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Resume:
Information on Avoiding Foreclosure
For Your Information Only - Do Not Return with Your Borrower Response Package Mortgage Programs Are Available to Help
There are a variety of programs available to help you resolve your delinquency and keep your home. You may be eligible to refinance or modify your mortgage to make your payments and terms more manageable, for instance, lowering your monthly payment to make it more affordable. Or, if you have missed a few payments, you may qualify for a temporary (or permanent) solution to help you get your finances back on track. Depending on your circumstances, staying in your home may not be possible. However, a short sale or deed-in-lieu of foreclosure may be a better choice than foreclosure - see the table below for more information: OPTION OVERVIEW BENEFIT
Receive a new loan with lower interest rate or other favorable terms
Makes your payment or terms more affordable
If you meet the basic qualifications for a refinance, a refinance package will be required. This package is different from the Borrower Response Package.
Refinance
Reinstatement Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below
Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future
Repayment Plan Pay back your past-due payments together with your regular payments over an extended period of time
Allows you time to catch up on late payments without having to come up with a lump sum
Forbearance Plan Make reduced mortgage payments or no mortgage payments for a specific period of time
Have time to improve your financial situation and get back on your feet
Modification Receive modified terms of your mortgage to make it more affordable or manageable after successfully making the reduced payment during a trial period (i.e., completing a three month trial period plan)
Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship
* An escrow account will be established for most
retention qualification reviews. Any delinquent or unpaid escrow items may be paid by Arvest Central
Mortgage in connection with any request for
assistance.
*All active Bankruptcy loans will require court approval. Short Sale Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available.
Deed-In-Lieu of
Foreclosure
Transfer the ownership of your property to us Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. This is useful when there are no other liens on your property.
May 14, 2020
ANN MARIE LESLIE
253-22 148TH DR
ROSEDALE, NY 11422-2816
Loan Number: XXXX225289
Property Address:
253-22 148TH DRIVE
We need to let you know that Arvest Central Mortgage Company is a debt collector and we are writing regarding your mortgage loan debt, therefore any information obtained will be used for that purpose. Dear ANN MARIE LESLIE
Your mortgage is seriously delinquent, and your time to act and avoid foreclosure is running out. You have options, but you must act now. We are here to help. If you have questions about the options listed below, please contact us immediately.
You are Approved for a Trial Period Plan to Modify Your Mortgage Payment If you accept this trial period plan, you will be required to make three monthly payments in the amount of
$2,586.39. If you follow the terms of the trial period plan, your mortgage will be permanently modified. Please refer to the enclosed trial period plan for details on accepting this offer. If you do not contact us or send your first trial period trial period plan payment by 05/28/2020, foreclosure proceedings may be started or continue.
QUESTIONS? CONTACT US
Arvest Central Mortgage Company
Phone: 800-***-****
Email: addy4o@r.postjobfree.com
Website: www.arvestcentralmortgage.com
Unable to Pay the Monthly Trial Period Payment or Prefer to Leave Your Home? You may have other options to avoid foreclosure.
A short sale: the sale of your property for a price that is less than the amount you still owe on your mortgage.
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• A deed-in-lieu of foreclosure: the transfer of ownership of your property to us in exchange for release of some or all of the amount you still owe on your mortgage. If you are approved for a short sale or Mortgage Release and complete the necessary steps, we will cancel your remaining mortgage debt obligation. Cancellation of debt may have tax consequences; please consult a tax advisor to discuss potential tax consequences. We encourage you to review the enclosed trial period plan. Thank you for your prompt attention to this matter. We are here to help you with your mortgage. Sincerely,
Arvest Central Mortgage Company, Hardship Assistance 801 John Barrow, Suite 1 l Little Rock, AR 72205 l 501-***-**** l 800-***-**** l FAX 501-***-**** MSD_StreamlineMod.rpt
Based on careful review of your mortgage account, we are offering you an opportunity to enter into a loan modification trial period plan. This is the first step toward qualifying for a permanent loan modification. If you satisfy all of the terms of the offer, successfully complete the trial period plan by making the required payments, and return a signed loan modification agreement, we will sign the loan modification agreement and your loan will be permanently modified.
ACT NOW - Key Steps to Modify your Mortgage and Prevent Foreclosure Action Contact Us or Send Your First Trial Period Plan Payment to Prevent Foreclosure Proceedings. You must do one of these by 05/28/2020
• Contact us by phone or in writing to let us know if you intend to accept this offer, OR
• Send your first trial period plan payment of $2,586.39 to accept this offer. If you do not contact us or send your first trial period trial period plan payment by 05/28/2020, foreclosure proceedings may be started or continue.
Make Your Trial Period Plan Payments
To successfully complete the trial period plan, you must make the trial period plan payments below. 1st Trial Period Payment: $2,586.39 Due Date: 06/01/2020 2nd Trial Period Payment: $2,586.39 Due Date: 07/01/2020 3rd Trial Period Payment: $2,586.39 Due Date: 08/01/2020
*If you submit your first trial period plan payment by 05/28/2020, follow this schedule for your second and third trial period plan payments only.
We must receive each trial period plan payment in the month in which it is due. If we do not receive a trial period payment by the last day of the month in which it is due, this offer is revoked and we may refer your mortgage to foreclosure. If your mortgage has already been referred to foreclosure, foreclosure related expenses may have been incurred, foreclosure proceedings may continue, and a foreclosure sale may occur.
Sign and Return the Loan Modification Agreement
Your modified terms will take effect only after:
• You have signed and submitted your loan modification agreement ( which we will send you near the completion of the trial period plan);
• We have signed the loan modification agreement and returned a copy to you upon completion of the trial period plan; AND
• The modification effective date set forth in the loan modification agreement has occurred. The table below compares you current mortgage terms to the estimated modified terms. Current Terms Modification Terms
Payment* $2,856.94 $2,586.39
Interest Rate: 4.625% 4.625%
Term in Months: 312 480
Maturity Date: 01/01/2046 08/01/2060
Deferred Principall* $0.00 $0.00
*Payment includes principal, interest, and escrow payment, if applicable. For more information on the estimated modification payment amount, review the Frequently Asked Questions.
**For more information on deferred principal, review the Frequently Asked Questions. If you cannot afford the trial period plan payments described above but want to remain in your home, or if you have decided to leave your home, please contact us immediately to discuss additional foreclosure prevention options that may be available.
If you have questions about your trial period or permanent modification requirements. please contactus at 800-***-**** extension 5609. Para Espanol, extension 3891 Sincerely,
Hardship Assistance
Arvest Central Mortgage Company
addy4o@r.postjobfree.com
Hours of Operation: 8:00am to 5:00pm CST
Trial Modification Period Plan
Agreement Acknowledgment
Loan Number: XXXX225289
Trial Modification
PLEASE READ THIS AGREEMENT CAREFULLY BEFORE YOU SIGN AND RETURN TO ARVEST CENTRAL MORTGAGE COMPANY. 1st payment: $2,586.39 by 06/01/2020
2nd payment: $2,586.39 by 07/01/2020
3rd payment: $2,586.39 by 08/01/2020
I (We) understand that in order to qualify for a permanent modification, I (We) must make the trial period payments in a timely manner as specified - instead of my (our) normal monthly mortgage payments. By signing this agreement and entering into a trial period plan, any previous automated clearing house (ACH) drafts will be canceled. I(We) understand that a new ACH draft authorization form must be submitted to restart the drafting of my loan payments.
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2. I (We) understand that if each payment is not received by Arvest Central Mortgage Company in the month in which it is due, I will no longer be eligible for a loan modification and my loan will not be modified. 3. I (We) understand that Arvest Central Mortgage Company has the right to extend my (our) Trial Modification Period Plan if my (our) last trial period payment is made in the last half of the month it is due. 4. I (We) understand that my (our) credit score may be affected by accepting a Trial Modification Period Plan or modification. The impact of a loan modification on a credit score depends on the overall composition of the consumer’s credit profile as well as how the new loan modification credit obligation is reported. I (We) understand that a Flood Certification will be ordered and if a new flood zone determination has been established, I (We) will be required to obtain my (our) own flood policy prior to the completion of the trial period plan. If I (We) do not obtain my (our) own flood policy, the modification offer will become null and void. I (We) also understand that if a new Flood Policy is required, it must be escrowed and could affect the new modified payment amount and/or final modification approval.
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6. I (We) have read the Additional Trial Modification Period Plan Information and Legal Notices and agree to the terms and conditions.
7. I (We) understand that my Trial Modification Period Plan may also be extended for a maximum of two (2) months if additional time is needed to obtain any required title endorsement, similar title policy, and/or subordination agreement. I (We) also understand that if Arvest Central Mortgage Company is unable to obtain any required title endorsement, similar title policy, and/or subordination agreement, then the modification offer is null and void. 8. I (We) understand that this offer will be null and void if I demonstrate the ability to afford my current payment prior to the commencement of the Modification Trial Period Plan. In the event that we are able to approve you for a foreclosure alternative prior to your trustee sale, a court with jurisdiction over the foreclosure proceeding (if any) or public official charged with carrying out the sale may choose not to halt the scheduled sale. In these instances, this agreement will be revoked. 9.
10. I (We) understand that, upon completion of the trial period plan, a current statement of assessments is required if the property is subject to payment of community association such as Homeowners Association, Condominium Association or Planned Unit Development. This statement must be provided prior to ACMC offering a final modification agreement and payment of outstanding or delinquent assessments may be required. Borrower Signature Date
ANN MARIE LESLIE
Co-Borrower Signature Date
You can return this signed agreement acknowledgment as your trial period plan acceptance to:
· 801 John Barrow Road Suite 1, Little Rock, Arkansas 72205 Fax number 1-501-***-**** or
Email: addy4o@r.postjobfree.com
For borrowers who have filed for bankruptcy protection and automatic stay has been lifted by order or discharge, please be advised that this is NOT an attempt to collect a debt from you personally. What is a trial period plan?
· A consistently trial period manage plan is a the temporary estimated payment modified relief mortgage period payment. that allows you to demonstrate that you can How does the modification work?
· A loan modification changes some of the terms of your mortgage, such as monthly payment, interest rate, and maturity date, which may make your payment more affordable.
· You will repay the new interest-bearing mortgage balance in equal monthly payments over the modified term.
· To permanently modify your mortgage, you first need to successfully complete the trial period plan. Your modified mortgage payment will be based on the interest-bearing unpaid principal balance as of the end of the trial period and may be moderately different than the trial period plan payment, which is an estimate of your modified mortgage payment.
· Once you make all of your trial period plan payments on time and meet all of the terms in this trial period plan, you must sign and return the loan modification agreement. Once we determine you have complied with the trial period plan requirements, we will sign the loan modification agreement and send a copy back to you for your records.
What is deferred principal?
· Deferred principal is a portion of the unpaid mortgage balance for which repayment is delayed. If your modified terms include deferred principal your due date for this amount would be the earliest of 1) the date you sell or transfer the property; 2) the date you refinance the modified mortgage; 3) the date you pay off the interest-bearing unpaid principal balance of the modified mortgage; or 4) the new maturity date of the modified mortgage. Interest is not charged on any deferred principal. Will my interest rate and principal and interest payment be fixed after my loan is permanently modified?
· Yes. If your loan is permanently modified, your interest rate and monthly principal and interest payment will be fixed for the life of your mortgage.
Your new monthly payment may include an escrow payment for property taxes, hazard insurance, and other escrowed expenses, unless its inclusion is prohibited by applicable law. If the cost of your homeowners insurance, property tax assessment, or other escrowed expenses increases, your monthly payment may increase as well.
Do I have to modify my loan into a 480-month (40 Year) fixed rate term?
· Yes. A 480-month repayment term results in a lower modified monthly payment than would be available under a shorter term. The modified mortgage does not have any penalty if you pay off your mortgage earlier than the new maturity date. If you would like more information on options for paying off your mortgage early, please contact us for additional details at 1-800-***-****. How will a trial period plan and loan modification impact my credit?
· A trial period plan and loan modification may result in your credit score being adversely affected. Credit reporting agencies generally consider the entry into a trial period plan and loan modification as an increased credit risk. Please note, however, that continued delinquency, including a foreclosure, would have a more negative impact to your credit score.
· We will continue to report the delinquency status of your loan to credit reporting agencies as well as your entry into a trial period plan in accordance with applicable law. Why do I need to contact you within 14 days?
· It is important to contact us within 14 days of the date of this letter. If your mortgage has already been, or is about to be, referred to foreclosure, contacting us will stop the foreclosure process. You can also stop the foreclosure process by sending the first trial period plan payment within 14 days of the date of this letter, which is earlier than the due date for the first trial period plan payment.
· If your mortgage has already been referred to foreclosure, a foreclosure sale may occur if you do not contact us or send the first trial period plan payment within 14 days of the date of this letter.
· You may also incur additional expenses related to foreclosure if you do not contact us or send the first trial period plan payment within 14 days of the date of this letter. What if I acquired an ownership interest in the property, such as through death, divorce, or legal separation?
· You should contact us as soon as possible. We are here to help you adjust to these events and provide you with information on where to send the mortgage payments. Please contact us to obtain a list of documentation that is needed to confirm your identity and ownership interest in the property, and to discuss next steps.
What If I need further assistance?
· Please contact us anytime at 1-800-***-****, especially if you experience another event that may prevent you from making your mortgage payment.
· For a list of HUD-approved housing counseling agencies that can provide free foreclosure prevention and debt management information, and may be able to provide translation or other language assistance, contact one of the following federal government agencies: o The U.S. Department of Housing and Urban Development (HUD) at 800-***-**** or www.hud.gov/counseling
o The Consumer Financial Protection Bureau (CFPB) at 855-***-**** or www.consumerfinance.gov/mortgagehelp
· For additional information on how to avoid foreclosure, including help for military servicemembers, you may aslo visit Freddie Mac's My Home website at http://myhome.freddiemac.com. Will a modification have an effect on my Private Mortgage Insurance? If applicable, the Private Mortgage Insurance (PMI) cancellation date, termination date or final termination shall be recalculated to reflect the modified terms and definitions of your loan. The new cancellation and termination dates may be later than originally disclosed.
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· The premium of your Private Mortgage Insurance may change due to the modification. If applicable, your monthly Private Mortgage Insurance payment will be recalculated to reflect the new payment. Additional Trial Modification Period Plan Information and Legal Notices We will not proceed to foreclosure sale during the trial period, provided you are complying with the terms of the trial period plan.
· Any pending foreclosure action or proceeding that has been suspended may be resumed if you failed to comply with the terms of the plan or do not qualify for a permanent modification.
· You agree that the servicer will hold the trial period payments in an account until sufficient funds are in the account to pay your oldest delinquent monthly payment. You also agree that the servicer will not pay you interest on the amounts held in the account. If any money is left in this account at the end of the trial period plan and you qualify for a loan modification, those funds will be deducted from amounts that would otherwise be added to your modified principal balance.
· Our acceptance and posting of your payment during the trial period will not be deemed a waiver of the acceleration of your loan (or foreclosure actions) and related activities, including the right to resume or continue foreclosure action if you fail to comply with the plan, and shall not constitute a cure of your default under your loan unless such payments are sufficient to completely cure your entire default under your loan.
You agree that any prior waiver that allowed you to pay directly for taxes, insurance, and flood policy is revoked. You agree to establish an escrow account and to pay required escrows into that account, unless prohibited by applicable law.
You agree that upon ordering a Flood Certification, if a new flood zone determination is established; you are required to obtain your own flood policy prior to the completion of the trial period plan. You agree that the new flood policy must also be escrowed.
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You agree that if you do not obtain your own flood policy, the Loss Mitigation workout will become null and void.
You agree that if a new Flood Policy is required, it could affect the new modified payment amount and/or final Modification approval.
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If your monthly payment did not include escrows for taxes and insurance, you are now required to do so:
· You agree that all terms and provisions of your current mortgage note and mortgage security instrument remain in full force and effect and you will comply with those terms; and that nothing in the trial period plan shall be understood or construed to be a satisfaction or release in whole or in part of the obligations contained in the loan documents.
Your current loan documents remain in effect; however, you may make the trial period payment instead of the payment required under your loan documents:
If your loan requires title endorsement, a similar title insurance policy, and/or subordination agreement(s)
· You agree to fully cooperate with obtaining any title endorsement(s), or similar title insurance product(s) and/or subordination agreement(s) that are necessary or required to ensure that the modified mortgage loan is in first lien position and/or is fully enforceable upon modification. If, under any circumstance and not withstanding anything else to the contrary in this Agreement, the Lender does not receive such title endorsement(s), title insurance product(s) and/or subordination agreement(s), then the terms of this Agreement will not become effective on the Modification Effective Date and the Agreement will be null and void. If your loan is in active Bankruptcy, you may make the trial period payment:
· You agree that a final modification approval will be subject to approval from the Bankruptcy courts before the modification can be executed.
· You agree that you were discharged in a Chapter 7 bankruptcy proceeding subsequent to the execution of the Loan Documents. Based on the representation, Lender agrees that you will not have personal liability on the debt pursuant to this Trial Period Plan. If you previously received Chapter 7 Bankruptcy discharge, but did not reaffirm the mortgage debt under applicable law:
· You agree that if an error in the terms of the Trial Period Plan or your eligibility is detected after issuance of the Trial Period Plan notice, the Trial Period Plan may become void and of no legal effect upon notice to you of such error. You understand that a corrected Trial Period Plan will be provided to you if it is determined that you remain eligible for a loan modification after correction of the error. The Trial Period Plan notice will be rescinded if an error is detected.
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