H e lping Us H e lp You – H e lpful H int s for com ple t ing

docum e nt s
Be sure t o read and adhere t o t he follow ing inform at ion in order for us t o get
t he best workout possible.

* The accuracy of your financials are very im port ant , your credit w ill be
pulled dur ing t he process, by t he lender, t o verify t he inform at ion
provided. Any paym ent s t hat are on your credit report w ill be verified
be sure t o account for your bills. I f you have a surplus ( m ore incom e
t han expenses) be sure t o include every m ont hly bill and you have t he
abilit y t o be a lit t le higher on food, ut ilit ies, insurnace paym ent s,
t ransport at ion, and any ot her expenses t he t arget is t o have about
$200.00 in surplus. I f you are running a deficit ( m ore expenses t han
incom e) you m ust st art t hinking about cut t ing non essent ial bills
during t he workout pr ocess. I t is probably in your best int erest t o cut
bills for long t erm if possible and sim plify your life for a while. You
should be able t o cut cable, cell phone ( or lessen plan) , buy generics
for a t im e, and car pool. I f you have excessive credit card bills you can
st op paying am d w r it e a let t er t o t he lender st at ing “ m y hom e is m ore
im port ant t han any ot her bills and I am going t o st op paying m y credit
card paym ent s ( you can be specific about what cards you are not
going t o pay.
You can also t urn in a car t hat has a high paym ent for som et hing m ore
affordable dur ing t he process. Any changes you m ake need t o be
reflect ed on your financial st at em ent .

* I f you have som eone else helping w it h your paym ent s whet her fam ily
or som eone living w it h you t hey can help. I f t hey are not on t he
m ort gage you will need t o add a st at em ent from t he cont r ibut er . The
let t er is called a cont r ibut ion let t er and t he let t er w ill need t o have
cont ribut ers nam e, address, am ount cont ribut ing m ont hly, SSN and a
st at em ent allow ing lender t o pull credit .

* You m ust save, save, save and you m ust st ick t o a budget and put at
least paym ent s preferably a paym ent and a half aside on t he first of
every m ont h in your checking account . We will cont act w it h you
periodically about your savings and be report ing t o t he lender.

* The hardship let t er is also a very im port ant piece of t he puzzle, be

sure t o docum ent t he reason you were not able t o m aint ain paym ent s.
Be as det ailed as possible w it h dat es and t im es and provide
docum ent at ion t o support your claim . Do not m ake up a st ory for any
reason, t ell t he t rut h. I f you fib t o t he lender t hey will deny all
possible plans we are working and you w ill forfeit your deposit . You
m ust rem em ber our reput at ion and relat ionship is on t he line w it h your
lender, also.

* I f you are not in foreclosure yet please get paperwork back t o us fast ,
so we can t ry t o resolve your case prior t o foreclosure, alt hough t here
is a chance because lenders are so busy t hat you can go int o
foreclosure during t he process.
 * Docum ent Expenses: ( writ e t his on a separat e sheet of paper so you
can add and subt ract as needed.
• Mort gage Paym ent s – Be sure t o st at e whet her or not
I nsurance and Taxes are included in your paym ent . I f not be
sure t o add.
• Ut ilit ies – Have a breakdown of elect r ic, nat ural gas, heat ing
oil, and propane ( included in ut ilit ies are Cable, Phone, Cell
Phones)
• Wat er & Sewer – Be sure t o convert t o a m ont hly figure,
som e areas are billed quart erly
• Cable Television – t his m ay be one of t he first t o cancel if
bills and savings get t ight
• Hom e Maint enance – Only st at e if you have a m ont hly
recurring expense
• Food – Try t o get as close as possible, add eat ing out ,
lunches, and school lunch
• Clot hing – only add if m ont hly recurr ing expense
• Laundry and Dry Cleaning – Only st at e if necessary
• Medical and Dent al Expenses – I f you are m aking paym ent s
docum ent alt hough m any m edical bills go unpaid.
• Transport at ion Cost s – Money spent on gas be sure t o
docum ent m ont hly and include cost for public t ransport at ion.
• Recreat ion Clubs, ent ert ainm ent and char it able cont r ibut ions
should not be added on t his sheet unless you show excess
funds at t he end of t he m ont h.
• I nclude Hom eowner I nsurance if not paid fr om m ort gage
paym ent s, be sure t o calculat e m ont hly
• I nclude m ont hly cost for Aut o I nsurance and Life I nsurance
• Aut o Paym ent s - include m ont hly paym ent s and break down
if m ult iple aut om obiles
• I nclude second m ort gage paym ent s and m ort gage paym ent s
on invest m ent proper t ies
• Credit Cards – I nclude all credit cards on 1 line it em ( add
paym ent s t oget her)
• Any rent al furnit ure or paym ent s on furnit ure
• Any personal loans or paym ent s t o relat ives
• Alim ony child support – include m ont hly figures
• Child care – include m ont hly figures
• I nclude any expenses from a business or a business t hat
m ay not have worked out in t he past
• Docum ent any m oney t hat goes out on a m ont hly basis,
t hink about it for a few m inut es and consult w it h fam ily
m em bers t o rem ind you of it em s t hat you m ay have
forgot t en

* Tot al All Expenses and double check your figures

* Take all of your m ont hly incom e “ Net ” t ake hom e be sure t o add all incom e
int o t he house child support , Disabilit y, Social Securit y, anyone living in your
hom e’s incom e. Also include all rent al incom e from propert ies.
I f you are short m ont hly you m ay want t o t ake on a rent er or if fam ily
m em bers are helping t he lender w ill allow a cont ribut ion let t er.
Cont ribut ion Let t er – a let t er from anyone cont ribut ing t o household incom e
st at ing t he am ount of m oney cont ribut ed m ont hly including Nam e, Address,
Am ount Cont ribut ed, SSN and t he let t er needs t o st at e cont ribut ors allow ing
lender t o pull credit . I f lender is using incom e will also use expenses t hat are
list ed on t he credit report . Credit score has no bearing on whet her or not
able t o help w it h cont ribut ion.

Figures for incom e need t o be broken down t o m ont hly incom e.

I ncom e - Tot al Expenses = Surplus/ Deficit

I f you are running a deficit you m ust look at your bills and m ake a
det erm inat ion on what you need t o cut out in order t o save your hom e. You
will not be able t o save your hom e if you can not afford it , alt hough lender
are get t ing m ore aggr essive and creat ive for deficit s.

The t arget is t o have about $200 - $450 surplus every m ont h. This m ake you
a pret t y good candidat e for a loan m odificat ion.

* I m port ant - I f you are showing m uch m or e t han $400 go back and
m ake sure you have docum ent ed all of your expenses, m ay put you on
repaym ent plan. Rem em ber you can always t ake expenses away once
package has been subm it t ed but you w ill not be able t o add expenses.
 REQUIRED DOCUMENT CHECKLIST FORM

Certain requirements must be met before a delinquency resolution can be considered.

Please complete and provide copies of the following information for our review.
‰
Working Agreement
‰
Client Workout Package (sign and date ALL FORMS)
‰
Payroll Stubs and/or Proof of Income verification Information for Last 30 days
(if paid every month we need at least 2 months and if self employeed please supply a profit
and loss showing a profit or schedule C)
‰
Last Two Month’s Bank Statements (or a letter stating that you currently do not have a
bank account)
‰
Two Years Federal Income Tax Returns and All Schedules (or a letter stating that you did
not file income taxes for that year)
‰
Mortgage Coupon Payment Stub or Lender Statement
‰
Any recent Lender Correspondences Received
‰
Correspondences from Lender’s Attorney or Sheriff - if any
‰
A Detailed letter of Hardship
(INCLUDE VERY DETAILED W/ DATES: reason for delinquency, what you have done
to attempt to workout problem in the past, what you have done to prevent this from
reoccurring in the future). (SIGN & DATE)
‰
Supporting Hardship Information
(i.e. letter of termination, lay-off notice, letter from doctor, medical documentations etc.)

I/We ___________________________________________________, understand that the

information that is needed to provide a complete assessment to my/our mitigation process is
indicated above. I/We understand that without the complete information requested above,
Homeownership Preservation Group cannot assist me/us. I/We understand that my/our lender
will proceed with foreclosure process. Not withstanding the above, lender’s right to the
foreclosure process is not negated by mere submission of mitigation package.

__________________________________________
Printed Name
_________________________________________________________________________
Signature(s) Date
















 
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 Figuring your income a vital part of the workout and financials. Fill in the information
below in order to provide accurate information.

Borrower:
How often are you paid (circle) Weekly / Biweekly / Semi Monthly (1st and 15th or
15th and 30th) / Monthly / Quarterly / Annually
Are you paid a bonus (circle) Yes / No If so how much and when:
__________________

Formulas to determine income below:

Use the formula based on your pay frequency – Once complete this is your average
monthly income.
This formula is how many lenders determine income.
The formula below is for homeowners not on a fixed income if you are retired, disabled
or receive any other type of income be sure to list on the income section of the Financial
Worksheet in Workout Package

If Weekly Pay

1. Add 2 paychecks together divide by 2 that is average Weekly Income

Check 1 _____________ + Check 2______________ / 2 = _________________
Average Weekly Income

2. Take average Weekly Income Multiply by 52 (number of weekly pay periods in a

year) divide by 12 months and you have your average monthly income
Average Weekly Income __________ X 52 = ___________ / 12
________________ average monthly income

3. Average Monthly Income ______________________

------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Spouse
If Weekly Pay
1. Add 2 paychecks together divide by 2 that is average Weekly Income
Check 1 _____________ + Check 2______________ / 2 = _________________
Average Weekly Income

2. Take average Weekly Income Multiply by 52 (number of weekly pay periods in a

year) divide by 12 months and you have your average monthly income
Average Weekly Income __________ X 52 = ___________ / 12
________________ average monthly income

3. Average Monthly Income ______________________

If Biweekly Pay
1. Add 2 paychecks together divide by 2 that is average Biweekly Income
Check 1 _____________ + Check 2______________ / 2 = _________________
Average Biweekly Income

2. Take average Biweekly Income Multiply by 26 (number of biweekly pay periods

in a year) divide by 12 months and you have your average monthly income
Average Biweekly Income __________ X 26 = ___________ / 12
________________ average monthly income

3. Average Monthly Income ______________________

------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Spouse
If Biweekly Pay

1. Add 2 paychecks together divide by 2 that is average Biweekly Income

Check 1 _____________ + Check 2______________ / 2 = _________________
Average Biweekly Income

2. Take average Biweekly Income Multiply by 26 (number of biweekly pay periods

in a year) divide by 12 months and you have your average monthly income
Average Biweekly Income __________ X 26 = ___________ / 12
________________ average monthly income

3. Average Monthly Income ______________________

If Semi Monthly Pay

1. Add 2 paychecks together divide by 2 that is average Semi Monthly

Check 1 _____________ + Check 2______________ / 2 = _________________
Average Semi Monthly Income

2. Take average Semi Monthly Income Multiply by 24 (number of weekly pay

periods in a year) divide by 12 months and you have your average monthly income
Average Semi Monthly Income __________ X 24 = ___________ / 12
________________ average monthly income

3. Average Semi Monthly Income ______________________

------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Spouse
If Semi Monthly Pay

1. Add 2 paychecks together divide by 2 that is average Semi Monthly

 Check 1 _____________ + Check 2______________ / 2 = _________________
Average Semi Monthly Income

2. Take average Semi Monthly Income Multiply by 24 (number of weekly pay

periods in a year) divide by 12 months and you have your average semi monthly income
Average Semi Monthly Income __________ X 24 = ___________ / 12
________________ average monthly income

3. Average Semi Monthly Income ______________________

 Financial Analysis for Workout
Page 1 of 2

Loan Number

Borrower Name Social Security Number

Borrower Name Social Security Number

Home Phone Work Phone

Number of People in Household Number of Cars

Property Address
Street, City, State, Zip

Mailing Address if Different

Street, City, State, Zip

Monthly Household Expense Assets

Property Tax if not escrowed Home
Home Insurance (not escrow) Other Real Estate
Home Owners Assn. Automobile
Child Care Automobile
Mortgage Checking Accounts
Other Mortgage/Rent Savings Money Market
Alimony/Child Care IRA
[Link] 401K/ESOP
2. Automobile Stocks/Bonds/CDs
Auto Insurance Other Investment
Medical (not from check)
Credit Cards
Food/Clothing
Transportation
Utilities(elect/water/gas…)
Cell Phone
Charity/Church
Student Loan
Misc. Expenses
Total Monthly Expense
 Financial Analysis for Workout
Page 2 of 2

Monthly Income Name__________________ Name___________________

Net Salary/Wages
Commissions/Bonuses
Rental Income
Other income in Household
Other Identify
Total Net Income

Total Monthly Income _______________________

(-)
Total Monthly Expense (pg.1) _______________________
(=)
Surplus / Deficiency _______________________

Please briefly explain your reason for delinquency:

 

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Nam e: Address:

Spouse Nam e: Cit y, St at e, Zip:

DOB: Spouse DOB: SSN: Spouse SSN:

Marit al St at us: No. Dependent s: Ages: Years t here:

Hom e Phone: Em ail:

Em ploym ent I nform at ion
Present : Years: Posit ion:

Address: Phone Num ber:

Spouse Em ployer: Years: Posit ion:

Address: Phone Num ber:

Any Part - Tim e Work? Em ployer: Phone:

Any Part - Tim e Work? ( Spouse) : Em ployer: Phone:

Have you ever been a client here How did you hear about us?
before?
Nearest relat ive not living wit h you: Locat ion: ( Cit y, St at e) :

Relat ionship: Relat ive’s em ail: Phone:

Lender I nform at ion

Lender nam e:

Loan # : Originat ion Dat e: Mont hs Behind:

Purchase Dat e: Purchase Price: Balance:

Mont hly Paym ent : Value of Hom e: I nt erest Rat e: Type ( FHA, Conv. Or VA)

Second Mort gage: Loan# : Mont hly Paym ent ( 2 nd ) :

Mont hs Behind ( 2 nd ) : Balance ( 2 nd ) : Have you declared bankrupt cy? When:

Dat e: Signat ure: Signat ure:

 Asset s Form

 Sect ion I : Asset s


Cash in bank ( checking and savings $ U.S. Savings Bonds ( current value) $
account s, building and loan account s)


Cash on Hand St ocks and/ or ot her bonds ( current

 om obile ( resale value) :

Aut Real Est at e Assessed Value


1. Ot her Asset s (resale value) Specify:


2. 1.


3. 2.


Trailer, Cam pers, Boat s ( resale value) Tot a l Asse t s: $

 Sect ion I I : I nst allm ent Cont ract s and Ot her Debt s
NOTE: Show below ALL debt s which you are required t o pay in regular m ont hly inst allm ent s, such as car, t elevision, washing m achine, credit

cards, paym ent s t o dealers, banks, finance com panies, repaym ent of m oney borrowed for any purpose, doctor bills, hospit al bills, et c. DO NOT


N a m e of Date and Or igin a l Un pa id M on t h ly Am ou nt Pa st

Cr e dit or Pu r pose of de bt Am ou nt of Ba la n ce Due

D e bt ( I f a n y)










 Tot a ls $ $ $ $


Sect ion I I I : Addit ional Dat a

Have your ever filed a bankrupt cy? I f so, was t he current m ort gage involved?


 e discharged from bankrupt cy
Dat Locat ion of t he Court ( Cit y and St at e) Docket num ber ( if know n)




USE THI S SPACE AND ADDI TI ONAL SHEETS, I F NECESSARY, TO SUPPLY ANY OTHER PERTI NENT I NFORMATI ON AND TO
CONI NUE YOUR ANSWER TO PREVI OUS I TEMS ABOVE TO WHI CH YOUR COMMENTS APPLY.





Sect ion I V: Cert ificat ions
I ( W e ) AFFI RM t h a t t h e in for m a t ion con t a in e d he r e in is t r u e , cor r ect , a n d com ple t e t o t h e
be st of m y ( our ) k now le dge a n d be lie f.

Sign a t u r e Date Sign a t u r e Date

 Financial Analysis for Workout
MI Cert ificat e # Loan #
Loan Num ber
FHA # VA #
Bor rower Nam e Social Securit
Pr imyary
Num ber
Borrower’s SSN:
Bor rower Nam e Social Securit y Num ber
MortHom e Phone
gagor: Work NumCo-
berMort gagor:
Who should we call for appoint m ent
Propert y Address
Lender: Lender Rep:
St reet , Cit y, St at e, Zip

Lender Phone # ’s:

Mailing Address if Different
St reet , Cit y, St at e, Zip
FAX # : Loan Type ( VA,FHA, Conv) :
Mont hly I ncom e
Mont hlySalary/
Net Paym ent :
Wages Lat e Charges: Paym ent ( if lat e) :
Com m issions/ Bonuses
MontOths Behind:
her I dent ify Mont hs:
Tot al Net I ncom e
Tot al Arrears: Legal fees owed:
Asset s Liabilit ies
Second
Hom e Mort gage I nform atMort
iongage
:
Ot her Real Est at e Ot her
Lender: Mort gage/Loan
Rent #
Aut om obile Alim ony/ Child Care
Lender
Aut omRep:
obile Aut om obilePhone # :
Checking Account s Aut om obile
Dept :
Savings Money FAX # : Ut ilit ies Dat e Loan Originat ed:
Mark et
Mont hly Paym ent :
I RA Lat e Charges:
I nsurance/ St udent Paym ent ( if lat e) :
Loan
401K/
Mont ESOP
hs Behind: Credit Cards
Mont hs:
St ock s/ Bonds/ CDs Food/ Clot hing
Ot her
Tot al I nvest m ent
Arrears: Legal Transport
fees owed: at ion
Cash Ot her Expenses
TOTAL
At t orney I nform at ion ( if any) :
Does lender
Please br have an at t orney
iefly explain your involved? I f :so, which Mort gage ( 1 st or 2 nd ) ?
reason for delinquency
_____________________________________________________________________________
Nam_____________________________________________________________________________
e of t he Law Firm :
______________________________________________________________
Address:
Tot al Mont hly I ncom e __________________________
ContTot
actalPerson:
Mont hly Expenses __________________________
Phone # : FAX # :
Surplus / Deficiency __________________________
Publicat ion st art ed ( w hen) ? Foreclosure dat e?

I s propert y for sale? I s propert y rent al? I s t here a t enant ?

I s propert y owner occupied? Do you wish t o keep propert y?

I / We, declare t hat t he inform at ion cont ained herein is t r ue and correct t o t he best of our knowledge.

________________________________________________
_________________________________________________
 Au t h or iza t ion For m
This form w ill serve t o acknowledge t hat t he capt ioned m ort gagor has aut horized our firm ,
Hom eownership Preservat ion Group, t o act in t heir behalf t o resolve t heir m ort gage problem s.
This is in accordance wit h Tit le 24 of t he CFR 203.500( HUD) .

Mort gagor
Nam e:

Spouse Nam e:

Propert y Address:

Cit y, St at e, Zip:

Social Securit y of t he Pr im ary Borrower:

Mort gagee
Lender:

St reet Address:

Cit y, St at e, Zip:

Loan Num ber:

Mort gagor’s Signat ures

Mort gagor: Dat e:

Co- Mort gagor: Dat e:

Agent s of
Hom eownership Preservat ion Group
904- 268- 7179 – Office
904- 339- 9993 - Fax