...
- Occupancy must be fully verified
- Servicer should conduct a financial review of the entire household income and expenses to determine if there is sufficient surplus income to pay back the arrearages
- Servicers should consult their legal counsel to determine if the asset is eligible for loss mitigation since the Non-Borrower is not on the original mortgage
- When a borrower uses a non-borrower household member’s income in qualifying for a loss mitigation home retention option and that nonborrower household non-borrower household member will be included on the modified note, the
nonthe non-borrower household member must sign all required loss mitigation documentation.
...