top of page

​MORTGAGE ASSISTANCE PROGRAMS FOR HOMEOWNERS!

FREE MORTGAGE HELP FROM

HUD-APPROVED HOUSING COUNSELING AGENCIES can make the Difference between losing your home and KEEPING IT

Greetings,

We are so glad that you have taken that tough first step and contacted us about your mortgage and our FREE Mortgage Counseling. D&E, A Financial Education & Training Institute, Inc. is a HUD Approved Counseling Agency, and we understand how hard it was for you to contact us; therefore we promise to work with you to find a resolution to your situation.



 

Through this FREE service D&E helps to restore dignity back to families who are facing foreclosure; we make it our pledge to not judge, and do all we can to help families keep their homes.  We have a team of dedicated foreclosure professionals who work one on one with individuals and families to serve as their advocate and voice. 

Loan Modification is a permanent change in one or more of the terms of a Borrower's loan, allows the loan to be reinstated, and results in a payment the Borrower can afford.  As a HUD-Approved Housing Counseling Agency we are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama's comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

​

To assist us in providing you with the most effective and efficient service, please download and complete the documents below as thoroughly as possible. Particularly, please be accurate with the monthly spending plan, as this information is the key element of resolving your financial situation.  If there are questions or information you don’t understand, that’s okay; just do your best with it and we will go through the rest of it together.



There are several pages of this document that require your signature. Please be certain your name is on EVERYTHING you submit to us. All forms must be SIGNED and all supporting information must be received before we can begin fully working your case.



​



PLEASE DOWNLOAD AND SUBMIT BOTH DOCUMENTS BELOW: HOMEOWNER APPLICATION & RMA (REQUEST FOR MORTGAGE ASSISTANCE FORM) TO EXPEDITE SERVICE

​

1. Homeowner Application

 

 

 

 

2. Making Home Affordable - Request for Mortgage Assistance (RMA)

 

​

​

 



You have taken the first step to resolving your situation and we look forward to working more closely with. You may contact our office directly at 770-961-6900. Please email the documents back to us at Info@depower.org or mail the completed package to our office at 4532 Jonesboro Road, 2nd Floor, Forest Park, GA. 30297.



 

​

Please submit all the following documents listed below. All documents below must be received before we can begin processing your file. 

 

* All documents must be received between 30 calendar days to keep file active with our  Agency.

​

​

  • Most recent tax return (Federal only) signed and dated on page 

​

  • Home owners Association statement (if applicable)

​

  • All recent monthly bills (water, electric or gas, car payment, child care, etc.)

​

  • Business bank statements - last 2 months (if self employed)

​

  • Profit and Loss statement for the most recent 3 months (if self employed)

​

  • If you receive rental income - must provide copy of rental agreement and bank statement showing where rents are deposited

​

  •  Social Security award letter (if applicable)

​

  •  Food Stamp award letter (if applicable)

​

  •  Unemployment award letter (if applicable)

​

  •  Pension statement

​

  •  Divorce Decree or legal separation agreement (if applicable)

​

  • Recorded quitclaim deed (if one person on the title is no longer living at the property)

​

  •  If property taxes and homeowners insurance are not included in your  mortgage payment - provide homeowners insurance declarations page and copy of property tax bill

​

  • Recent mortgage statement

​

  • Your mortgage/deed of trust

​

  • Copy of your note

​

  • Any correspondence from the mortgage company or attorney, even if it’s unopened

​

  • Any documentation from the courts or the sheriff regarding a foreclosure

​

  • Two (2) months recent pay stubs for all employment

​

  • Last two months of all bank statements for all expenses

​

  • Two (2) forms of identification (driver's license and social security card)

​

F.A.Q.

Georgia Loan Modification Frequently Asked Questions

 

​

 

Question 1: How many Loan Modifications may a Borrower receive?

 

Answer:  Borrowers are permitted to receive a Loan Modification or FHA-HAMP only once within a 24-month period. See ML 2012-22.

 

 

Question 2: How does a lender determine a borrower’s eligibility for a Loan Modification?

 

Answer: Lenders are to use specific financial analysis criteria when determining a borrower's eligibility for the Loan Modification Option:  1) The borrower's surplus income is at least the greater of $300 and 15% of net monthly income, 2) 85% of the borrower's surplus income is insufficient to cure arrearages within 6 months, and 3) The borrower's monthly principal, interest, taxes, and insurance (PITI) mortgage payment can be reduced by the greater of 10% of the original monthly mortgage payment amount or $100, as a result of the lender setting the interest rate at the Market Rate and amortizing the new loan over 30 years.  See Mortgagee Letter 2012-22, Attachment A.

 

 

Question 3: When utilizing the Loan Modification option, may the lender include all fees and corporate advances?

 

Answer:  Yes. Legal fees and related foreclosure costs for work actually completed for the current default episode may be capitalized into the modified principal balance. See ML 2008-21.

 

 

Question 4: May a lender perform an interior inspection of the property if they have concerns about property condition?

 

Answer: Yes.  The lender may conduct any review it deems necessary to verify that the property has no physical conditions adversely impacting the borrower's continued ability to support the modified mortgage payment. See ML 2005-05.

 

 

Question 5: May a Lender include late charges in the Loan Modification?

 

Answer:  The lender is expected to waive all accrued late fees.  See ML 2008-21.

 

 

Question 6: When completing the Loan Modification Option, what interest rate should the lender use?

 

Answer: The lender should modify the interest rate to the current Market Rate, defined as a rate that is no more than 25 basis points greater than the most recent Freddie Mac Weekly Primary Mortgage Market Survey (PMMS) Rate for 30 year fixed-rate conforming mortgages (US average), rounded to the nearest  one-eighth of one percent (0.125%), as of the date a Trial Payment Plan is offered to a borrower. See ML 2013-17.

 

 

Question 7: Are Lenders required to re-amortize the total amount due over a 360 month period?

 

Answer: Yes, the Lender must re-amortize the total unpaid amount due over a 360 month period from the due date of the first installment required under the modified mortgage.  See ML 2009-35.

 

 

Question 8: What date is utilized when determining the interest rate for a Loan Modification?

 

Answer: The interest rate for the Loan Modification note is based on the current Market Rate as of the date the permanent modification is executed. See ML 2012-22.

 

 

Question 9:  Are lenders required to perform an escrow analysis when completing a Loan Modification? 

 

Answer:  Yes, Lenders are to perform a retroactive escrow analysis at the time of the Loan Modification to ensure that the capitalized delinquent payments reflect the actual escrow requirements required for those months capitalized. See ML 2008-21.

 

 

Question 10: Can a lender qualify an asset for the Loan Modification option when the borrower is unemployed, the spouse is employed, but the spouse’s name is not on the mortgage?

 

Answer:  Based upon this scenario, the lender should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the lender should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.  See ML 2000-05.

Forclosure Process

© 2013  All rights reserved.

  • Facebook App Icon
  • Twitter App Icon
  • Instagram App Icon
  • Google+ App Icon
bottom of page