I am in the process of helping a HO negotiate a forebearance agreement with a bank.Is there some sort of formal process to follow?Are there any specific documents or paperwork to file?Who handles the negotiation?-the investor or home owner.
Thanks.
It may be as simple as filling out the form the lender senders the homeowners and sending the back. (they will usually list the items to send back with it).
You have to find out what type of loan they have! If it a VA of HUD they may require counseling.
Normally the homeowner will provide you with the neccesary info and you negotiate on their behalf. Keep in mind that if the homeowners are contacting the lender separate from you they will give info contradicting your info.
Authorization to release info
Income & Asset Info
Expense Info
Supporting Doc. of hardship
Hardship letter ( including what they’ve done to get back on track.)
Pay stub for everyone on the loan.
and Federal tax forms
to start
I may be forgetting something here if anyone else has something to add.
CSG_Indy,
Thank you for the information which I believe is very useful.Now that I have some ideas on what to expect,am going to make the call.
Keep in mind that the bank will not talk directly to you until you’ve sent them an “authorization to release loan information” signed by the owner.
I just remembered ! They might ask for a copy of the homeowners bank statements in addition to the other stuff but not always.