MORTGAGE SOS
Let Us Help You Protect Your Home!
Is your mortgage rate increasing? Is your home worth less than your mortgage? Are you having challenges making your mortgage payments?
WE WANT TO HELP!
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Are you up at night, worrying because your adjustable rate mortgage is going to reset and you can‟t afford the new payment? Maybe you owe more than your house is worth? Are you unable to get a new loan because your credit is bad? Or are you 30/60/90 days late on your mortgage? Have you been served with a Notice of Default?
YOU DON’T HAVE TO LOSE YOUR HOME
Let Mortgage SOS help you! We have helped hundreds of other similar – and even worse -circumstances. Mortgage SOS specializes in helping people find alternatives to foreclosure. Our objective is to make sure that you realize no matter how bad your situation might be, foreclosure may be avoided if you take prompt action. Together, we may be able to resolve your delinquency without foreclosure sale of your home. We have the skill and expertise to give you the greatest chance at getting the result you need.
HOW DOES IT WORK?
A Mortgage SOS Case Manager will sit down with you and review the alternatives available to allow you to keep your home. The key to avoiding foreclosure is action! Through open communication with our attorneys and other loss mitigation specialists, we can try to help you cure your mortgage default without foreclosure. In general, there are 4 options available to a homeowner in distress: 1) Forbearance: If a Notice of Default (NOD) has been recorded, Forbearance allows you to delay or reduce payments for a short period of time, with the understanding that another option will be used at the expiration of that time in order to bring your mortgage current. Forbearance will temporarily stay foreclosure proceedings. A Forbearance Plan is a repayment agreement between you and your lender. The objective of the plan is to allow you to cure your default over a period of time, reinstating your mortgage, while allowing your credit status to remain intact. 2) Modification: This occurs when the lender modifies your current mortgage in order to work with you so as to make your mortgage affordable. Historically only those borrowers whose loans were delinquent were candidates for Loan Modification. Now, however, it is used at any time, provided that hardship can be demonstrated. 3) Short Sale: Mortgage SOS frequently works with homeowners who, due to a change in employment or other life event(s), can no longer afford their home. The decision to sell your home under these circumstances is difficult. When all negotiations have failed and you are upside down on your mortgage (i.e., you owe more than the current market value of your property), we negotiate with the lender so as to gain cooperation in the sale of the property and a further agreement from the lender to take a loss on the Mortgage SOS -2-
mortgage. Your property is listed with a broker, and any and all offers are presented to your lender for approval. The lender controls the negotiations with the prospective buyers. This is viewed as the „last ditch‟ effort to save your credit from a foreclosure report. 4) Deed in Lieu: In order to avoid foreclosure proceedings, this alternative requires the borrower to transfer all interest in the property „via deed‟ to the lender, in full satisfaction of the mortgage. The transfer immediately releases the borrower from the obligations associated with the defaulted loan, it enables the borrower to avoid any public notoriety associated with foreclosure proceedings. To qualify, the mortgage must be secured by the property being transferred. Both borrower and lender agree to engage in a good faith resolution, reduced to a settlement agreement that provides that the total consideration is at least equal to the fair market value of the property being conveyed. [Unfortunately if the fair market value of the property exceeds the mortgage amount, lenders will not consider this alternative.]
What We Bring To The Table
We bring our vast experience and expertise to secure you a real solution to a challenging and stressful situation. We have a team of experts headed by attorneys, who understand your situation and know how to change it. Our goal is to structure the following: o ADJUSTMENT, ELIMINATION OR REPAYMENT PLANS ON ANY DELINQUENT OR PAST DUE BALANCES; o LOAN BALANCE AMOUNT TO BE LESS THAN CURRENT LOAN; o THE POSSIBILITY OF THE LOAN BEING CONVERTED TO A LONGER FIXED TERM; o REDUCTION OF CURRENT AND FUTURE RATE OF INTEREST CHANGE AND MONTHLY PAYMENTS; o CURRENT STATUS ON CREDIT REPORT TO ALL THREE (3) AGENCIES; o NEGOTIATE DEED IN LIEU WHEN NECESSARY; o NEGOTIATE SHORT SALE WHEN NECESSARY.
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What Foreclosure Means To You
Many people believe that once foreclosure begins, all hope of remaining in the home is gone. Nothing could be further from the truth. On the following page, you will find a chart which lays out the typical time-frame for the foreclosure process. IT IS POSSIBLE TO SAVE YOUR HOME AT ANY POINT THROUGHOUT THE FORECLOSURE PROCEEDINGS. Do not panic because you have received a Notice of Default. You still have options. The critical factor in determining whether or not you will be able to save your home is to act quickly as the options are time sensitive.
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Foreclosure Time Frame – California
This is a general timeline for non-judicial foreclosures in California. The clock does not begin until your lender feels it has exhausted all avenues for curing the payment delinquency. Historically, this happens after the borrower has missed 3 monthly mortgage payments – in this market however, lenders are opting to wait as long as 6 months. In the interim, the lender will have made several attempts to contact you. The official foreclosure process then begins when the lender contacts a Trustee and requests that a Notice of Default be filed.
Calendar
Start (Day 1)
Description with California Civil Code Reference
Notice of Default recorded with the County Recorder – Civil Code § 2924(a)(1) Within 10 business days Trustee mails Notice Of Default to borrower(s) with the date of recording. Civil Code § 2924b(b)(1) Within 1 month Mail NoticMmm Mail Notice Of Default to all Interested Parties. Civil Code §§ 2924b(c)(1), (2) and 2924b(e) Within 3 months Set sales date, time and location unless bankruptcy has been filed, or other event occurs that hold the time line. Civil Code §§ 2924 and 2924f(b) 25 day prior to Sale Date Send Notice of Sale to IRS (if applicable) IRS regulations 29 days prior to Sale Public Notice Of Trustee Sale- Civil Code § 2924f(b) Date Post Notice Of Trustee Sale- Civil Code § 2924(b) Mail Notice Of Trustee Sale- Civil Code § 2924b(c)(3) Begin publishing Notice of Sale in an adjudicated newspaper (to run 3 consecutive weeks). Civil Code § 2924b(e) Within 10 days from 1st publication of Notice Of Sale 14 days prior to Sale Date 7 days prior to Sale Date Send beneficiary request for directions to the property- Civil Code § 2924(b)
Record the Notice Of Sale with the County Recorder‟s Office - Civil Code § 2924(b) Trustee cannot sell for 7 days after the expiration of the Court Order - Civil Code § 2924c(e) 5 business days prior to The borrower‟s right to reinstate expires. Sale Date - Civil Code § 2924c(e) Sale Date The property is sold to the highest bidder or reverts back to the lender.
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What If Foreclosure Has Not Started Yet?
If your mortgage payments have become difficult, even if you are not yet late or in foreclosure, then it is time to act. If you are suffering a hardship due to your loan recasting (payments are too high), loss of employment, death of a relative, reduction of income, illness or any other unexpected event, we want to find a way to help you-whatever your situation-and if we can make an adjustment to your mortgage before late payments, notice of defaults, and the like, then it is better for all parties concerned.
So, How Do I Start?
In order to best help you find a solution and the best possible alternative for your situation, we need to carefully review your financial circumstances. Please submit the following information to us:
Documents to Be Completed by Borrower:
□ HARDSHIP LETTER- This form allows you to explain in detail the reason behind your financial situation. In addition to filling out this form you will need to provide any and all proof of your hardship claim if there are special circumstances beyond your loan recasting (rate increasing), such as medical bills, death certificate, unemployment stubs, divorce decree, ect. If there is more than one borrower each person needs to complete a separate form. □ FINANCIAL WORKSHEET- Information for both the borrower and co-borrower, must be included and filled out completely. □ AUTHORIZATION TO RELEASE CREDIT INFORMATION – Each borrower must complete. □ LOAN MITIGATION/MODIFICATION & PRESENTATION FEE ACKNOWLEDGEMENT □ BORROWER AUTHORIZATION AND RELEASE OF INFORMATION – Each borrower must complete.
Additional documents to be provided by you:
□ COPIES OF MOST RECENT PAYROLL STUBS- Please provide copies of pay stubs for the past 2 months for both the borrower and co-borrower. If you do not have this please provide what you can. □ (IF SELF EMPLOYED) COPIES OF FEDERAL INCOME TAX RETURNS- Provide copies of original signed and dated tax returns, including all schedules, for the 2 most recent tax years for both borrowers. Mortgage SOS -6-
□ COPIES OF YOUR MOST RECENT BANK STATEMENTS- Please provide copies of the last 3 months bank statements for all accounts (all pages). If you need help obtaining your statements either online or by phone contact your Case Manager for assistance. □ COPIES OF HOUSEHOLD BILLS- Please provide copies of any and all household bills such as, Utility bills (electric, gas, water), Insurance bills (car, home, health), child care, any other outstanding liabilities. □ TRUTH IN LENDING FORMS – Reg Z □ LISTING AGREEMENT- If applicable Additional information and documentation may be required. NOTE: Completion and submission of the foregoing documents does not constitute a commitment or approval for assistance. Normal collection proceedings up to and including foreclosure, will continue during the reviewing process. Once we have had a chance to review the provided information, then we will sit down with you (in person or telephonicallydepending on proximity) so that we can discuss your options. Let‟s get started. Begin by completing the attached forms, collecting the documents required, and returning them to us as soon as possible. If you have any questions, please do not hesitate to get in contact with us:
Mortgage SOS 949-494-9211 www.mortgagesos4u.com
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Hardship Letter
Please briefly explain your hardship or reason for being delinquent. Borrower‟s Name: Borrower‟s Address: City: Borrower‟s Phone #: State: Zip: Date:
______________________________ Borrower Signature ______________________________ Date
______________________________ Co-Borrower Signature ______________________________ Date Mortgage SOS -8-
Financial Worksheet
Date: Borrower and Co-Borrower Information
Loan #:
Borrower‟s Name: Co-Borrower‟s Name: Borrower‟s Work #: Name of Employer: Name of Employer: Borrower‟s Social Security #: Co-Borrower‟s Social Security #: Co-Borrower‟s Work #: Residence Phone #: Mo: Mo:
How long: Years: How long: Years:
Property Address
Street Address: City: State: Zip:
Mailing Address:
Street Address: City: State: Apt or Suite: Zip:
Description Monthly take home pay Commission/Bonus Other Income/Specify
(Child support/Alimony/Rental/Other)
Monthly Income Data Borrower‟s Income Co-Borrower‟s Income
______________________________ Borrower Signature
______________________________ Co-Borrower Signature
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Borrower Authorization and Release of Information
Date: ______________________ Loan Servicer: _______________________________ Attention: Customer Service Re Loan Number: _______________________ Borrower: ______________________________________________ Social Security Number: ________________________ Co-Borrower: _________________________________________ Social Security Number: ________________________ Address: _____________________________________ City, State, Zip: ________________________________
Dear _____________________ Loan Servicing: I/We ___________________________ “borrower(s)”, hereby authorize ___________________ Loan Servicing to release all of the financial information concerning the aforementioned mortgage loan, which is secured by the above referenced property, to the Law Offices of Diana Cimino and/or Mortgage SOS. Sincerely, ______________________ Borrower (Signature) _____________________ Co-Borrower (Signature) ______________________ (Printed Name) ______________________ (Printed Name)
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Loan Modification Financial Work Sheet
Description HOME
EST. VALUE
DESCRIPTION MORTGAGE PMT
MO. PMTS
BALANCE DUE
DESCRIPTION CHILD CARE
MO. PMTS
BALANCE DUE
OTHER REAL ESTATE AUTO 1
REAL ESTATE TAXES HOMEOWNER INS HOMEOWNER INS – OTHER REAL ESTATE ALIMONY/CHILD SUPPORT AUTO LOAN
CABLE
MEDICAL EXPENSES MEDICAL/LIFE INS STUDENT LOANS CREDIT CARD 1
AUTO 2
CHECKING/ ACCTS SAVINGS ACCTS IRA ACCTS
401K/ESOP ACCTS STOCKS, BONDS, CDS OTHER INVESTMENTS
AUTO-FUEL, TOLLS, PARKING, MAINTENANCE AUTO – INS
CREDIT CARD 2
CREDIT CARD 3
FOOD AND TOILETRIES UTILITIES AND PHONE
DRY CLEANING
LOAN MOD FEES/MISC
______________________ Borrower (Signature) ______________________ Co-Borrower (Signature)
______________________ (Printed Name) ______________________ (Printed Name)
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_________________ Date _________________ Date
Loan Modification Information Work Sheet
Date:______ Complete this work to the best of your ability. Our Case Managers will be happy to help complete this if you need assistance.
Borrower and Property Information (provide what you can) Borrower’s Name: Home Phone: Work Phone: Cell Phone: Address: City: APN# Subject prop: Subject Property Address: City: Originator of the lead: State: Sales rep: Zip: State: Date: Zip:
Co-Borrower’s Name: Best time to call: Best time to call: Best time to call:
1st Trust Deed
Mortgage Company: Customer Service: Mortgage Payment: Current rate of interest: Impounds: Fixed Yes ARM No Current Balance: $ Account #: Tax per month: Ins: Recast Rate:
Recast Date:
Payment:
Delinquent Amount:
Last Payment Accepted:
NOD:
Yes
No
Don’t Know
2
nd
T.D. (if applicable)
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Loan Modification Information Work Sheet 2nd Trust Deed (If applicable)
Mortgage Company: Customer Service: Mortgage Payment: Current rate of interest: Impounds: Yes Fixed ARM No Current Balance: $ Account #: Tax per month: Ins: Recast Rate:
Recast Date:
Payment:
Delinquent Amount:
Last Payment Accepted:
NOD: Yes
No
Don’t Know
Proposed Modification (please provide your best guess below – if unsure leave blank) 1 st T.D. Maximum affordable payment per customer’s request: 2 nd T.D.
I/We can manage a monthly payment of $______________ without a hardship. Any monthly payment higher than $____________ per moth, and I/we will be forced to either sell of lose this property.
____________________ Borrower (Signature) ______________________ Co-Borrower (Signature) ____________________ (Printed Name) ______________________ (Printed Name) ________________ Date _________________ Date
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