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Caliber Home Loan Modification RMA Form Application Package
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Step 1: Fill Out Caliber Home Loans Loan Modification Package
Find out why no one knows more than we do.
What is an Caliber Loan Modification Package?
Caliber Loan Modification Request For Mortgage Assistance (RMA)
When you apply for a loan modification with Caliber Home Loans you will first have to submit a complete Caliber Request for Mortgage Assistance (RMA) Package. It will always be a better choice if you consult with a professional first before submitting the package. It is very crucial to find the right professional to work with you as there are many professionals in the market to choose from. We are a company that help our customers in getting mortgage relief so we have put the package on our website to help you. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Caliber hardship affidavit?
Caliber Hardship Letter
Caliber Home Loans have a Hardship Affidavit built into their package in which you have to state your harships,
Pro Tip: When reviewing you for a modification approval BB&T Mortgage looks for your original reason for defaulting or RFD. If the RFD has not been cured (hardship) has not been resolved in many cases the will not be able to help.
EXAMPLE: A RFD like loss of income must be resolved by replacing that income. One of typical thing they will want to know is if you are making more or less income. What comes next varies from case to case based on the mortgage assistance options that are available.
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
A Loan Modification is not in any way similar to a Refinance. A Refinance will be if you get a second loan to pay off the first one. You cannot do anything to combine your previous loans such as first mortgage or second mortgage while doing a Loan Modification. A Loan Modification is done to modify the terms of an existing loan.
What terms can I change on my mortgage with a loan modification?
There is no potential for out of the box thinking in banking industry. So the number of terms that you can get modified on your loan is very limited.
Interest Rate Modification
Most of the people demand to get their interest rate changed. Although it is one way to reduce the payment but not the only way. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
One other way to reach affordability is to extend the time of the loan but people sometimes have seen that they add payments at the start of the loan so it is not desirable. They will not extend the loan by the length of your missed payments. They will extend the loan back to usually its original length of 30 years but in some cases more. We have seen as much as 50 years, but as 30 years is the norm, any extension beyond is generally no more than 40. Beneficiary of the note and the limitations they set completely control this.
Principal Capitalization and Principal Reduction Modification
Principal capitalization is when they take the amount you are behind on, including any past due payment, interest, and fees later adding them to the outstanding balance of what is owed. In rare cases that are generally dictated by the amount of perceived equity in the home (or lack there of) the investor on the loan may be willing to take a reduction on the principal owed
Step 2: Submit Loan Modification Package To Caliber Home Loans
Thoroughly review your documents. The wrong information can hurt you!
Caliber Loan Modification Submittal
Getting Your Forms Submitted To Caliber Home Loans To Get The Process Going. What is in the Caliber Loan Modification Package?
Caliber Home Loans require the same documents as are required by other lenders. It will be required of you to submit your complete financial information to your servicer such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a loan modification, and a hardship letter.
Pro Tip: Working with our professionals should allow you to be able to pick out the documents your servicer Caliber Home Loans will need. When your mortgage company requests items after they’ve started their modification review process they passed over sending your file to the next stage.
Step 3: Caliber Loan Modification Broker's Price Opinion (BPO) or Appraisal
Caliber Loan Modification Value
Getting The Right Value Goes A Long Way.
It is necessary for any lender like Caliber to balance out all the options available to the homeowner and one way to do that is to get a value. There are many ways which can be adopted to get a valuation including some cases in which the value is obtained online. In some cases the broker obtains the value by comparing different similar properties. Sometimes they will need access to the home to get an interior value. In most cases drive by or external value is sufficient. It doesn’t depends on what type of value they are getting they will compare home that are either listed or have been sold recently. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool. They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
Caliber Loan Modification Appraisal
Loan Modification Appraisal Values
Before the investor approves any conditions of the modification they will like to complete a valuation.The best option for the lender will be to do the valuation on computer in a very few cases will the investor hire an agent to do a value due to the costs and in even fewer cases the investor will want an appraisal from an appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.
Pro Tip: AVMs are not accurate. They can often show a skewed view on what your property is worth. Want to get a property valuation? Contact us for a Property Valuation.
Caliber Value Disputes and Variances
Filing Value Disputes and Variances
Often it happens that the value comes in too high or too low due to the mistake of the agent and this can happen to anyone whether you are a expert or a rookie does not matter, In this case you will have to file a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Caliber or another managing entity.
Pro Tip: Equity is not always your friend. If you have equity your lender may not work with you because they would rather you sell your home and pay off your loan or refinance. If you don’t have enough equity then they may feel that this will not be a good investment for them so they may also decline you. Speak to one of our Loan Modification specialist for a free no oblication review by calling 888-934-3444.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Caliber’s Net Present Value or NPV Process and Analysis.
It is up to the lender to qualify you for the loan modification or not and to forward your file or not after a valuation has been completed and it has returned. Usually there is an auditing process before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.
Pro Tip: Check Your Numbers! Reviewing the NPV is crucial to understanding whether the offer made to you is accurate. We regularly see servicers misinterpret the information submitted to them. Understand how your loan modification underwriter may think is important. Call us for a free consultation at 888-934-3444.
Caliber NPV Counters
NPV stands for Net Present Value. NPV is basically an algorithm so the lender can get the value for his money. This isn’t a stable value either. It changes from day to day. The process of looking at two separate borrowers and checking where they can make more money is known as NPV. In most of the cases the borrower is behind on his/her payment so the lender will have to decide whether to take the amount owed and increase their balance is even worth it or not. Homeowners have to know that when the numbers don’t add up for the investor that is when they are most likely to get declined.
Modificaiton Decline Appeal
Caiber Mortgage NPV Counters
It is usually very easy to counter the NPV you will just have to find the parts that don’t make sense and counter them. You have to look at each point and observe what would be the likely output. In most cases there are incorrect income figures but it could go beyond that to things like the property’s perceived value and even in some cases the consumers credit report.
Pro Tip: If there is a time to appeal a loan modification decline it’s now. This is the time to analyze everything you know from their review. Make sure that you have all your proof straight because you might only get once chance at a decline appeal.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
If you have been approved for the modification after all the steps you will usually be placed on trial payments. You will not know what the finalized terms will be that they are offering you but the final payment should be inline with what you will be paying for the mortgage at least at the onset of the new plan.
Finalized Loan Modification
Caliber Home Loans Modification Complete
There is a finalization process when the loan modification is being completed with Caliber Home Loans.The finalized Loan Modification documents will be sent out somewhere between second and third trial payment if you are on trial payments. They usually come with a prepaid package to return the documents to the lender. Once the documents are returned and the loan modification goes through the final audits with underwriting the master loan documents are amended to show the new terms of the loan.
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How Does ACG Get Paid?
ACG can help you by working with you and your lender to streamline and speed up your loan modification process. We donot charge any upfront fees for our sercices and only demand any fee after you have accepted the new terms and if due to some reason you are offered a loan modification and are later declined you will not have to pay us any fee. Call for details 888-934-3444.
Understanding The Caliber Loan Modification Status
Caliber Home Loans are not an easy company to deal with and you may have noticed that if you have dealt with them previously and their package is also not an easy document. Caliber Home Loans are not serious in making the process any easier for the customers but this is the reason ACG is working to help you in getting the Loan Modification and other mortgage relief that you deserve.
Caliber Help For Consumers
ACG is a company working to help you with the Loan Modification with Caliber Home Loans. We will be the only contacting point for you when you are working with us to get Loan Modification from Caliber Home Loans. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
Caliber Loan Modification Breakdown
What is the Caliber Loan Modification Package?
To get Loan Modification on any loan serviced by Caliber Home Loans you will have to submit a package called Caliber Request for Mortgage Assistance (RMA). You should always use the most recent paperwork according to the investor involved; It will be better for you if you speak to Caliber Home Loans or a professional before submitting the documents. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Caliber Loan Modification process.
There are 6 Sections to the standard Caliber Loan Modification Package.
Need Assistance With A Caliber Mortgage?
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Caliber Loan Modification RMA Package PDF Breakdown:
Hardship Letter Affidavit Application Check List
- Borrower Information In this section you have to put all the details of the borrower and Co Borrower (if any).
- Property Details All the details regarding the property are asked about in this section of the form and also the details about any additional loans taken against the property.
- Hardship Statement You have to explain the hardsship faced by you in this section .
- Borrower Income You will have to put the complete income details of the borrower.
- Current Borrower Assets This section will require the complete details of the assets currently owned by the borrower.
- Borrower Certification Agreement This section lists the terms and conditions for your application for mortgage assistance.
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