Tagged with " community neighborhood housing"
14 Nov
2011
Posted in: Application Assistance, My Ongoing Story
By    Comments Off on Self-Employed Documentation

Self-Employed Documentation

*NOTE: This post will be updated over the next week as I learn more about the process.

When you receive a packet to fill in from your local Community Neighborhood Organization, don’t be alarmed if they send you a packet called Foreclosure Counseling Program. They send this because the information needs are similar, but do call your counselor and ask for the exact list of needs since you will get some clarification on what you need to bring in.

Here is the revised and better articulated checklist of what you need as a self-employed individual applying for HARP Phase II. Use other resources to check against this list, but this will get you started.

1. Call Your Primary Lender

In my case, I am to call Bank of America to see if they will help you with the refinance program. Let them know that you are working with a community neighborhood housing organization to apply for the HARP. The community housing orgs work in tandem with the government and are audited in order to assess the progress of the program, therefore they are good at making sure you have what you need. When lenders know this, it may help you.

2. Check the Estimated Tax & Property Value of Your Home

• check Zillow.com to see your home’s estimated value AND
• find out what your Estimated Tax Value is by going to the website of the county you reside

Here’s an example using my home at it’s current situation (Nov, 2011):
Original Home Value: $206,000 (April, 2005)
Est. Tax Value: $140,000 (see screen shot below)
Zillow: $124,900

3. Gather the Following (Self-Employed)

• 2 years of federal tax returns (profit and loss) with all schedules (1040 ez, etc…)
• year-to-date monthly expenses (monthly profit and loss)
• your latest utility bills (a spreadsheet may be ok if you have one utility bill for address verification)
• homeowner’s insurance statement

*Note: You may not need year-to-date monthly expenses. I was not asked to provide this when Bank of America was ready to refinance me (at a slightly lower rate with $3000 in closing costs — see this post). They indicated that I would only need a CPA to send verification for a few items.)

8 Nov
2011
Posted in: Application Assistance
By    Comments Off on Community Neighborhood Housing Services

Community Neighborhood Housing Services

Community Neighborhood Housing Services (St. Paul, MN)
www.communitynhs.org

651-292-8710

 

After calling Community Neighborhood Housing Services, I find that this, like everything else, is a little disheartening. They tell me that my house is not technically underwater, but I’m not able to discern why. Nonetheless, I set up an appointment to have them look at my bank statements and taxes. Here’s the bullet point recap of the conversation.

Obtain your home’s Taxable Market Value

For my county, they instruct me to go to:
Ramsey County Tax and Property Lookup at the Ramsey County website.
Type in your address
Look at it from 1st loan perspective.

Of course the website is not working, so they look it up for me.

Taxable Market Value: $140,000

They tell me this only applies to the first loan, so my house is not actually underwater. I need more information to understand, which I plan to gather at the meeting. Here’s what they tell me I need, as a self-employed individual applying for the HARP.

Items Needed for the Meeting at Community Neighborhood Housing Services (In Progress)

From my Bank

• 3 months of banks statements – business and personal
• Monthly mortgage statement (1st and 2nd loan)

From my Accountant

• 3 years of self-employed tax returns
• PNL (profit and loss statement) – January 1st, 2001 to end of October.

From Me

• Copies of all utility bills (on paper)
• Statement with my house insurance  (in escrow)