Foreclosure
What is the pre-foreclosure review period?
Between due 3-4
This option is most pre approved when the loan is due between 4-6 with investor of Fannie or Freddie with no prior plans on file
Deferment
When the loan is due 4 the minimum we can take is
2 of 4
Due 12 investor is fha hardship still not over client is still unemployed
Denial reason - max forbearance approval due 12
what are the most 4 qualifying ways to be approved for a forbearance
Unemployment
Ssi /disability
Military
Natural disaster
Loan due 10 active foreclosure and client will pull from there 401k to cure what document is needed
Reinstatement letter
24 months
State of Illinois due 6 what is the minimum we can take
We must accept at least one full monthly payment regardless of delinquency
Income is 4000 a month
Mortgage payment is 2000
Home expenses is 3200investor Fannie or freddie
Denial reason not enough income
how often do clients need to do a check in
once a month
What does NOI mean
NOTICE OF INTENT
When completing a afs with this investor we must offer the pre approved repayment plan but NEVER DEFEND/ what investor is this ?
VA
When the loan is due 5 plus what is the minimum we can take
The full past due amount in one lump sum
Husband transfer the title into a companies name and out of his name and months later completes a afs for options due to delinquency
Denial due to no clear title
how long can a client remain in forbearance
12 months
When the loan has an active sale date interfering with the closing of the sale of the home .these 2 documents are used to try to provide more time to close
Proof of funds and purchase agreement
This is the standard timeframe given to complete and return final document signatures
14 days
What all 4 options do we consider certified funds
DEBIT
WIRE
CASHIER CHECK
MONEY ORDER
scenario- Client fall behind due to reduction in income and we brought the loan current and 7 months later they fell delinquent again with the same hardship what is the denial reason?
Denial due to no qualifying hardship
in what duration do we approve forbearances when the loan is due between 1-2 months
1-2 months
How often here at rocket do we review loans for foreclosure
Every week
for fha how many months do the loan needs to be due for to consider income and expenses documentation
due 0-1
Best arp bonus: scenario -
Client- my water heater is broken and I can’t pay you guys with this money in my account because I need to pay to get this fixed 1st I’ll pay you guys next month with my bonus
Best answer wins
Client was approved for a flex modification but failed the 2nd trial payment due to another bill pulling out of there account the same time we pulled the payment and is now looking for another option
Failed due to seasoning requirements
who all can complete a forbearance check in
ONLY the client