Stop House Foreclosure
Stop House Foreclosure – Financial Hardship Paperwork
In order to get your mortgage company to work with you to stop house foreclosure, chances are that you will need to provide them with a whole lot of documented proof of financial hardship. Financial hardship requirements and paperwork varies by mortgage company but here are a few things you should be prepared to provide them.
1. A current overview of your income and expenses. In order for them to decide if they are willing and/or able to work with you, they will need to know what your current financial picture looks like. Here is where you are going to need to get honest with yourself and your mortgage company about what your financial picture really looks like. Doing this exercise might also help you figure out where you can cut back on your expenses. If you want to stop house foreclosure, you will need to find areas to cut back.
2. Documented proof of your current income. If you have a job, this will mean getting pay stubs. If you have incoming coming in from other sources, you will have to provide proof of that as well. I had child support and maintenance payments that I had to provide proof of. Sending them copies of checks worked in my case.
3. Tax returns for the past few years. My mortgage company required the past 3 years of tax returns. If you file a 1040, just to be on the safe side, I would provide them with any schedules (A, B, etc) and any additional forms as well as the 1040 form itself.
4. Hardship letter. Here is where you explain what your financial hardship is. Here is where you get to make your case. Explain that you want to stop house foreclosure and what your situation is. Some things that many mortgage companies will accept as financial hardship is divorce, job loss or disability.
Every mortgage company has different requirements and in order to stop house foreclosure, you will need to get the requirements from your bank.
A helpful tip: Fax or email all of the paperwork that they want all at once. They are busy and it is very likely that your information could get lost or misplaced if you fax or email your paperwork in separate batches to them. Also always reference your loan number on everything that you send to them.
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If you want to stop house foreclosure, you are going to need to work with your bank. If financial hardship is part of the picture for you, you are going to need to provide them with proof of that. Be prepared to work with them and get them whatever they need. Get more free foreclosure advice at http://www.Stopping-Home-Foreclosure.com/StopHouseForeclosure.html
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I would like to know statistics on those in modification programs, foreclosures and short sales who are paying PMI? It has been a year and a half since my daughter applied for modification program with Wells Fargo. They put close to 20% down on home and planned to put 20% down & then lender talked them out of it. They purchased home march ‘08- She has a disability and son-in-law lost his job in ‘09- In May ‘09- they called lender who suggested modification program. My kids have done everything they have asked-some things several times-made payments they have asked-did miss 2 payments-ask if they could make them up-they said “no”- there house was up for foreclosure end of Dec.-we called everyday and finally they said they would re-consider motification program-just got a letter-said they approved it-the principal raised from $112,000 to $124,000-and there payment actually raised $100 a month- I don’t think the mortgage company cares because they are paying PMI-and any money they paid this year and a half went only for interest, PMI and ins.& taxes-like I said there payment went up $100 a month- and in between this time they were paying either trial modified amount which was suppose to just be 3 months-they just would not return phone calls or the regular payment except those couple of months-so, i was thinking how many other vulnerable kids and elderly are getting taken advantage of because the banks etc. can screw them since their money is insured through PMI? I would love to know if any statistics on this-