Borrower's Social Security #:

Co-Borrower's Social Security #:


       Borrower signature: __________________________                      Date:_____________

       Co-Borrower Signature: _______________________                      Date:_____________
                                       Authorization Form
                                             For 2nd Mortgage

               We, the undersigned, hereby authorize you to release information regarding the
       referenced loan to 911eLaw and/or their agents or assigns. This form may be duplicated
       in blank and/or sent via facsimile transmission. This authorization is a consenting
       authorization for said parties to receive information about my loan, including duplicate of
       any notices sent to me regarding my loan. This is in accordance with Title 24 of the CFR
       203.500 (HUD)




Lender of 2nd mortgage:

2nd Loan Number:

Phone Number of Lender:


Borrower's Full Name:

Co-Borrower's Full Name:

Property Street address:

City, State, Zip:

Borrower's Social Security #:

Co-Borrower's Social Security #:


       Borrower signature: __________________________                      Date:_____________

       Co-Borrower Signature: _______________________                      Date:_____________
                           Hardship Letter Examples

A key factor that is required in every loan modification submission is the existence
of a financial hardship for the borrower. The hardship can be temporary in nature or
permanent, but the borrower must be able to prove the hardship.

Hardships that Get “Mods” Approved
   •   Adjustable Rate Mortgage Reset-Payment Shock
   •   Illness of the Borrower
   •   Illness of the Borrower’s Family Member
   •   Curtailment of income
   •   Loss of Job
   •   Abandonment of Property
   •   Property Problem
   •   Inability to sell the property
   •   Inability to rent the property
   •   Mortgage Servicing Problems
   •   Transfer of Ownership delays
   •   Reduced Income
   •   Failed Business
   •   Job Relocation
   •   Death of the Borrower
   •   Death of Spouse or Co-Borrower
   •   Death in the Family
   •   Incarceration
   •   Divorce
   •   Marital Separation
   •   Military Duty
   •   Damage to Property (natural disaster or unnatural)

Notice that “My Realtor lied to me” and “My Loan officer/broker lied to me” is not
on this list! Keep that in mind when your client is writing their hardship letter.

These are not the days of “Stated” anything in the loan modification approval process. It
needs to be a legitimate hardship for the lender to grant the modification.
 A loan modification should be requested only if no other reasonable options are
available and/or the homeowner is experiencing hardship.

“Loan Modifications are designed for the homeowners who can afford their home but
just not their loan!”
How to Communicate the Client’s Hardship Effectively
Effective communication is the single most important part of describing the hardship
issues. Many modification requests fail because the homeowners can not tell their story
in a simply way. They forget about the person at the lender who is reading their story
and trying to figure out what the issue is! With that said, you must advise the clients to
keep their hardship letter simple and to the point quickly!

The loss mitigation department at every lender is overwhelmed with foreclosures, short
sales, and modification requests. They do not want to read the client’s 3 page novel
about the loan officer who put them in the loan, why they bought the house, the memories
they have had there, or why the want to keep it.

When writing their letter, advise the clients to Keep It Simple.

If the loss mitigator has 20 files to complete on any given day, he or she doesn’t want to
read a 3 page novel from everyone telling a depressing story! Loss mitigators work on
commission so all they are really looking for is the hardship, not the story!

This is a great example of what I mean:

Dear Lender,

I have come into some financial trouble as a result of the payment shock I am
experiencing from my loan. My payments have gone up significantly and I don’t
believe I can maintain this situation. Please review my request to modify the terms
of my loan so I may keep my home and have some relief.

Respectfully,

John Doe.

The clients can engage them emotionally without telling their story in a 3 page novel.

Advise the clients to handwrite their hardship letter! The fact is that people personally
relate to handwriting because it is directly from the person involved. Anyone can type a
letter and then give it to the person to sign it, and for this reason it does not have the same
impact on the loss mitigator who is trying to help your clients.
                                        Hardship Letter

Date: __________________

Borrower’s Name (print):       ____________________

Co-Borrower’s Name (print): ____________________



Explain Hardship:




*Signature:    ____________________________ Date: ______________________________

*Signature:    ____________________________ Date: ______________________________



*Any additional pages need to be initialed by borrower(s)
                 Required Documentation for Forensic Audits


         If you are having a Forensic Audit done on your loan documents you MUST have all the items listed below
or the audit cannot be run:



                     •      1003 (Uniform Residential Loan Application)

                     •      G.F.E. (Good Faith Estimate)

                     •      Final HUD-1 (Final Settlement Statement)

                     •      Final TILA (Truth in Lending documents)

                     •      Final Closing Statement

                     •      Notice of Right to Cancel (Primary residence ONLY)

                     •      All Title Documents

                     •      All Riders (ie. Adjustable rate disclosure)

                     •      All Addendums to the Loan (ie. Prepayment penalty addendum to the note)



         If you are missing any documents to run the forensic audit you could find them by either calling your
lender or by calling your mortgage broker. If your lender cannot produce certain documents they could be in
violation of RESPA and TILA codes. If you do not have the needed documents and are sure that your lender did not
provide them to you at closing, you may want to seek 3rd party representation to pursue legal action based on non-
disclosure issues.




                Violations found are based only on facts found in the loan documents provided at the time of the audit. The ability to afford or not afford the monthly payment stated in the
documents is not a violation nor is miscalculations of income presented on stated loans unless it can be proved that the amount was tampered post-closing. Independent research of DRE
approved mortgage companies and brokers will NOT be addressed in this audit, for information on how to follow up on past and/or present License IDs please visit
http://www2.dre.ca.gov/PublicASP/pplinfo.asp. This audit may show violations that may need further review by a 3rd party to pursue legal actions and 911eLAW does in no way represent that a
lawyer will review the documents for the audit. Although a trained loan processor will review them for both manual and software versions.
                                                  Request for Transcript of Tax Return
Form    4506-T                             Do not sign this form unless all applicable lines have been completed.
                                                             Read the instructions on page 2.                                                  OMB No. 1545-1872
(Rev. January 2008)
Department of the Treasury
                                         Request may be rejected if the form is incomplete, illegible, or any required
Internal Revenue Service                                 line was blank at the time of signature.
Tip: Use Form 4506-T to order a transcript or other return information free of charge. See the product list below. You can also call 1-800-829-1040 to
order a transcript. If you need a copy of your return, use Form 4506, Request for Copy of Tax Return. There is a fee to get a copy of your return.
 1a Name shown on tax return. If a joint return, enter the name shown first.                        1b First social security number on tax return or
                                                                                                       employer identification number (see instructions)


 2a If a joint return, enter spouse’s name shown on tax return                                      2b Second social security number if joint tax return



 3      Current name, address (including apt., room, or suite no.), city, state, and ZIP code



 4      Previous address shown on the last return filed if different from line 3



 5      If the transcript or tax information is to be mailed to a third party (such as a mortgage company), enter the third party’s name, address,
        and telephone number. The IRS has no control over what the third party does with the tax information.




Caution: DO NOT SIGN this form if a third party requires you to complete Form 4506-T, and lines 6 and 9 are blank.
 6      Transcript requested. Enter the tax form number here (1040, 1065, 1120, etc.) and check the appropriate box below. Enter only one tax
        form number per request.
     a Return Transcript, which includes most of the line items of a tax return as filed with the IRS. Transcripts are only available for
        the following returns: Form 1040 series, Form 1065, Form 1120, Form 1120A, Form 1120H, Form 1120L, and Form 1120S.
        Return transcripts are available for the current year and returns processed during the prior 3 processing years. Most requests
        will be processed within 10 business days

     b Account Transcript, which contains information on the financial status of the account, such as payments made on the account, penalty
       assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability
       and estimated tax payments. Account transcripts are available for most returns. Most requests will be processed within 30 calendar days
     c Record of Account, which is a combination of line item information and later adjustments to the account. Available for current year
       and 3 prior tax years. Most requests will be processed within 30 calendar days
 7      Verification of Nonfiling, which is proof from the IRS that you did not file a return for the year. Most requests will be processed
        within 10 business days
 8      Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. The IRS can provide a transcript that includes data from
        these information returns. State or local information is not included with the Form W-2 information. The IRS may be able to provide this transcript
        information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS. For example,
        W-2 information for 2006, filed in 2007, will not be available from the IRS until 2008. If you need W-2 information for retirement purposes, you
        should contact the Social Security Administration at 1-800-772-1213. Most requests will be processed within 45 days
Caution: If you need a copy of Form W-2 or Form 1099, you should first contact the payer. To get a copy of the Form W-2 or Form 1099
filed with your return, you must use Form 4506 and request a copy of your return, which includes all attachments.
 9      Year or period requested. Enter the ending date of the year or period, using the mm/dd/yyyy format. If you are requesting more than four
        years or periods, you must attach another Form 4506-T. For requests relating to quarterly tax returns, such as Form 941, you must enter
        each quarter or tax period separately.
               /         /                                      /         /                        /         /                                  /       /

Signature of taxpayer(s). I declare that I am either the taxpayer whose name is shown on line 1a or 2a, or a person authorized to obtain the tax
information requested. If the request applies to a joint return, either husband or wife must sign. If signed by a corporate officer, partner,
guardian, tax matters partner, executor, receiver, administrator, trustee, or party other than the taxpayer, I certify that I have the authority to
execute Form 4506-T on behalf of the taxpayer.
                                                                                                                            Telephone number of taxpayer on
                                                                                                                            line 1a or 2a
                                                                                                                            (       )
               Signature (see instructions)                                                     Date
Sign
Here           Title (if line 1a above is a corporation, partnership, estate, or trust)


               Spouse’s signature                                                               Date

For Privacy Act and Paperwork Reduction Act Notice, see page 2.                                    Cat. No. 37667N                      Form   4506-T   (Rev. 1-2008)