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Settlement Conference Loss Mitigation Package Checklist Copies of the following documents can be found on the Indiana Housing and Community Development Website at www.in.gov/ihcda or at the Indiana

How to fill out loss mitigation package

How to fill out a loss mitigation package:

1. Start by gathering all necessary documents such as pay stubs, bank statements, tax returns, and other financial statements.
2. Carefully review the instructions provided by your mortgage servicer or loan servicer. They will often have specific forms and documents that need to be completed.
3. Fill out the personal information section completely and accurately. This includes your name, address, contact information, and loan account number.
4. Provide detailed information about your current financial situation. This may include your income, expenses, assets, and liabilities. Be sure to include all relevant documentation to support your claims.
5. Explain the reason for your financial hardship. This could include a job loss, medical expenses, or other unforeseen circumstances. Provide any supporting documentation if available.
6. If you have received any loan modification offers or assistance programs, provide details and documentation of those as well.
7. Complete any additional forms or documentation required by the servicer. These could include a hardship letter, budget worksheet, or other specific forms.
8. Once you have completed the package, make copies of all documents for your records. It is also a good idea to send the package through certified mail or with a delivery confirmation to ensure it is received.
9. Follow up with your servicer to confirm receipt of the package and to inquire about the next steps in the process.

Who needs a loss mitigation package?

1. Homeowners who are facing financial hardship and are struggling to make their mortgage payments may be required to fill out a loss mitigation package.
2. Loss mitigation packages are commonly requested by mortgage servicers or loan servicers when a homeowner is seeking assistance or relief options to avoid foreclosure.
3. Loss mitigation packages are often used in cases where homeowners want to explore options such as loan modification, forbearance, repayment plans, or other alternatives to foreclosure.
4. These packages help the servicer evaluate the homeowner's financial situation and determine if they qualify for any available assistance programs or loan modifications.
5. Homeowners who have experienced a significant change in their financial circumstances, such as job loss, reduction in income, or unexpected medical expenses, may also need to fill out a loss mitigation package to provide the necessary documentation and information for potential assistance.

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What is loss mitigation package?

Loss mitigation package is a set of documents and forms provided by a lender to a borrower who is experiencing financial hardship and is seeking assistance to avoid foreclosure.

Who is required to file loss mitigation package?

Borrowers who are facing financial hardship and are unable to make their mortgage payments are required to file a loss mitigation package.

How to fill out loss mitigation package?

Borrowers must carefully read and complete all forms and documents in the loss mitigation package provided by their lender, providing accurate and detailed information about their financial situation.

What is the purpose of loss mitigation package?

The purpose of the loss mitigation package is to help borrowers who are struggling with their mortgage payments to explore options to avoid foreclosure, such as loan modification, forbearance, or short sale.

What information must be reported on loss mitigation package?

The loss mitigation package typically requires borrowers to provide information about their income, expenses, assets, debts, and the reason for their financial hardship.

What is the penalty for late filing of loss mitigation package?

The penalty for late filing of a loss mitigation package can vary depending on the lender's policies, but it may result in foreclosure proceedings being initiated against the borrower.