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"Yes, You, Can" Do It Your Self Loan Modification Bundle
Documents Included in Your Do It Yourself Loan Modification
Loan Modification Instructions
Cover Sheet (automatically populated with your lenders contact information)
Loan Modification Request Letter (please sign)
Income & Expense worksheets (please sign)
Loan Modification Proposal - 3 pages
Letter of Hardship (please sign)
Qualifications Summary
Real Estate Cash Flow Worksheet
4506-T
Home Affordable Modification Program Hardship Affidavit
Monthly Expense Worksheet
Monthly Income Worksheet
Market Value Analysis
Cost of Foreclosure Analysis
Asset Liquidation Analysis
Foreclosure Estimated Loss
Qualification Summary
Loan Modification Instructional Guide (explaining how to modify your mortgage)
for more information on our Do It Yourself Loan Modification.
Our Forensic Loan Audit provides the following checks and balances
- Predatory loan violations and
predatory loan practices.
- Violations of RESPA (Real Estate
Settlement Procedures Act) loan.
- Violations of HOEPA (Home Ownership
and Equity Protection Act) loan.
- Violations of other federal, state
and county laws and regulations.
- 125 quality control checks, using proprietary software
Help4homeOwers Loan Auditors Baseline Compliance Reviews include comparisons, tests, functions and calculations under the Truth In Lending Act (click here for a description of National Loan Auditors Section 32 HOEPA review): Federal Truth in Lending Act Tolerance Tests (TILA/Tolerance).
Our Loan Auditors recalculates the following amounts and schedules based on the loan data submitted to the system to determine if the loan is within the permissible finance charge tolerances ($35 and $100) and APR Tolerance (1/8 of 1%). Complete forensic loan analysis requires the following:
- Amount of finance charge.
- Annual percentage rate (APR).
- Payment schedule.
- Amount financed.
- Total amount of payments.
- Amortization schedule.
- Federal Truth in Lending Act Right of Rescission Tests (TILA/ROR).
Our Forensic Loan Audit validates that the rescission period for the loan is in compliance with Truth In Lending timing requirements by comparing the loan disbursement date to the most current dates provided in the loan data submitted to the forensic loan software:
- Forensic loan analysis requires the
date the document was signed.
- For the purpose of a thorough
forensic loan audit we require the last disclosure date.
- Right of rescission expiration
date.
- HOEPA disclosure date (if
applicable).
- HOEPA, State and local high costs.
Federal (HOEPA), state and municipal high cost thresholds
Our Loan Auditor's forensic loan analysis compares the loan data to the calculated high cost thresholds as defined in the Home Ownership and Equity Protection Act (HOEPA) and all applicable state and local jurisdictions.
Our Loan Audits return Pass/Fail messages showing the calculated loan APR and points and fees versus the legal limits (including the difference). FLA also returns payment streams, finance charge worksheets, and high cost points and fees worksheets to further assist homeowners.
State
Consumer Credit Law
Our FLA complies with over 300 U.S. State Laws regarding consumer residential mortgage loans secured by real property as these laws relate to such issues as:
- Usury rate ceilings percentage
caps.
- Prohibited fees identified during a
comprehensive loan document review.
- Fee percentage of dollar amount
limits.
- Prepayment penalty prohibitions and
limitations.
- Late fee dollar amount limits and
length of late fee grace periods.
- Interest accrual start dates.
- Negative amortization prohibitions.
- Balloon payment prohibitions or
term limitations.
- Payment and term limitations.
Our Forensic Loan Audit applies preemptions, as appropriate, under the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) and the Alternate Mortgage Transactions Parity Act (AMTPA). Additionally, for loans identified as high-cost loans by the HOEPA & High Costs review, Our FLA will further compare the applicable loan data to requirements of jurisdiction specific laws prohibiting predatory lending. Our forensic loan audit considers and weighs historical rules, indices and information in accordance with state laws that are preserved to enable retrospective quality control loan auditing.
HOEPA - Home Ownership Equity Protection Act state and local high costs
Federal (HOEPA), state and local high cost thresholds.
for more information on our Forensic Loan Audit.
Our Qualified Written Request Service Includes All FDIC Laws, Regulations and Related Acts
Each QWR is different and specific to our client needs. Below is a sample list of Qualified Written Requests objectives.
- Complete life of loan transactional history;
- The Transaction Codes for the software platform of the Servicer;
- The Code definitions in plain English;
- The Key Loan Transaction history, bankruptcy work sheet, or any summary of all of the accounts in an XL spreadsheet format;
- The MERS Milestone Reports and the Edgar website address for the Pooling and Servicing Agreement, Prospectus and Prospectus Supplement;
- The name, address, name of a contact person and telephone number of the current holder and owner of the mortgage note;
- Copies of all collection notes and communications files;
- An itemized statement of the amount needed to fully reinstate the loan;
- All communications with any non-lawyer third-party providers; and
- All Form P-309 screen shots of all system accounts.
The Real estate Settlement Procedure Act, 12 U.S.C sections 1-19, were written into law by congress in 1974 to further the national housing goal of encouraging home ownership by regulating certain lending practices and closing and settlement procedures in federally related mortgage transactions to the end that unnecessary costs and difficulties of purchasing housing are minimized, and for other purposes.
for more information on Qualified Written Request.
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