Homeowner Retention Checklist (FNMA) Please Return with Your Borrower Response Package GET STARTED – use this checklist to ensure you have completed all required forms and have the right information. Review the information available to help you understand your options, responsibilities, and next steps by logging onto the website at http://knowyouroptions.com/avoid-foreclosure
Step 1 Step 2
Complete and sign the enclosed Uniform Borrower Assistance Form (Form 710). The document must be signed and dated by all borrowers on the Mortgage (notarization is not required). The form must include a detailed explanation of financial hardship that makes it difficult to pay the mortgage, and – • Supporting documentation to the hardship claim • A completed Financial worksheet indicating monthly income and expenditure signed and dated by each borrower
Step 3
Provide a copy of the 2 most recent IRS Tax Returns. All borrowers are required to sign and dated submitted tax returns
Step 4
Provide 2 most recent Bank Statements (all accounts). Please provide 2 most recent bank statements from all accounts. Bank statements must show the name of bank, borrower name, address and account number. Online statements without showing a bank name should include the institutions URL. Submitted bank statements are required to include all pages.
Step 5
Provide required Hardship documentation. This documentation will be used to verify your hardship. Examples of hardship documentation would be divorce decrees, medical bills, death certificates, etc…
Step 6
Provide required Income documentation. This documentation will be used to verify your hardship and all of your income (including any alimony or child support that you choose to disclose and rely upon to qualify). If wages are earned, please provide proof of most recent 30 days income documented with sequential paystubs displaying the customer’s name and/or social security number, company name and address. Please provide 2 most recent and sequential bank statements from all accounts. If income is from Self Employment, please provide 2 most recent personal and/or business bank statements including the customer’s name and or social security number or the prior year’s tax return, including all schedules signed and dated and the most recent 3 month or year-to-date profit and loss. In general, additional income will be considered with supporting documentation as described, but not limited to, that below. This income will usually require proof of award proof and proof of income receipt in the form of 2 most recent bank statements or other proof of deposit. • Child support/Alimony- requires a divorce decree, separation agreement or a written legal agreement filed with a
court that states the amount of the alimony, child support, or separation maintenance payments and the period of time over which the payments will be received; and copies of two most recent bank statement evidencing proof of income. • Disability/Pension/Annuity/SSI – requires current benefit award letter from the provider showing frequency and amount of income, and 2 most recent bank statements showing income as proof of receipt. • Rental income- requires a current year lease agreement with 2 most recent bank statements showing rental deposits or cancelled rent checks demonstrating proof of income; or the most recent year’s filed federal tax return including schedule E – Supplemental Income and Loss, and a current lease agreement.
• “Other Earned Income” such as bonuses, commissions, housing allowance, tips, or overtime– requires • Investment income- requires 2 most recent investment statements or bank statements supporting receipt of this
type of income. reliable third-party documentation describing the amount and nature of the income (e.g., paystubs, employment contracts or printouts documenting tip income). You may also disclose any income from a household member who is not on the promissory note (non-borrower), such as a relative, spouse, domestic partner, or fiancé who occupies the property as a primary residence. If you elect to disclose and rely upon this income to qualify, the required income documentation is the same as the income documentation required for a borrower (see above).
Step 7
Gather and send completed documents as your Borrower Response Package and submit immediately for assistance. You must send in all required documentation listed above, and summarized below: • Hardship Documentation
• Income Documentation
• Other Supporting Documentation • Tax Returns and Bank Statements Please fax documents to 1-856-917-2848 or mail documents above to us: PHH Mortgage Services 300 Prince George’s Blvd, Suite 101 Upper Marlboro, MD 20774
IMPORTANT REMINDERS: Keep a copy of all documents and proof of mailing/emailing for your records. Don’t send original income or hardship documents. Copies are acceptable.
Homeowner Short Sale or Deed in Lieu Checklist (FNMA) Please Return with Your Borrower Response Package GET STARTED – use this checklist to ensure you have completed all required forms and have the right information. Complete and sign the enclosed Uniform Borrower Assistance Form (Form 710). The document must be signed and dated by all borrowers on the Mortgage (notarization is not required).
Step 1
The form must include a detailed explanation of financial hardship that makes it difficult to pay the mortgage, and – • Supporting documentation to the hardship claim • A completed Financial worksheet indicating monthly income and expenditure signed and dated by each borrower Step 2
Provide a copy of the 2 most recent IRS Tax Returns. All borrowers are required to sign and date submitted tax returns
Step 3
Provide 2 most recent Bank Statements (all pages). Please provide 2 most recent bank statements from all accounts. Bank statements must show the name of bank, borrower name, address and account number. Online statements without showing a bank name should include the institutions URL. Submitted bank statements are required to include all pages.
Step 4
Provide required Hardship documentation. This documentation will be used to verify your hardship. Examples of hardship documentation would be divorce decrees, medical bills, death certificates, etc…
Step 5
Provide required Income documentation. This documentation will be used to verify your hardship and all of your income (including any alimony or child support that you choose to disclose and rely upon to qualify). If wages are earned, please provide proof of most recent 30 days income documented with sequential paystubs displaying the customer’s name and/or social security number, company name and address. Please provide 2 most recent and sequential bank statements from all accounts. If income is from Self Employment, please provide 2 most recent personal and/or business bank statements including the customer’s name and or social security number or the prior year’s tax return, including all schedules signed and dated and the most recent 3 month or year-to-date profit and loss. In general, additional income will be considered with supporting documentation as described, but not limited to, that below. This income will usually require proof of award proof and proof of income receipt in the form of 2 most recent bank statements or other proof of deposit. • Child support/Alimony- requires a divorce decree, separation agreement or a written legal agreement filed with a
• •
• •
court that states the amount of the alimony, child support, or separation maintenance payments and the period of time over which the payments will be received; and copies of two most recent bank statement evidencing proof of income. Disability/Pension/Annuity/SSI – requires current benefit award letter from the provider showing frequency and amount of income, and 2 most recent bank statements showing income as proof of receipt. Rental income- requires a current year lease agreement with 2 most recent bank statements showing rental deposits or cancelled rent checks demonstrating proof of income; or the most recent year’s filed federal tax return including schedule E – Supplemental Income and Loss, and a current lease agreement. Investment income- requires 2 most recent investment statements or bank statements supporting receipt of this type of income. “Other Earned Income” such as bonuses, commissions, housing allowance, tips, or overtime– requires
reliable third-party documentation describing the amount and nature of the income (e.g., paystubs, employment contracts or printouts documenting tip income). You may also disclose any income from a household member who is not on the promissory note (non-borrower), such as a relative, spouse, domestic partner, or fiancé who occupies the property as a primary residence. If you elect to disclose and rely upon this income to qualify, the required income documentation is the same as the income documentation required for a borrower (see above). Step 6
If you have property listed for sale please provide the followingCurrent and signed lease Agreement Listing Agent’s contact information that includes the name of the Real Estate Office, Phone Numbers and email address Signed Third Party Authorization form to allow PHH to communicate directly with your Real Estate agent or Third party acting on your behalf.
Step 7
If you have received an offer to purchase the property please provide the followingSigned Sales Contract Settlement Statement Anti-Fraud Agreement (attached) Affidavit of Arm’s Length Transaction (attached) Power of Attorney (where applicable)
Step 8
Gather and send completed documents as your Borrower Response Package and submit immediately for assistance. You must send in all required documentation listed above, and summarized below: • Hardship Documentation
• Income Documentation
• Other Supporting Documentation
• Tax Returns
• Third Party Authorizations/Affidavits/Agreements
• Listing Agreements/Purchase Offers
Please fax document to 1-856-917-2848 or mail all documents to us: PHH Mortgage Services 300 Prince George’s Blvd, Suite 101 Upper Marlboro, MD 20774 Step 9
If you opted for Short Sale or Deed in Lieu, please complete and return the below documents.
IMPORTANT REMINDERS: Keep a copy of all documents and proof of mailing/emailing for your records. Don’t send original income or hardship documents. Copies are acceptable.
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MORTGAGE FRAUD IS INVESTIGATED BY THE FBI
Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is illegal for a person to make any false statement regarding income, assets, debt, or matters of identification, or to willfully overvalue any land or property, in a loan and credit application for the purpose of influencing in any way the action of a financial institution. Some of the applicable Federal criminal statutes which may be charged in connection with Mortgage Fraud include: 18 U.S.C. § 1001 - Statements or entries generally 18 U.S.C. § 1010 - HUD and Federal Housing Administration Transactions 18 U.S.C. § 1014 - Loan and credit applications generally 18 U.S.C. § 1028 - Fraud and related activity in connection with identification documents 18 U.S.C. § 1341 - Frauds and swindles by Mail 18 U.S.C. § 1342 - Fictitious name or address 18 U.S.C. § 1343 - Fraud by wire 18 U.S.C. § 1344 - Bank Fraud 42 U.S.C. § 408(a) - False Social Security Number
Unauthorized use of the FBI seal, name, and initials is subject to prosecution under Sections 701, 709, and 712 of Title 18 of the United States Code. This advisement may not be changed or altered without the specific written consent of the Federal Bureau of Investigation, and is not an endorsement of any product or service.
ANTI-FRAUD AGREEMENT ALL PARTIES TO THIS SHORT SALE MUST EXECUTE THIS AGREEMENT The signatories hereunder (“Borrower and Related Parties”) acknowledge that the lender, servicer and/or owner of the loan(s) (collectively, the “Mortgagee”) have relied on their representations relating to the subject transaction. Borrower and Related Parties attest that all material and relevant facts relating to the subject transaction have been disclosed to the Mortgagee and that the entire financial transaction shall be reflected on a Mortgagee approved Settlement Statement. Borrower and Related Parties have read attached FBI warning and understand that Mortgage Fraud is a crime. Borrower and Related Parties confirm they are not engaged in any act that would constitute Mortgage Fraud or are otherwise attempting to defraud the Mortgagee. The Mortgagee investigates and reports occurrences of suspected mortgage fraud to the FBI or local police authorities and pursues individuals conspiring or colluding to defraud Mortgage Lenders for civil damages. __________________________
__________________________
Buyer/Co-Buyer Name (Please Print)
Buyer Agent Name (Please Print)
__________________________
__________________________
Buyer Signature
Buyer Agent Signature
__________________________
__________________________
Co-Buyer Signature
License Number
__________________________
__________________________
Buyer Address
Date
__________________________
__________________________
Date
Agency
__________________________
__________________________
Seller/Co-Seller Name (Please Print)
Seller Agent Name (Please Print)
__________________________
__________________________
Seller Signature
Seller Agent Signature
__________________________
__________________________
Co-Seller Signature
License Number
__________________________
__________________________
Seller Address
Date
__________________________
__________________________
Date
Agency
In addition to the attestation by the selling and buying parties above, please provide the following information for all indirect participants in the short sales transaction. All data must be provided prior to short sale approval, failure to provide information will result in short sale request being suspended. Participant: Name: Address: Listing Broker Buyer's lending institution Title Company Settlement Agency Closing Attorney Short Sale Assistance Firm
AFFIDAVIT OF "ARM'S LENGTH TRANSACTION" Pursuant to a residential purchase agreement ("Agreement"), the parties identified below as "Seller(s)" and "Buyer(s)," respectively, are involved in a real estate transaction whereby the Mortgage Servicer Account Number identified as _____________________________________ the real property commonly known as ___________________________________________ ("Property") will be sold by Seller(s) to Buyer(s). The Investor ("Lender") holds a deed of trust or mortgage against the Property. In order to complete the sale of the Property, Seller(s) and Buyer(s) have jointly asked Lender to discount the total amount owed on the loan which is secured by the deed of trust or mortgage. Lender, in consideration for the representations made below by Seller(s), Buyer(s), and their respective agents, agrees to a short sale on the express condition that Seller(s), Buyers, and their respective agents (including, without limitation, real estate agents, escrow agents, and title agents) each truthfully represents, affirms, and states as follows: (a) The sale of the Mortgaged Premises is an "arm's length" transaction, between parties who are unrelated and unaffiliated by family, marriage, or commercial enterprise; (b) There are no agreements, understandings or contracts between the parties that the Borrower will remain in the Mortgaged Premises as a tenant or later obtain title or ownership of the Mortgaged Premises, except to the extent that the Borrower is permitted to remain as a tenant on the Mortgaged Premises for a short term, as is common and customary in the market but no longer than ninety (90) days, in order to facilitate relocation; (c) Neither the Borrower(s) nor the purchaser(s) will receive any funds or commissions from the sale of the Mortgaged Premises. The Borrower may receive a payment if it is offered by PHH Mortgage Services, approved by the Fannie Mae and reflected on the HUD-1 Settlement Statement. (d) There are no agreements, understandings or contracts relating to the current sale or subsequent sale of the Mortgaged Premises that have not been disclosed to the Servicer. (e) All amounts to be paid to any party, including holders of other liens on the Mortgaged Premises, in connection with the short payoff transaction have been disclosed to and approved by the Servicer and will be reflected on the HUD-1 Settlement Statement (f)
Each signatory understands, agrees and intends that the Servicer and Fannie Mae are relying upon the statements made in the affidavit as consideration for the reduction of the payoff amount of the Mortgage and agreement to the sale of the Mortgaged Premises;
(g) A signatory who makes a negligent or intentional misrepresentation agrees to indemnify the Servicer and Fannie Mae for any and all loss resulting from the misrepresentation including, but not limited to, repayment of the amount of the reduced payoff of the Mortgage; (h) The certification will survive the closing of the transaction; and (i)
Each signatory understands that a misrepresentation may subject the party making the misrepresentation to civil and/or criminal liability I declare under penalty of perjury under the laws of the State of CC that all statements made in this Affidavit are true and correct.
Additionally, I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly and willfully make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1001, et seq.
Seller:
Seller: Date
Print Name:
Date Print Name:
Buyer:
Buyer: Date
Print Name:
Date Print Name:
Listing Broker:
Purchaser's Broker: Date
Date
Print Name:
Print Name:
Transaction Facilitator:
Transaction Facilitator: Date
Date
Print Name:
Print Name:
Escrow/Closing Agent
Transaction Facilitator: Date
Print Name:
Date Print Name:
STATE OF ___________________ COUNTY OF _____________
) ) )
On _____________________, before me, ______________, Notary Public, personally appeared _______________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity and that by his's/her's/their's signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of ______________ that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature ________________________________ (seal)
STATE OF ___________________ COUNTY OF _____________
) ) )
On _____________________, before me, ______________, Notary Public, personally appeared _______________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity and that by his's/her's/their's signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument I certify UNDER PENALTY OF PERJURY under the laws of the State of ______________ that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature ________________________________ (seal)
STATE OF ___________________
)
COUNTY OF _____________
) )
On _____________________, before me, ______________, Notary Public, personally appeared _______________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity and that by his's/her's/their's signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify UNDER PENALTY OF PERJURY under the laws of the State of ______________ that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature ________________________________ (seal)
STATE OF ___________________ COUNTY OF _____________
) ) )
On _____________________, before me, ______________, Notary Public, personally appeared _______________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity and that by his's/her's/their's signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument I certify UNDER PENALTY OF PERJURY under the laws of the State of ______________ that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature ________________________________ (seal)
