HOMES

Help is closer and easier than you think

Below is a basic outline of what needs to be done. Remember that time is of the essence and that as more time goes by without a resolution, your Lender/Servicing Agent becomes more limited in what can be done to help you.

• Step1

  Customer is in Default

  Is the Reason for Default Temporary, Long Term, Permanent

  • If Temporary then the Bank and Customer work together to bridge the financial gap with Short Term Resolutions
  • If Long Term then the Bank and Customer work together to identify Long Term Resolutions that the Customer will qualify for
  • If Permanent then the Bank and Customer should consider working out a way for the Customer to Sell the house (Default Liquidation)
• Step 2

  A Path of Resolution is verbally agreed upon and the bank must now confirm information you have provided them (validate your hardship)

  The Customer must provide the following information to the Bank

  • Reason for Default
  • Financial Disclosure Worksheet
  • Proof of Income (Pay Stubs, Social Security Statements, etc)
  • Bank Statements
  • Tax Returns (Keep it simple - Form 1040 and W2s/1099s)
• Step 3

  The Bank Reviews the information and provides a written Workout Agreement

  • Repayment Plan (Short Term Resolution )
  • Forbearance Plan (Short or Long Term Resolution)
  • Special Forbearance Plan (Long Term Resolution)
  • Stipulated Repayment Plan (Long Term Resolution)
  • Deferred/Extended Payments (Short or Long Term Resolution)
  • Repayment Plan (Short Term Resolution)
  • Modification (Long Term Resolution)
  • Short Sale (House is Overleveraged) - (Default Liquidation)
  • Deed in Lieu of Foreclosure (Default Liquidation)
• Step 4

  The Customer signs the agreement and the problem is Solved