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| • FINANCIAL PACKAGE REQUIREMENTS |
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MODIFICATIONS
NOTICE TO BORROWERS AND/OR THIRD PARTIES AUTHORIZED TO ACT ON THEIR BEHALF:
Any and all information submitted in support of requests for a loan modification is subject
to verification by Provident, including but not limited to documentation substantiating a hardship.
Once the borrower’s income and liabilities as well as corresponding ratios are evaluated
and a determination has been rendered, Provident’s decision will be final.
Provident will NOT advise borrowers, or their attorneys or agents, as to how to make
adjustments to their income and liabilities in order to qualify for a modification.
Provident is not required to consider a resubmission of the same documentation, even
if submitted by a different attorney or agent on behalf of the borrower.
A subsequent submission following a denial will not be considered unless there is a
legitimate, independently verifiable change in a borrower’s personal or financial
circumstances since the prior submission which warrants the review of additional information.
This change must be explained in reasonable detail in a separate letter which includes
supporting documentation. Upon review of this additional information, Provident may invite
the borrower, or their attorneys or agents, to submit a new financial package which reflects
the borrower’s changed circumstances. All decisions on subsequent submissions following an
initial denial will be final.
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SHORT SALES
When submitting an offer, please be advised that Provident will only accept full market
value for the subject property. You must submit your best and final offer along with
all financial package requirements. Further, the bank will only consider a single offer
at any given time.
Provident will not receive any additional offer until a pending offer is actually rejected.
Although Provident will make every attempt to respond within fourteen (14) days, Provident
makes no guarantee as to the timeliness of its response to a short sale request.
Borrowers will receive a response via regular U.S. mail only. Provident will not conduct
negotiations over the telephone.
Once a complete package has been reviewed by Provident, its decision will be final.
Provident will not consider any resubmissions, including different offer(s), for up to
twenty-one (21) days following the issuance of a declination letter.
Provident’s consideration of a short sale request does not constitute a waiver of any
contractual rights and/or powers granted pursuant to the terms and conditions of the
Promissory Note and Deed of Trust in favor of Provident. As such, Provident will continue
with any collection action, to begin or currently in progress, including foreclosure
proceedings, under the covenants of the Deed of Trust.
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Required:
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- Complete and sign Provident's Financial Statement.
- A signed statement describing current situation and
the reason you are requesting assistance.
- Copies of two most recent pay stubs or vouchers, showing
year-to-date earnings.
- Copies of signed federal income tax
returns for the last two years, including all
schedules and W-2 forms.
- Copies of two most recent bank statements, for all accounts,
including Checking, Savings, Investment, and Retirement, include all pages.
- Completed and signed Form 4506T Request for Transcript of Tax Return for each borrower.
- Completed and signed Form SSA89 Social Security Number Verification for each borrower.
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As Applicable - A Copy of:
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- Junior Lien Holder Note, Last Billing. You must contact your junior lien holder
and request a modification to your Note and Deed of Trust and provide proof
of compromise/modification from the junior lien holder.
- Rental Agreements
- Terminate Notice
- Unemployment Eligibility Letter and One Month of Compensation Benefit Receipts
Disability Award Letter and Evidence of Disability Benefits
Received
- Divorce Papers
- Bankruptcy Papers
- SELF EMPLOYED - Two years signed 1099, K1, 1120, and 1065. Year to Date audited Profit & Loss and Balance Sheet.
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Our request for documentation
does NOT constitute a modification or a short sale until a
final agreement has been agreed to in writing by Provident.
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SHORT SALE -- PLEASE NOTE
ADDITIONAL REQUIREMENTS
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| Escrow and Title Required With Stewart Title: |
Escrow Officer:
Escrow Officer Fax:
Title Officer:
Title Officer Fax:
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Rene Johnson
(951) 276-8363
Greg Gullotta
(951) 276-3469
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Stewart Title
7065 Indiana Ave., Suite 100
Riverside, CA 92506
Phone: (951) 276-2700
Phone: (800) 637-2769
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- Offer - Full Market Value
- Estimated Net Sheet - MUST Include:
- Show estimated Net amount to Provident
- Amount to CLOSE should show ZERO
- The SELLER must net ZERO
(Note:
Overages should be used to increase the payoff amount to
Provident)
- Estimated Closing Date
- Written approval from Junior Lien Holder - You
must know the requirements of the Junior Lien Holder to
determine the estimated Net amount to Provident
- Buyers' new loan pre-qualification letter.
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