How To Prepare Financial Information Before You Talk To Your Lender?

HOUSEHOLD FINANCIAL INFORMATION
INCOME BUDGET FOR HOUSEHOLD

SOURCE OF INCOME LAST MO. ACTUAL THIS MO. EXPECTED THIS MO. ACTUAL ADJUSTED MONTHLY
Employment $ $ $ $
Overtime ________________________________________
Child Support/Alimony _____________________________________
Pension _______________________________________
Interest ______________________________________
Public Benefits _____________________________________
Dividends
Trust Payments ______________________________________
Royalties ______________________________________
Rents Received ______________________________________
Other (List) ______________________________________

TOTAL (MONTHLY) $ $ $ $

NOTES/ANTICIPATED CHANGES:________

EXPENSE BUDGET FOR HOUSEHOLD

TYPE OF EXPENSE LAST MO. ACTUAL THIS MO. EXPECTED THIS MO. ACTUAL ADJUSTED MONTHLY
Payroll Deductions $ $ $ $
Income Tax Withheld ____________________________
Social Security ___________________________
FICA ___________________________
Wage Garnishments _______________________ Credit Union ___________________________________
Other _____________________
Home Related Expenses
Mortgage or Rent ___________________________________
Second Mortgage ___________________________________
Third Mortgage ___________________________________
Real Estate Taxes ___________________________________
Insurance __________________________________
Condo Fees & Assessments __________
Mobile Home Lot Rent ________
Home Maintenance/ Upkeep ________________
Utilities _________________________________
Gas __________________________________________________
Electric ___________________
Oil ___________________
Water/Sewer _______________
Telephone:
Land Line ____________
Cell ____________
Cable TV ____________
Internet
Other ___________
Food
Eating Out ________________
Groceries ________________
Clothing _______________________
Laundry and Cleaning _____________________
Medical _______________________
Current Needs _______________________
Prescriptions _______________________
Dental _______________________
Insurance Co-Payments or Premiums
Other _________________________________
Transportation _________________________
Auto Payments _________________________________
Car Insurance _________________________________
Gas and Maintenance _________________________
Public Transportation _______________________
Life Insurance _________________________
Alimony or Support Paid _________________________
School Expenses _________________________
Student Loan Payments _________________________
Entertainment _________________________
Newspapers/Magazines _________________________
Charity/Church _________________________
Pet Expenses _________________________
Amounts Owed on Debts _________________________
Credit Card_______________________________________
___________________
Credit Card
___________________
Credit Card
___________________
Medical Bill
___________________
Medical Bill
___________________
Other Back Bills (List)
___________________

Cosigned Debts
Business Debts (List)
___________________
___________________
Other Expenses (List)
___________________
___________________
Miscellaneous
TOTAL

Other Important Debt Issues:

Wage Garnishments Yes______ No______
Pending Court Cases Yes______ No______
Pending Utility Shut-offs Yes _____ No _____
Car Loan Defaults or Repossessions Tax Debts Yes ____ No____
Student Loan Debts Yes_____ No_____

Other:
Notes/Anticipated Changes:
Describe Assets and Other Resources:

Savings Yes______ No______ Amount $______________

Court Cases Pending Against Others Yes______ No__________
Value $______________

Anticipated Tax Refunds Yes______ No____________
Amount $______________

Assets Which Can Be Sold Yes ______ No______ Value $______________

Pension or Retirement Funds Yes______ No______ Value $______________

Other Assets and Notes:

INCOME AND EXPENSE TOTALS

Last Mo. Actual This Mo. Expected This Mo. Actual Adjusted Expected
A. Total Projected Monthly Income
B. Total Projected Monthly Expenses
Excess Income or Shortfall (A minus B)

Notes:
OTHER INFORMATION

1. Have you made an effort to arrange a workout on their own? What result?

2. Have you filed bankruptcy? If so when? Current status of case if still pending? If bankruptcy is over, what result?

3. Other issues which came up during this time.

4. Questions and open issues that must be resolved.

White House Releases Data on The Slowest Lenders Performance in Loan Modification

White House recently released data on the pace of slowest performing loan modification. It is a sad reflection on the state of affairs. It picked BOA and Wells Fargo. However, there has been a noticeable change in the attitude of Bank of America. I hope other would do appropriate changes as well. Here, is the link to this White House Release.

http://www.ustreas.gov/press/releases/tg252.htm

A Little Judge Who Hates Foreclosure in Brooklyn

I love this judge, he is my man. Please read this interesting article on this wonderful person.

http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=1&emc=eta1

Hard Times Coming to Commercial Real Estate

The housing crisis is spreading unabated, and now it is soon to engulf commercial real estate. There has already been cracks in this market in widespread vacancy rates, and sky rocketing rate of interest. Banks are learning their lessons and crafting new strategy for commercial real estate. Here, is the news story.

http://www.nytimes.com/2009/09/02/business/economy/02office.html?scp=6&sq=&st=nyt

Wells Fargo & Bank of America are the Slowest in Loan Modification

A new report just published which states that Bank of America and Wells Fargo are the slowest banks when doing loan modification. No wonder we are having such a mess. Here is the report.

http://www.nytimes.com/2009/08/05/business/05treasury.html?fta=y

Bank Executives Hosts Parties in Foreclosed Homes

Finally, some use has been crafted from the executives of the banks_____ it is not the often quoted homeless people illegally occuping empty and foreclosed homes, it is the fancy bank executives.

http://money.aol.com/article/real-estate/bank-exec-hosts-parties-in-bank-owned/666193

How California is Stopping Loan Fraud Agencies?

California is suing the loan fraud agencies to stop them from their rip off and false promises of stopping the foreclosure and loan modification.

Here is the link.
http://www.ftc.gov/os/caselist/0923120/090715usfrcmpt.pdf

FTC tightening grip on Loan Fraud Agencies

Here, is an interesting news item how FTC is handling all these loan fraud, attorney-affiliated, attorney-backed agencies.

http://www.walletpop.com/blog/2009/07/15/major-crackdown-on-foreclosure-rescue-and-mortgage-scams-continu/?icid=sphere_blogsmith_inpage_dailyfinance