Tag Archives: Modification

HOME AFFORDABLE PROGRAM info…

 

CALVIN KYLES, LOAN ORIGINATION/BROKER

6400 SW Canyon Ct. #100

Portland, Oregon 97221

503-975-2769 Direct

ckyles@mtglender.com

www.sunsetmortgageco.com Referral Code: 482

 

MAKING HOME AFFORDABLE PLAN

 

The White House recently announced the Making Home Affordable program to help homeowners experiencing financial setbacks.

 

If you are having difficulty with you mortgage payments, please contact your Sunset Mortgage Co., Loan Originator or fill out your application online to begin your Refinance process and complete a full Financial Information Form(s).

 

Sunset Mortgage Co, will also require the following documentation to determine if you meet the requirements. Please, fax these items to (503)291-0222 Attention – MHAP/CK. Be sure to include all current documentation being requested. If necessary request documents from your Originator:

 

  • Complete and signed hardship affidavit
  • Copies of your two most recent pay stubs
  • Copy of your most recently filed federal tax return; and prior year
  • Complete and signed IRS Form 4506-T
  • Copy of two most recent bank statements
  • Copy of a recent utility bill (e.g., electric bill, gas bill, water bill, phone bill, etc.)
  • Copy of your most recent quarterly profit and loss statement (if self-employed)
  • Award letter stating your Social Security, disability, or pension earnings (if applicable)

 

Please be advised that you will be required to complete additional forms if you qualify under the requirements of the Making Home Affordable program, so please keep available copy of these forms for your records.

 

BE AWARE OF FORECLOSURE RESCUE SCAMS

 

Some fraudulent businesses have been preying on consumers in distress by promising to stop foreclosures or to assist in getting consumers a loan modification. Many of these “rescue” companies require consumers to pay a fee then simply walk away with the money without providing any help at all. Other companies provide bad advice such as “stop” communicating with your mortgage company. Even worse, some of these businesses takes possession of these homes.

 

Please be aware that these companies do not have your best interest at heart and are in the business of taking advantage of consumers. If you need foreclosure prevention guidance, please call your Origination Consultant at Sunset Mortgage Co or your Direct Lender today to discuss your loan and the workout options that may be available to you. There are also free housing counseling services provided by nonprofit agencies sponsored by the U.S. Department of Housing and Urban Development (HUD).  If asked, your Origination Consultant for Sunset Mortgage Co will provide and send you a list of those agencies providing services within your immediate area.

 

Avoid any business that:

 

  • Charges a fee for services such as communication or submitting paperwork to your direct lender
  • Guarantees you a loan modification or stopping a foreclosure
  • Instructs you not to contact your lender directly or insists that you make your mortgage payments to anyone other than your direct lender
  • Offers to fill out paperwork for you and pressure you to sign documents that you do not understand
  • Asks you to sign over the deed to your property

 

Some predatory businesses have also created websites that appear to be affiliated with lender websites to confuse homeowners looking for assistance. Before you share your financial and personal information online, make sure you have logged in with a secure pass code using the Originators name and referral code. To ensure you are accessing the Sunset Mortgage Co website, enter www.sunsetmortgageco.com directly into the address bar of your internet browser. Avoid using engines to find our website, as the fraudulent sites appear in the search results.

 

The following is an excerpt from a U.S. Treasury Department document titled “Making Home Affordable: Borrower Q&As” that explains some frequently asked question about the program. (Source: http://www.financialstability.gov/makinghomeaffordable/)

 

Can Making Home Affordable help me if my loan is not owned or securitized by Fannie Mae or Freddie Mac?

 

Yes. Making Home Affordable offers help to borrowers who are already behind on there mortgage payments or who are struggling to keep their loans current. By providing mortgage servicers with financial incentives to modify existing first mortgage, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.

 

How do I know if I qualify for a Home Affordable Modification?

 

 

 

To apply for a Home Affordable Modification, you must:

 

  • Be an owner-occupant in a one to four unit property, and have
  • An unpaid principal balance that is equal to or less than $729,750 (for one unit properties and higher for two to four unit properties (consult your servicer),
  • A loan that was originated before January 1, 2009,
  • A mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
  • Have a mortgage payment that is no longer affordable, perhaps because of a significant change in income or expenses.

 

If you answered YES to all of these questions, you are eligible to apply for a Home Affordable Modification/Loan. Only your Origination Consultant or Servicer will be able to tell you if you qualify.

 

Do I need to be behind on my mortgage payments to be eligible for a Home Affordable Modification?

 

No. Responsible borrowers who are struggling to remain current on their payments are eligible if they are at risk of imminent default, for example, because they have had or will soon have a significant increase in their mortgage payment that they can not afford. If you have had or anticipate a significant increase in your mortgage payment or have had a significant reduction in income, contact your Origination Consultant or Servicer. If you meet the minimum eligibility criteria for a Home affordable Modification, your servicer is required to evaluate your loan to see if you are at risk of imminent default.

 

I have missed some mortgage payments am I eligible?

 

If you answered yes to the questions above, have missed two or more mortgage payments your servicer is participation in the Making Home Affordable Program, your servicer must evaluate your loan to determine if you qualify for a modification.

 

I have a second mortgage. Am I still eligible?

 

Yes, but only the first mortgage is eligible for a modification. Your Origination Consultant will work with your second mortgage servicer to Subordinate the loan – if agreeable with the servicer.

 

How do I know if my servicer is participating? Are all servicers required to participate?

 

Servicer participation in the program is voluntary. However, the government is offering substantial incentives to the servicers and investors, and it is expected that most major servicers will participate. Participating servicers will sign a contract with the Treasury’s financial agent, through which they agree to review every potentially eligible borrower who call or writes asking to be considered for the program.

As contract are signed, a list of participating servicers will be available on the internet at www.financialstablity.gov. Participation will be mandatory for any servicer that accepts future funding from the Treasury’s Financial Stability Program.

 

However, borrowers whose loans have been scheduled for foreclosure or any borrower that has missed on or more mortgage payments and has not yet spoken to their Origination Consultant or Servicer should contact one or the other immediately. Borrowers may also contact a HUD-approved Housing counselor by calling 1-888-995-HOPE (4673).

 

For more information about the Making Home Affordable program, please visit: http://www.financialstability.gov/.

 

 

Take time to gather your document(s), and contact me – TODAY!

 

Respectfully,

 

Calvin

 

 

 

 

 

CALVIN KYLES, LOAN ORIGINATION/BROKER

SUNSET MORTGAGE CO..

6400 SW Canyon Ct. #100

Portland, Oregon 97221

503-975-2769 Direct

ckyles@mtglender.com

www.sunsetmortgageco.com Referral Code: 482

 

Follow my Mortgage Blog: https://mortgagesnow.wordpress.com

Advertisements