In August 2016, following financial difficulties, Mr. and Mrs. Perez applied for Chapter 13 insolvency protection. At the time, they owed about US$54,000 for their home and had fallen behind the mortgage by $2,177. The value of their home was $95,317, as shown in the records, so they had substantial equity. Separation Agreement Send this agreement to show how much you must pay for different debts, including mortgages, and the income you receive as part of the separation. Payment Extract Send this return to find out how much capital, interest and other fees are required to pay your outstanding mortgage balance. Form 1098: Each year, lenders must provide borrowers with an IRS form 1098. If your mortgage is at Wells Fargo, you can access your Form 1098 here. For most homeowners, mortgage interest is tax deductible and Form 1098 tells a borrower how much interest you paid last year. This document may also contain what a borrower paid in points to obtain the loan and trust payment for property taxes (which may be deductible) and risk insurance (generally non-deductible). Trust Agreement Provided this document as evidence of trust assets that can be used for mortgage payments. It is important to note that some mortgages may not contain all of the above documents.

And some documents are referred to by different names, depending on the state in which the property is located, or differ in the terminology of choice among industry professionals. If you have any questions, talk to your lender or mortgage advisor. Note or mortgage credit: a contract signed by a borrower agrees to repay a sum of money at an interest rate determined on a specified date. If a note is secured by real estate, such as buying a home, it is called a « mortgage. » Even when Wells Fargo was hit by a major scandal at its consumer bank last year, company officials made unreserved changes to real estate loans held by customers, as claimed by a new class action and other lawsuits. Form 1003 or Uniform Residential Loan Application: A document required for almost all mortgage applications and containing the borrower`s income and wealth as well as a description of the home for which the mortgage is applied. Guardian (Conservator Agreement) Prepare this agreement to show that you have the legal authority to act on behalf of another person. Deeply buried in the documents that Wells Fargo filed – but was not approved by borrowers, their lawyers or the court – the news was that the bank would extend the cotton credit to 40 years, thereby increasing the amount of interest they would have to pay. Prior to the changes, the Cottons owed about $US 145,000 for their mortgage and were on the schedule to repay the loan in 14 years.

During this period, their interest would be $55,593. Credit report: A report from an independent credit rating agency providing information on a person`s credit history, including their payment history and debt to other lenders.