BORROWER’S FINANCIAL · PDF fileVHDA April 2009 / Revised September 2015 (seb) Pg. 1 of...

VHDA April 2009 / Revised September 2015 (seb) Pg. 1 of 19

BORROWER’S FINANCIAL PACKAGE

Completion of the Borrower’s Financial Package (BFP) is the first step in asking VHDA to review

your loan for possible assistance.

*** Listed below are ALL of the items we MUST receive before we can review your request. ****** Please review the instructions for each item and provide the information we need. ****** A complete package will allow us to process your request more quickly. *** *** Please do not staple any papers together. ***

1. Borrower’s Financial Statement (part of the paperwork you need to print out)

2. Hardship Affidavit (part of the paperwork you need to print out)

3. 3rd Party Authorization (part of the paperwork you need to print out) This form must be completed if you are requesting VHDA to speak with other persons not on the note as

co-borrower. Please complete the company name, the individuals’ names and the timeframe VHDA can speak with

them.

4. Hardship Letter This explains your situation and/or circumstances and why you are contacting VHDA. Blank sheets are provided or you can type your own letter.

5. Verification of Hardship

You must provide written verification that supports/explains the hardship you have stated. Example: If your hardship is reduction of income, then you must provide examples of your previous

income and your current income. Example: If your hardship deals with a divorce, then you must provide copies of your divorce decree. Please note that once your file is assigned to a loss mitigation officer additional verification may be

required.

6. 30 days of the most recent and consecutive paystubs for each job by each household member If self-employed we need 90 days of verification. This can be provided by Profit and Loss statements,

estimated quarterly tax returns or spreadsheets. If questions please call the Loss Mitigation department.

7. Verification of unemployment (if applicable and if not receiving unemployment benefits)

8. Verification of any additional income (other than employment) Examples of this include child support, alimony, unemployment benefits, social security, disability

income, rental income, pension, etc.

9. Verification of HOA (Home Owners Association) Dues You must submit a copy of your association statement or coupon if you are paying Home Owners

Association Dues/Condo Fees.


10. Two (2) months of the most recent and consecutive REAL/ACTUAL bank statements for all accounts Transaction listings/history or account activity statements are NOT acceptable. The statement must show the bank’s logo, ownership of the account and all related accounts. Be sure to send all pages of each statement (including blank ones).

11. Last 2 years of your complete and SIGNED Tax Returns

The 1040 form of your tax returns MUST BE SIGNED even those submitted electronically by you to the IRS.

All schedules must be included (i.e. schedule A, etc.) Transcripts ordered from the IRS do not have to have the 1040 form signed. Your signature indicates that the returns are what you actually submitted to the IRS. Sending your tax returns does not take the place of sending the 4506-T form

12. IRS 4506-T Tax Transcript Request Form

Refer to the ‘sample’ form included to know which lines to complete. Please clearly print your information. Sign and date the form on the bottom and include your phone number. Sending this form does not take the place of sending your tax returns.

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A copy of the notice on finding HUD-approved HOUSING COUNSELORS (9692HC) has been included. If you need assistance in completing the information you may contact a HUD-approved counselor. To find a counselor in your area go to www.VHDA.com and click on “Avoiding Foreclosure”.

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A copy of the SERVICEMEMBERS CIVIL RELIEF ACT NOTICE DISCLOSURE form (HUD-92070 exp 12-13-17) has been included.

Please read this document to see if it pertains to you. No additional information needs to be supplied.

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OUR PROCESSING OF YOUR FILE WILL NOT BEGIN UNTIL WE HAVE RECEIVED ALL OF THE INFORMATION WE NEED.

Depending on your individual circumstances, additional information may be required. Please provide copies of documents as originals will not be returned nor copies made. Once the file has been processed it will then be given to a loss mitigation officer for their review.

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SHOULD YOU HAVE QUESTIONS: Email [email protected] Call the Loss Mitigation department at 1-888-756-8603 or 804-783-6716.

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SEND YOUR COMPLETED BORROWER'S FINANCIAL PACKAGE TO: Fax: 1-804-343-8680 Email: [email protected] VHDA – Attn: Loss Mitigation Dept. – P.O. Box 4627 – Richmond, VA 23220

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Note: VHDA is not responsible for the security and/or confidentiality of personal information submitted via email or fax.

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BORROWER’S FINANCIAL STATEMENT

VHDA LOAN # _____________________

BORROWER CO-BORROWER Borrower’s Name Co-Borrower’s Name

Social Security Number ________ - ________ - ________

Date of Birth _____/______/_______

Social Security Number _______ - _______ - _______

Date of Birth

______ /_______ /________

Home Phone # with area code (Best time to Call) (________) ________ - __________

Home Phone # with area code (Best time to Call) (________) ________ - __________

Cell Phone # with area code (Best time to Call) (________) ________ - __________

Cell Phone # with area code (Best time to Call) (________) ________ - __________

Work Phone # with area code (Best time to Call) (________) ________ - __________

Work Phone # with area code (Best time to Call) (________) ________ - __________

Property Address:

Number in Household:

Mailing Address (Complete only if different):

Email address:

PROPERTY INFORMATION

Do you have condominium or homeowner association (HOA) fees? Yes No (If yes, provide verification of dues.)

Total Monthly HOA Payment Amount: $_________________ (not payment to VHDA) Name and address to whom fees are paid: ____________________________________________________________________ ____________________________________________________________________

I want to: Keep the Property Vacate the Property Sell the Property Undecided

The property is currently: My Primary Residence Second Home Investment Property

The property is currently: Owner Occupied Tenant Occupied * Vacant *If the property is rented please provide a copy of the rental agreement.

Is the property listed for sale? Yes No Listing Date: ________________ If the property has been listed for sale, have you received an offer on the property? Yes No Date of Offer: ___________________________ Is the property for sale by: Agent ** Owner **If by Agent, please provide a copy of the listing agreement.

Agent’s Name:__________________________________________________________________________

Agent’s Phone #: ________________________________________________________________________ Agent’s Email: __________________________________________________________________________


VHDA LOAN # ______________________

COUNSELING

Have you contacted a credit Counseling Agency for help? Yes No

If yes, complete counselor contact information below.

Counselor’s Name:______________________________________________________________________

Agency’s Name: ________________________________________________________________________

Counselor’s Phone #:____________________________________________________________________

Counselor’s Email:______________________________________________________________________

MILITARY STATUS

Is any borrower an active duty service member? Yes No Primary Borrower Co-Borrower Has any borrower been deployed away from his/her primary residence or received a Permanent Change of Station Order? Yes No Is any borrower the surviving spouse of a deceased service member who was on active duty at the time of death? Yes No

BANKRUPTCY INFORMATION

Have you filed for bankruptcy? Yes No If Yes: Chapter 7 Chapter 13 Filing Date: _____________ Has your bankruptcy been discharged? Yes*** No Bankruptcy Case Number: _______________________________ ***If yes, please provide a copy of the discharge order signed by the court.

ADDITIONAL LIENS/JUDGMENTS

If there are additional liens or judgments on this property, please name the person(s), company or firm and their respective telephone numbers. _______________________________________________________ ______________________________________ Lien Holder’s Name Telephone Number _______________________________________________________ ______________________________________ Lien Holder’s Name Telephone Number


VHDA LOAN # ______________________

EMPLOYMENT – BORROWER EMPLOYMENT – CO-BORROWER Employer’s Name, Address & Phone #

How Long? Employer’s Name, Address & Phone # How Long?

MONTHLY INCOME – BORROWER MONTHLY INCOME – CO-BORROWER Are you Self-Employed? Yes No Are you Self-Employed? Yes No Do you earn a:

Salary Hourly Wage

Do you earn a:

Salary Hourly Wage

Frequency of Pay Frequency of Pay Gross Wages $ Gross Wages $ Overtime (average per month) $ Overtime (average per month) $ Tips / Commissions / Bonus $ Tips / Commissions / Bonus $ Self-Employment Income $ Self-Employment Income $ Unemployment Income $ Unemployment Income $ Child Support $ Child Support $ Alimony $ Alimony $ Social Security $ Social Security $ Social Security - Disability $ Social Security - Disability $ SNAP / TANF Benefits $ SNAP / TANF Benefits $ Rental Income $ Rental Income $ Other (specify) $ Other (specify) $ Total Gross Income $ Total Gross Income $

REQUIRED INCOME DOCUMENTATION Each person receiving employment income must provide paystubs that reflect the most recent 30-day

period and year-to-date earnings. Persons who are self-employed must include a complete, signed individual federal tax return complete

with all schedules and, as applicable, the business tax return; AND signed and dated quarterly or year-to-date profit/loss statements reflecting activity for the most recent three months; OR copies of business bank statements for the most recent two preceding months.

Written verification is needed for all other types of income being reported. Examples of such documentation are award letters, divorce papers, pension statements, DSS print outs, rental lease agreement, etc.

ASSETS – BORROWER ASSETS – CO-BORROWER Bonds $ Bonds $ Certificates of Deposit (CDs) $ Certificates of Deposit (CDs) $ Checking Account $ Checking Account $ Life Insurance Policy $ Life Insurance Policy $ Retirement Account/Pension $ Retirement Account/Pension $ Savings Account $ Savings Account $ Stocks $ Stocks $ Cash on Hand $ Cash on Hand $ Other Real Estate $ Other Real Estate $ Other (specify) $ Other (specify) $


VHDA LOAN # ______________________

MONTHLY EXPENSES (for all household members) Other Mortgage / Liens: Car Insurance $

- 2nd mortgage lien $ - Mortgage on other property $ Transportation:

- Gasoline $ Car Payment: - Car Repairs $

- Payment $ - Parking / Tolls $ - Payment $

Utilities: Credit Cards: - Electricity $

- Card _________________ $ - Gas Heat or Heating Oil $ - Card _________________ $ - Garbage / Trash $ - Card _________________ $ - Sewer $ - Card _________________ $ - Water $

Installment Loans: Food:

- Loan ________________ $ - Groceries $ - Loan ________________ $ - Dining Out $

Alimony & Child Support $ Home Phone:

- Internet $ Student Loan $ - Cable $ Other Liabilities: Cell Phone $

- $ - $ Medical Expenses: - $ - Co-Pays $

- Prescriptions $ - Health Ins (not withheld from pay) $

Other Expenses: - Charitable Donations / Church $ - Child Care / Dependent Care $ - Clothing $ - Entertainment $

- HOA / Condo Fees $ - Home Insurance $ - Life Insurance (not withheld from pay) $ - Personal Care (hair, nails, etc.) $ - Pet Supplies & Vet Care $ - Residence Maintenance $ - Other ____________________ $ - Other ____________________ $ - Other ____________________ $


VHDA LOAN # ______________________

AFFIDAVIT & ACKNOWLEDGEMENT Affidavit: This Section MUST be signed and dated. I/We agree that the financial information provided is an accurate statement of my/our financial status. I/We understand and acknowledge that any action taken by VHDA, the servicer on my/our mortgage loan on my/our behalf will be made in strict reliance on the financial information provided. My/our signature(s) below grants VHDA, as the servicer of my/our mortgage the authority to: confirm the information I/we have disclosed in this financial statement; order a credit report; contact any third party as identified from provided borrower(s) written authorizations (if applicable). I/We attest that the subject property has no physical condition(s) which adversely impact continued use or my/our ability to support the debt. Submitted this ___________Day of _________________, 20_____ By: ___________________________________________ By: _____________________________________________ Signature of Borrower Signature of Co-Borrower Please note: Your submission of documentation to VHDA and the consideration by VHDA and discussions with you

of any possible mortgage loan assistance shall not constitute a contract to modify your loan. No contract to modify your loan shall exist until the appropriate documents modifying the loan terms

have been executed by you and VHDA. Accordingly, prior to the execution of those documents, you should not take any action (or fail to take any

action) in reliance on any foreclosure alternative being approved by VHDA. The acceptance by VHDA of your submission of documentation and its consideration and discussion with

you of possible foreclosure alternatives shall not be deemed to constitute a waiver of any of your obligations or any of VHDA’s rights and remedies under the loan documents.

I/We Agree as Follows: This section MUST be signed and dated. VHDA may discuss, obtain and share information about my/our mortgage and personal financial situation

with third parties such as real estate brokers, insurers, financial institutions, creditors and credit bureaus. Discussions and negotiations of possible foreclosure alternatives will not constitute a waiver of or defense

to VHDA’s right to commence or continue any foreclosure or other collection action, and an alternative to foreclosure will be provided only if an agreement has been approved in writing by VHDA.

The information herein is an accurate statement of my financial status. I consent to being contacted concerning my mortgage at any cellular or mobile telephone number I may

have. This includes text messages and telephone calls to my cellular or mobile telephone. Submitted this ___________Day of _________________, 20_____ By: ___________________________________________ By: _____________________________________________ Signature of Borrower Signature of Co-Borrower


VHDA THIRD PARTY AUTHORIZATION

NOTE: This page must be completed if you are giving VHDA permission to talk about your mortgage with anyone other than the person(s) listed on the note.

The third party authorization allows you, the borrower(s), to give permission to VHDA to speak with others about your loan especially involving retention/liquidation options.

Without this properly executed permission, VHDA will only speak with those persons who appear on the actual mortgage note.

It is your responsibility to designate the person(s)/companies that have your permission and the timeframe or specific circumstances involved.

Information contained in this document will be entered in VHDA’s mortgage processing system and the document itself will be retained with the file and imaged.

Please note that those persons receiving authorization to speak with VHDA’s representatives can only receive information and are not permitted to make changes

Loan Number: ___________________________ Property Address: _______________________________________________________________________________

Authorization to Release Information:

I/We hereby authorize VHDA to release to those persons/companies shown below any and all information he/she/they may require for the purpose of discussing my loan, credit, retention option, transfer, sale and/or foreclosure of the property. Borrower: _____________________________________ ______________________________________________ Print Signature Co-Borrower: __________________________________ ______________________________________________ Print Signature Date: _______________________________

Permission is granted to: Spouse/Partner Housing Counseling Agency Realtor/Realty Company Attorney’s Office Third Party Negotiator Other _______________________________ Timeframe permission granted: You must select either life of loan or list a specific date range Life of loan For the specific time of _________________________________________________________________________ (from this month to this month in specific years) Company Name: _______________________________________________________________________________ Individual Name: _______________________________________________________________________________ Individual Name: _______________________________________________________________________________


HARDSHIP AFFIDAVIT I/we am/are submitting this form to VHDA and indicating by my/our checkmarks () the one or more events that contribute to my/our difficulty making payments on my/our mortgage loan.

I am/We are requesting a review of my/our current financial situation to determine whether I qualify for temporary or permanent mortgage loan relief options. Date Hardship Began:___________________________ I believe my situation is : Short-term (under 6 months) Medium-term (6-12 months) Long-term or Permanent Hardship (greater than 12 months) I am/We are having difficulty making my/our monthly payment because of the reason set forth below: (Please check the primary reason and submit the required documentation demonstrating your primary hardship.)

Borrower Co-Borrower

Yes No Yes No My income has been reduced or lost due to circumstances outside of my control. For example: unemployment, underemployment, reduction of job hours, reduced pay or a decline in self-employed business earnings. I have provided details below under “Explanation”.

Yes No Yes No My household financial circumstances have changed due to circumstances outside of

my control. For example: death in family, serious or chronic illness, permanent or short-term disability, increased family responsibilities (adoption or birth of a child, taking care of elderly relatives or other family members). I have provided details below under “Explanation”.

Yes No Yes No My expenses have increased due to circumstances outside of my control. For example:

monthly mortgage payment has increased or will increase, high medical and health-care costs, losses such as those due to fires or natural disasters, unexpectedly high utility bills, increased real property taxes. I have provided details below under “Explanation”.

� Yes � No � Yes � No My cash reserves are insufficient to maintain the payment on my mortgage loan and

cover basic living expenses at the same time. Cash reserves include assets such as cash, savings, money market funds, marketable stocks or bonds (excluding retirement accounts). Cash reserves do not include assets that serve as an emergency fund (generally equal to three times my monthly debt payments). I have provided details below under “Explanation”.

� Yes � No � Yes � No My monthly debt payments are excessive and I am overextended with my creditors. I

may have used credit cards, home equity loans or other credit to make my monthly mortgage payments. I have provided details below under “Explanation”.

� Yes � No � Yes � No There are other reasons I/we cannot make our mortgage payments. I have provided

details below under “Explanation”. � Yes � No � Yes � No I/We have a hardship caused by: divorce or legal separation, separation of borrowers

unrelated by marriage, civil union or similar domestic partnership under applicable law. Must provide copy of divorce decree or separation agreement signed by court OR

credit report evidencing divorce, separation or non-occupying borrower has a different address OR recorded quitclaim deed evidencing that the non-occupying borrower or co-borrower has relinquished all rights to the property.


Borrower Co-Borrower � Yes � No � Yes � No I/We have a hardship caused by: disaster (natural or man-made) adversely impacting

the property or borrower’s place of employment Must provide insurance claim OR Federal Emergency Management Agency grant

or Small Business Administration loan OR borrower or employer property located in a federally declared disaster area

� Yes � No � Yes � No I/We have a hardship caused by: distant employment transfer/relocation

For active-duty service members – must provide Notice of Permanent Change of Station (PCS) or actual PCS orders

For employment transfers/new employment – must provide copy of signed offer letter or notice from employer showing transfer to a new employment location OR paystub from new employer OR if none of these apply provide a written explanation

� Yes � No � Yes � No I/We have a hardship caused by: business failure

Must provide tax return from the previous year including all schedules AND proof of business failure supported by one of the following: bankruptcy filing for the business OR two months recent bank statements for the business account evidencing cessation of business activity OR most recent signed and dated quarterly or year-to-date profit and loss statement


VHDA LOAN # ________________

Information for Government Monitoring Purposes The following information is requested by the federal government in order to monitor compliance with federal statutes that prohibit discrimination in housing. You are not required to furnish this information but are encouraged to do so. The law provides that a lender or servicer may not discriminate either on the basis of this information or on whether you choose to furnish it. If you furnish the information please provide both ethnicity and race. For race you may check more than one designation. If you do not furnish ethnicity, race or sex, the lender or servicer is required to note the information on the basis of visual observation or surname if you have made this request for a foreclosure alternative in person. If you do not wish to furnish the information please check the box below.

BORROWER: I do not wish to furnish this information.

CO-BORROWER: I do not wish to furnish this information.

Ethnicity: Hispanic or Latino Not Hispanic or Latino

Ethnicity: Hispanic or Latino Not Hispanic or Latino

Race: American Indian or Alaska Native Asian Black or African American Native Hawaiian or Other Pacific Islander White

Race: American Indian or Alaska Native Asian Black or African American Native Hawaiian or Other Pacific Islander White

Sex: Female Male

Sex: Female Male

To be completed by Interviewer: Interviewer’s Name (print or type)

Name/Address of Interviewer’s Employer

Face-to-face interview Interviewer’s Signature Date Mail

Telephone Interviewer’s Phone Number with area code Internet

Borrower/Co-Borrower Acknowledgement 1. Under penalty of perjury, I/we certify that all of the information in this affidavit is truthful and the event(s) identified

above has/have contributed to my/our need for mortgage loan relief. 2. I/We understand and acknowledge that the accuracy of my/our statements may be reviewed by VHDA, the owner,

insurer or guarantor of my/our mortgage, their agent(s), or an authorized third party*, and I/we may be required to provide additional supporting documentation. I/We will provide all requested documents and will respond timely to all VHDA or authorized third party* communications.

3. I/We understand that knowingly submitting false information may violate federal law. 4. I/We understand VHDA will obtain a current credit report on all borrowers obligated on the note. 5. I/We understand that if I/we have intentionally defaulted on my/our existing mortgage, engaged in fraud or

misrepresented any fact(s) in connection with this Hardship Affidavit, or if I/we do not provide all of the required documentation, VHDA may cancel any mortgage relief granted and may pursue foreclosure on my/our home and/or pursue any available legal remedies.

6. I/we certify that my/our property is owner-occupied and I/we have not received a condemnation notice. 7. I/we certify that I/we am/are willing to commit to credit counseling if it is determined that my/our financial hardship is

related to excessive debt. 8. I/we certify that I/we am/are willing to provide all requested documents and to respond to all VHDA communication in a

timely manner. I/we understand that time is of the essence. 9. I/we understand that VHDA will use this information to evaluate my/our eligibility for a loan modification or other

foreclosure alternative but that VHDA is not obligated to offer me/us assistance based solely on the representations in this affidavit.

10. I/we authorize and consent to VHDA disclosing to the U.S. Department of Treasury or other government agency, Fannie Mae and/or Freddie Mac any information provided by me/us or retained by VHDA in connection with the Home Affordable Modification Program (HAMP), or any companies that perform support services for them.

11. I/we may be eligible for a trial period plan, repayment plan or forbearance plan, If I am eligible for one of these plans, I agree that:


a. All the terms of the Acknowledgment and Agreement are incorporated into such plan by reference as if set forth in such plan in full.

b. My first timely payment under the plan will serve as acceptance of the terms set forth in the notice of the plan sent by VHDA.

c. VHDA’s acceptance of any payments under the plan will not be a waiver of any acceleration of my loan or foreclosure action that has occurred and will not cure my default unless such payments are sufficient to completely cure my entire default under my loan.

d. Payments due under a trial period plan for a modification will contain escrow amounts. If I was not previously required to pay escrow amounts, and my trial period plan contains escrow amounts, I agree to the establishment of an escrow account and agree that any prior waiver is revoked. Payments due under a repayment plan or forbearance plan may or may not contain escrow amounts. If I was not previously required to pay escrow amounts and my repayment plan or forbearance plan contains escrow amounts, I agree to the establishment of an escrow account and agree that any prior escrow waiver is revoked.

* An authorized third party may include, but is not limited to, a counseling agency or other similar entity that is assisting me/us in obtaining a foreclosure prevention alternative. ___________________________ _____________ __________________________ _____________ Borrower Signature Date Co-Borrower Date Explanation/Hardship Letter (can be written here or a separate typed letter can be included): ____________________________________________________________________________________________________

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Beware of Foreclosure Rescue Scams. Help is free!

There is never a fee to get assistance or information about the making Home Affordable Program from your lender or a HUD-approved housing counselor.

For a HUD-approved counselor visit:

http://www.hud.gov/offices/hsg/sfh/hcc/fc/

Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan.

Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

Never make your mortgage payments to anyone other than your mortgage company without their approval.

BORROWER’S FINANCIAL · PDF fileVHDA April 2009 / Revised September 2015 (seb) Pg. 1 of...

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Transcript of BORROWER’S FINANCIAL · PDF fileVHDA April 2009 / Revised September 2015 (seb) Pg. 1 of...