People’s United Bank is very concerned about the difficulty you... payment(s) and we want to help you find an acceptable...

People’s United Bank is very concerned about the difficulty you are having in making your mortgage
payment(s) and we want to help you find an acceptable solution.
The right option for you depends on your individual circumstances. If you are not able to continue paying
your mortgage, your best option may be to find more affordable housing. As an alternative to foreclosure,
you may be able to sell your home and use the proceeds to pay off your current loan.
We have enclosed examples of options that may be available along with other important information
regarding the Notice of Right to Receive a Copy of Appraisal; Servicemembers Civil Relief Act Notice;
Notice of Housing Counselor Information; Notice of Information Request and Error Resolution.
To help us determine if you qualify for assistance, please take action by completing and returning this
entire Financial Analysis Packet along with all required supporting documents. Please return all of the
documents together so that we can more quickly determine whether you qualify for assistance. Use the
enclosed Financial Analysis Packet Instructions to ensure you have completed all required forms and
provide the right information.
Remember, you need to take action by completing and returning the entire Financial Analysis Packet
along with all required supporting documents within fourteen (14) days from the date of this letter.
Failing to return the information can indicate you are not interested in any assistance. If you cannot
provide the documentation within fourteen (14) days, cannot locate some or all of the required documents,
or have any questions or need assistance, please contact us at:
Toll free:
Hours:
Email:
Mail:
(800) 463-0416
Monday-Thursday 8am to 8pm, Friday 8am to 5pm
[email protected]
People’s United Bank
Attn: Collections Middle Office
PO Box 820 Burlington, VT 05402-0820.
Call us today if you have any questions. The sooner you respond, the more quickly we can determine
whether you qualify for assistance.
Sincerely,
Credit Collections
Page 1 of 9
Mortgage Programs Are Available to Help
If you need help, the following options may be possible subject to our approval. Not all borrowers will qualify for the listed
options. We cannot guarantee that you will receive any or a particular type of assistance. Options may include refinancing
or modifying your mortgage to make your payments and terms more manageable, for instance, lowering your monthly
payment to make it more affordable. Or, if you have missed a few payments, you may qualify for a temporary (or
permanent) solution to help you get your finances back on track. If you are not able to continue paying your mortgage,
your best option may be to find more affordable housing. As an alternative to foreclosure, you may be able to sell your
home and use the proceeds to pay off your current loan. Depending on your circumstances, staying in your home may not
be possible. However, a short sale or deed-in-lieu of foreclosure may be a better choice than foreclosure – see the table
below for more information:
OPTION
Refinance
Reinstatement
Repayment Plan
Modification
Short Sale
Deed-in-Lieu of
Foreclosure
OVERVIEW
Receive a new loan with us or another
lender
Pay the total amount you owe, in a lump
sum payment and by a specific date. This
may follow a forbearance plan as described
below
Pay back your past-due payments together
with your regular payments over an
extended period of time
Receive temporary or permanent modified
terms of your mortgage to make it more
affordable or manageable.
Sell your home and pay off a portion of your
mortgage balance when you owe more on
the home than it is worth
Transfer the ownership of your property to
us
BENEFIT
Makes your payment or terms more
affordable
Allows you to avoid foreclosure by bringing
your mortgage current if you can show you
have funds that will become available at a
specific date in the future
Allows you time to catch up on late
payments without having to come up with a
lump sum
Permanently or temporarily modifies your
mortgage so that your payments or terms
are more manageable as a short-term or
permanent solution to a hardship
Allows you to transition out of your home
without going through foreclosure
Allows you to transition out of your home
without going through foreclosure. This is
useful when there are no other liens on your
property
Important Information
Notice of Right to
Receive a Copy of
Appraisal
Servicemembers Civil
Relief Act Notice
Notice of
Housing Counselor
Information
Notice of
Information Request
and
Error Resolution
We may order an appraisal to determine the property’s value and charge you for this
appraisal. We will promptly give you a copy of any appraisal, even if your application does
not close. You can pay for an additional appraisal for your own use at your own cost.
Servicemembers on active duty or active service or a spouse or dependent of such a
servicemember may be entitled to certain legal protections and debt relief pursuant to the
Servicemembers Civil Relief Act. Please refer to the SCRA Notice Disclosure previously
provided to you.
For help exploring your options, the federal government provides contact information for
housing counselors, which you can access by contacting Consumer Financial Protection
Bureau’s website at www.consumerfinance.gov/find-a-housing-counselor and enter your zip
code. You can also access HUD’s housing counseling agency website via
www.consumerfinance.gov/mortgagehelp or by calling the U.S. Department of Housing and
Urban Development at 1-800-569-4287for a list of approved housing counseling agencies in
your area.
If you would like to request information about your mortgage loan, or you think there is an
error regarding the servicing of your mortgage, you must write to us on a separate sheet of
paper at the address shown below.
People’s United Bank
Attn: Information & Error Resolution Group
P.O. Box 820
Burlington, VT 05402-0820
In your letter, please give us your name and account number; and describe the error and
explain if you can, why you believe there is an error; or describe the information you are
requesting, and sign and date your letter.
Page 2 of 9
Financial Analysis Packet Instructions
GET STARTED – use this checklist to ensure you have completed all required forms and have the right information.
Step 1
Complete, sign, and date the enclosed Financial Analysis Form and be sure to follow the detailed
instructions. All parties on the mortgage must submit their financial information to determine if assistance is
available.
Step 2
Provide required documentation including income documentation. This documentation will be used to verify
your hardship. (Notice: Alimony, child support or separate maintenance income need not be revealed
if you do not choose to have it considered for repaying this loan).
1. Provide copies of the two most recent monthly statements for the following:
 Your bank statements,
 Your monthly mortgage or home equity loan(s), and condominium dues (if applicable)
2. Provide a copy of your most recent annual property tax bill;
3. Provide copies of your federal tax returns together with all schedules for the past 2 years;
4. Provide copies of the two most recent pay stubs or other income verification for all parties on the
Mortgage, if applicable. If self-employed provide a three month profit and loss statement for the
most recent quarter;
5. Provide evidence of hazard and flood (if applicable) insurance coverage and amount of annual
premium(s);
6. For short sale applications include a copy of the purchase and sale agreement, listing agreement, the
proposed HUD settlement statement, and the short sale affidavit.
Step 3
Complete and sign a dated copy of the enclosed IRS Form 4506-T Request for Transcript of Tax Return
 For each borrower, please submit a signed, dated copy of IRS Form 4506T-EZ (Short Form
Request for Individual Tax Return Transcript)
 Borrowers who filed their tax returns jointly may send in one IRS Form 4506T-EZ signed and dated
by both joint filers
Additional documentation of income or assets not reflected on tax returns may be requested and/or if the
borrower(s) have requested tax filing extension(s).
Step 4
Gather the completed, signed, and dated Financial Analysis Form along with required documentation and
mail to:
People’s United Bank Attn: Credit Collections P.O. Box 820 Burlington, VT 05402-0820.
IMPORTANT REMINDERS:
If you have any questions, please contact us at (800) 463-0416. Keep a copy of all documents and proof of
mailing/e-mailing for your records.
Page 3 of 9
Financial Analysis Form
BORROWER NAME (S)
Name
Home Telephone Number
(
)
Work Telephone Number
(
)
Best Time To Call
Co-Borrower Name
Co-Borrower Home Telephone Number
(
)
Co-Borrower Work Telephone Number
(
)
Best Time to Call Co-Borrower
PROPERTY ADDRESS
Street Address
City
State
CURRENT ADDRESS (If different than property)
Zip Code
Rent _____
Own _____ How Long _________________
Street Address
City
State
Zip Code
SERVICEMEMBER CIVIL RELIEF ACT
Check applicable boxes
Any borrower is an active duty service member
Any borrower has been deployed away from his/her primary residence or received a Permanent Change of
Station order
Any borrower is the surviving spouse of a deceased service member who was on active duty at the time of death
INSTRUCTIONS:
The following instructions are provided to assist you when preparing the each section of the Financial Analysis. Please
use pen or typewriter only.
Section I. Detailed Hardship Questionnaire
 Answer all questions for both the borrower and co-borrower. Please explain the reason for the delinquency and why
you are requesting assistance. Be as specific as possible in describing any hardship event(s) affecting your financial
situation.
Section II. Monthly Income Data
 Enter the amount of income in separate columns for each mortgagor. Proper documentation to support the income is
required.
 Include any other income received which does not fit into any of the listed categories under "Other - Specify" and
indicate the source of that income.
 Note: copies of your last two Federal tax returns with W-2(s) and all schedules must be submitted with the
Financial Analysis.
 Under the "Less Taxes" section, report the taxes withheld or paid. Include any other deductions withheld from your
paycheck under "Other Deductions".
 Note: Please submit copies of the two most recent check stubs or other income verification for each wage earner.
 Subtract deductions from income to arrive at net income for each column. Enter the total under "Net Income".
Section III. Assets/Liabilities
 Record assets owned under the appropriate category. Determine the current estimated value. If a balance is owed
on the asset, enter that amount under "Amount Owed". Subtract the amount owed from the estimated value to arrive
at the net value of each asset.
 Note: You must submit copies of recent bank statements, IRA/Keough or 401K/ESOP retirement accounts, etc.
Page 4 of 9
Section IV. Expenses
 Record your monthly expenses in the appropriate area. Enter the remaining amount owed under "Balance Due" for
such items as mortgage, credit cards, and loans, etc.
 Add all expenses under the "Monthly Payment" column and enter the sum in the "Total" space.
 Enclose copies of recent bills to substantiate monthly expenses.
Section V. Recap
 Calculate the difference between total income and total expenses.
Detailed Hardship Questionnaire
1. Why are you seeking mortgage payment relief? (USE ADDITIONAL SHEET IF NECESSARY).
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
2. If a hardship is described above, approximately, when did this hardship occur?
________________________________________________________________________________
3. Are you currently employed?
If yes, where and for how long have you been employed?
________________________________________________________________________________
If no, for how long and are you receiving unemployment funds?
________________________________________________________________________________
4. Are you receiving social security, disability, death benefits, public assistance, pension, or other* payments? If yes, list
the source and amount:
________________________________________________________________________________
5. Do you have a 401K plan or own securities? If yes, please give values of each and whether you have borrowed
against the balance.
________________________________________________________________________________
6. Approximately what payment amount do you think you can currently afford?
________________________________________________________________________________
7. Approximately when will you be able to resume your regular monthly payment?
________________________________________________________________________________
8. Is this property listed for sale? If yes, please list realtor name, phone number, listing price and how long it’s been on the
market. Have you considered short sale? Please explain.
________________________________________________________________________________
9. What is the estimated value of the property and source?
________________________________________________________________________________
10. Do you currently live in this house? If no, is it a second home, or rental property? If rental, list the tenant and monthly
rent.
________________________________________________________________________________
Page 5 of 9
11. Do you own any rental properties? If yes, please list the addresses and the monthly rental income you receive from
them.
Rental #1 - _________________________________________________________________________________
Rental #2 - _________________________________________________________________________________
Rental #3 - _________________________________________________________________________________
12. Are your property taxes and homeowner’s insurance paid using an escrow account with your mortgage payment? If
no, please list separately the yearly amount you pay for homeowner’s insurance and the yearly amount of your property
taxes.
________________________________________________________________________________
13. Are your property taxes currently paid? If not, please list the amount past due and your plans to resolve the past due
amount.
________________________________________________________________________________
14. Is your homeowner’s insurance current or expired?
________________________________________________________________________________
15. Is your property a condominium or townhouse? If so, what is the payment status of common assessment fees and
monthly maintenance dues? Who is the property manager or contact to obtain information on amounts due?
________________________________________________________________________________
16. Is your property location part of a real estate association? If so, what is the status of payments of association dues
and assessment fees? Who do we contact to obtain information on amounts due?
________________________________________________________________________________
17. Does your property receive water or sewer services from the Town/City or other agency? If so, what is the status of
payment on amounts owed? Who do we contact to obtain information on amounts due?
________________________________________________________________________________
18. How many people including yourself, live in your household? List how many dependents you claim.
________________________________________________________________________________
19. Have you sought help regarding other mortgage payments? If yes, please explain.
________________________________________________________________________________
20. Have you sought help regarding your credit cards? If yes, please explain.
________________________________________________________________________________
21. What actions have you taken to address your financial hardship? If you have contacted credit-counseling services,
please list.
________________________________________________________________________________
22. Has borrower or co-borrower filed for bankruptcy? If yes: Chapter 7 or Chapter 13? What is the filing date?
________________________________________________________________________________
23. Divorce or legal separation since the loan was granted? If so, provide copies of Divorce Decree, Separation
Agreement, and/or quitclaim deed (if applicable).
________________________________________________________________________________
Page 6 of 9
II.
MONTHLY INCOME DATA
DESCRIPTION
INCOME BORROWER
CO-BORROWER
TOTAL
Gross Salary/Wages
$
$
$
Overtime Pay
$
$
$
Commissions
$
$
$
Bonuses
$
$
$
Interest/Dividends
Savings Accounts
Life Insurance
Stocks/Bonds
Child Support/Alimony*
$
$
$
$
$
$
$
$
$
$
$
$
Rental Properties
#1
#2
#3
Other-Specify
$
$
$
$
$
$
$
$
$
$
$
$
Other-Specify
$
$
$
Less:
Taxes
Federal Income
FICA
State Income
Other
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Other Deductions
$
$
$
NET INCOME
$
$
$
*Notice: Alimony, child support, or separate maintenance income need not be revealed if you do not choose
to have it considered for repaying this loan.
III. ASSETS/LIABILITIES
DESCRIPTION
EST. VALUE
AMOUNT OWED
NET VALUE
Home
$
$
$
Other Real Estate
Rental Properties
#1
#2
#3
Automobile
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Automobile
$
$
$
Checking Accounts
Savings/Money Mkt
Accounts
Boats
Cash Value of Life
Insurance
Collections
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
IRA/Keogh Accounts
401K/ESOP Accounts
$
$
$
$
$
$
Stocks/Bonds/CDs, etc.
Retirement Funds
$
$
$
$
$
$
IRS Liens
$
$
$
$
$
$
$
$
$
Other
TOTAL
Page 7 of 9
IV. EXPENSES
CATEGORY
Monthly
DESCRIPTION
MONTHLY
PAYMENT
BALANCE
DUE
Mortgage or Land Contract
Second Mortgage
Third Mortgage
Payments
Loans
Other Mortgage(s) or Rent
Alimony/Child Support
Child Care
Automobile
Automobile
Furniture/Appliances
Finance Company
Credit
Installment
Card #1
Cards
Card #2
Card #3
Card #4
Card #5
Card #6
Tuition
Electricity
Heating
Telephone
Water/Sewage
Insurance Automobile
Health
Life
Dental
Donations Church
Charity
Dues
Club
Union
Professional Organization
Medical
Doctor/Dentist
(Not covered Drugs
By insurance) Hospital
Car
Gasoline
Maintenance
Monthly Parking
Food
Family
School or Work Lunches
Purchased
Clothing
New Clothes/Shoes
Dry Cleaning
Uniforms/Required Items
Misc.
Spending Money
Cable TV
Clubs, Sports & Hobbies
Entertainment*
Vacations
Gifts
Education
Utilities
*Includes dinners out, movies, plays TOTAL
Page 8 of 9
DELINQUENT
Y-Yes N-No
NUMBER OF
MONTHS
NAME OF FINANCIAL INSTITUTION
AND ACCOUNT NUMBER
V. RECAP
Section IV: Recap
ITEM
CURRENT
TOTAL INCOME
$
Enter your total income from the TOTAL area of Section II, Monthly
Income Data, in the TOTAL INCOME area.
TOTAL EXPENSES
$
Enter your total expenses from the TOTAL area of section IV,
Expenses, in the TOTAL EXPENSES area.
DIFFERENCE
$
Subtract TOTAL EXPENSES from TOTAL INCOME and enter in the
area entitled DIFFERENCE. This indicates the difference between
your current monthly income and your current monthly expenses.
FINAL INSTRUCTIONS:
1. Review the Financial Analysis Form to make sure it is correct.
2. Have you have included copies (original documents will not be returned) of the following:
• Bank statements and appropriate monthly bills;
• The last two years’ federal tax returns including all schedules;
• Copies of two recent check stubs or other income verification for all income and salaries reported;
• Your Hardship Questionnaire and any other documents that you believe have a bearing on the situation?
3. Send the completed Financial Analysis package to People’s United Bank, Attn: Credit Collections, PO Box 820,
Burlington, VT 05402-0820. .
I hereby affirm the following:
I obtained a Mortgage Loan that was secured by the above-described property. I have described my present financial
condition on this Financial Analysis form and the attachments hereto and I certify that all the information contained herein
is true, accurate and correct to the best of my knowledge. I understand and realize that the financial information I am
providing will be used by the servicer and/or the investor of my Mortgage Loan to analyze my options with respect to the
Mortgage Loan. I further understand and acknowledge that any action taken by the servicer and/or the investor of my
Mortgage Loan on my behalf will be made in strict reliance on the financial information I am providing herein.
I hereby authorize creditors, depositories, or credit agencies to release information regarding my financial obligations to
the servicer and/or investor of my Mortgage Loan.
I therefore agree that, if it is determined that the financial information I have provided contained information which was
misrepresented by me and thereby caused actions to be taken which would not have been taken had the true facts and
circumstances been known, I shall be liable for any or all losses or damages suffered by the servicer and/or investor of my
Mortgage Loan.
Disclosure concerning joint extension of credit: the undersigned applicants confirm that they understand and have
knowingly applied jointly for credit. I hereby acknowledge that my intention is to apply jointly for credit:
By ________________________________
Signature of Borrower
_____________________________
Printed Name
______/______/______
Date
By ________________________________
Signature of Borrower
_____________________________
Printed Name
______/______/______
Date
Page 9 of 9