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Flagstar Bank Loan Modification RMA Form Application Package
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Step 1: Fill Out Flagstar Bank Loan Modification Package
Find out why no one knows more than we do.
What is in Flagstar Bank Loan Modification Package?
Flagstar Bank Loan Modification Request For Mortgage Assistance (RMA)
A completed Request for Mortgage Assistance(RMA) Package is required if you want to get a Loan Modification from Flagstar Bank. It is better to use paperwork that is the latest one. One should consult a professional before submitting any document. Finding the right professionals who can properly help you with the process is very crucial as there are a lot of professionals to choose from. To help you we have put the latest paperwork on our website because that is what we do as a company we help people get Mortgage Relief from the lenders. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Flagstar Bank hardship affidavit?
Flagstar Bank Hardship Letter
Flagstar Bank has a Hardship letter affidavit built into their application which states your hardships,
Pro Tip: When reviewing you for a modification approval Cenlar 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?
Loan Modification is different from refinance because in refinance you get a second loan to pay off your first one. When you are doing a loan modification you cannot combine your previous loans. While doing a loan modification we will work with you and your lender to get the terms of your loan modified.
What terms can I change on my mortgage with a loan modification?
Thinking outside the box is not something the banking industry usually does. For this reason the terms you can get modified get very limited.
Interest Rate Modification
Most people want to modify their interest rate. To reach affordability the servicer will push based on your income.
Loan Term Adjustment Mod
One can extend the loan length to decrease the payments but this is not the right way as people have noticed them adding payments to the beginning of the loan. If you want to get the loan extended by the length of your missed payments you cannot do that. The company will extend the loan back to its original length of 30 years in most of the cases and in some cases 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
Principle Capitalization will be when the lender will take any arrears that you owe them which include 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 Flagstar Bank
Thoroughly review your documents. The wrong information can hurt you!
Flagstar Bank Loan Modification Submittal
Getting Your Forms Submitted To Flagstar Bank To Get The Process Going. What is in the Flagstar Bank Loan Modification Package?
The following documents are not limited only to Flagstar Bank and required by all the lenders . You will have to provide your financial information to you 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 Cenlar FSB Home 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: Flagstar Bank Loan Modification Broker's Price Opinion (BPO) or Appraisal
Flagstar Bank Loan Modification Value
Getting The Right Value Goes A Long Way.
It is preferable for lender to first balance out all the options that are available to the homeowner. The lender can check whether the value is acceptable. Many ways can be adopted to do a valuation. There are some ways in which the valuation is done online. In some cases a value is completed by a real estate agent, In this type, the broker compares the properties in the area. In some of the cases the broker may want to do an interior valuation for which it requires him the access to the home. In some cases only a drive by is enough. The person making the valuation will compare properties that are currently listed and which have been sold recently doesn’t matter which type of valuation they are doing. 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.
Flagstar Bank Loan Modification Appraisal
Loan Modification Appraisal Values
Sometimes the investor will require a valuation and for this the lender will get a valuation done on a computer called Automatic Valuation Module (AVM). Due to prohibited costs the investor will rarely hire a broker to do a valuation. The investor will in even rarer cases hire an appraiser to get appraisal. The homeowner may be required to pay advance 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.
Flagstar Bank Value Disputes and Variances
Filing Value Disputes and Variances
Mistakes can not only happen to rookies but to professionals as well, so sometimes a value returns too high or too low, If this happens you may have to deal with a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Flagstar Bank 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?
Flagstar Bank’s Net Present Value or NPV Process and Analysis.
After the value has returned the lender will decide to qualify you for the modification or not. Usually before the submission to management there is an auditing process 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.
Flagstar Bank NPV Counters
NPV stands for Net Present Value. Basically NPV is an algorithm that the investor uses to get the value for their money. This is also not a stable value. It changes from day to day. The investor will look at two seperate homeowners and try to figure out where they can get more profit. As usually the loan modification clients are behind in their payments the investor will have to figure out whether taking the owed amount and extending the loan 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.
Modification Decline Appeal
Flagstar Bank NPV Counters
It is an easy way Flagstar Bank NPV, you have to do is figure out which parts do not make sense and act on those. You should look carefully at each point and try to figure what the ideal output should be. The most typical 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
Flagstar Bank will put you on trial payment plan if you have been approved for the Loan Modification from them. 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
Flagstar Bank Modification Complete
There is finalization process before they complete the loan modification process. In case you are currently on the trial payment plan then the new term documents will be sent out somewhere between second and third trial payment. 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 speeding up the process of Loan Modification by working with your lender. No advance fees are charged by us for this service and you will pay us only when you have accepted the new terms and if you get denied later after having been approved you will not have to pay anything. Call for details 888-934-3444.
Understanding The Flagstar Bank Loan Modification Status
If you ever have to deal with Flagstar Bank before you will have noticed from the experience that they are not much easy to deal with. Flagstar Bank are not serious in making the process even a little simple for Flagstar Bank but this is the main reason ACG is here to help you in getting the Loan Modification from your servicer that you and your family deserve.
Flagstar Bank Help For Consumers
ACG has a team that can work with you to get the Loan Modification from your lender. You will not have to deal with Flagstar Bank for getting any Mortgage Relief all you have to do is to contact us . Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
Flagstar Bank Loan Modification Breakdown
What is the Flagstar Bank Loan Modification Package?
If you want to get your loan modified serviced by Flagstar Bank then you will be required to submit package called Flagstar Bank Request for Mortgage Assistance (RMA). It depends on who the investor is so you should take care to submit the latest paperwork according to the investor; it will be better for you If you can consult either Flagstar Bank or a professional. We have put the latest paperwork that we found on the website. ACG helps homeowners with their Flagstar Bank Loan Modification process.
There are 5 Sections to the standard Flagstar Bank Loan Modification Package.
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Flagstar Bank Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information This section requires the complete information of the borrower and co-borrower.
- Household Income, Expenses and Assets This section will require that you fill out all the details of all the assets currently owned. You have to explain household income, expenses and debts etc.
- Hardship Affidavit This section requires the details of the hardship which the consumer is facing and the type of hardship.
- Borrower acknowledgemet and Agreement This section lists the terms and conditions for your application for mortgage assistance.
- 4506T – The final document in the whole page is the 4506-t which is used in order to verify the tax returns that you provided. Make sure to follow the directions throughly.
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