As the Saving Homes Foundation, we are sending this document, titled "Congratulations and Disclosure Acknowledgment," to inform recipients of their approval for financial assistance!
As the Saving Homes team fills in this document to outline your specific situation, review the terms.
The document outlines the following key points:
1. Approval Notification: Recipients are congratulated and informed that they have been approved for assistance from the Saving Homes Foundation.
2. Explanation of Hardship: The document requests recipients to detail their hardship, including medical issues, income reduction, dealings with banks, and the impact on their family both currently and in the future.
3. Assistance Details: It specifies the loan amount provided, the purpose of the funds (to bring mortgages current and cover third-party fees), and how these funds will be distributed directly to the designated bank and third-party companies assisting with the loan's closing and recording.
4. List of Possible 3rd Party Fees: The document outlines potential additional fees that may be incurred during the loan process, such as recording fees, attorney fees, courier/postage fees, closing or escrow fees, and transaction coordinator fees. It emphasizes that these fees will be added to the loan amount and are the recipient's responsibility, noting that the Saving Homes Foundation does not charge origination fees or points.
5. Repayment Terms: The assistance is provided in the form of a second or third mortgage recorded against the recipient's property, with repayment due upon the sale or refinancing of the property. The document clarifies that there is no timeline or pressure to sell the home, no interest charges, and no scheduled payments, but the full loan amount will be due as a lump sum upon sale or refinancing.
6. Acknowledgment and Agreement: Recipients are required to sign the document, acknowledging they have read, understood, and agreed to the terms outlined, recognizing it as a binding legal obligation regarding the loan amount and the property in question.
7. Legal Counsel Recommendation: The document advises recipients to review the agreement carefully and consider having legal counsel. It also provides contact information for questions or clarifications.
8. Acknowledgment and Acceptance Section: Recipients must acknowledge and agree to the terms and conditions set out in the Disclosure Contract, confirming the truthfulness of their hardship and qualification information.
The document serves as a formal agreement between the Saving Homes Foundation and the recipient, detailing the terms of the financial assistance provided and the responsibilities of both parties.