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OneWest Bank Loan Modification RMA Form Application Package
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Step 1: Fill Out OneWest Bank Loan Modification Package
Find out why no one knows more than we do.
What is OneWest Bank Loan Modification Package?
OneWest Bank Loan Modification Request For Mortgage Assistance (RMA)
If you want to apply for Loan Modification with OneWest Bank you will be required to complete and submit OneWest Bank Request for Mortgage Assistance (RMA) Package document. Latest paperwork is always a good choice. Consulting a professional or your lender before submitting the paperwork is greatly helpful. There are many professionals in the market to work with and get help but finding the right one is very crucial. That’s why we put the latest paperwork we could find online; to help you. That is what we do as we are a company working to help our customers with Mortgage relief. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the OneWest Bank hardship affidavit?
OneWest Bank Hardship Letter
OneWest Bank has a Hardship letter affidavit built into their application which states your hardships,
Pro Tip: When reviewing you for a modification approval OneWest Bank 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?
First understand the what is difference between Loan Modification and Refinance. Loan Modification is different than refinance. In refinance you want to get a second loan to pay off your first loan. While doing Loan Modification you cannot combine loans that are first mortgage or second mortgage. We do exactly what it sounds. We will work with you to get the terms of the loan modified. What terms can I change on my mortgage with a loan modification? Banking industry does not has the potential to think outside the box. This is the reason that the things you can get modified for you mortgage are very limited.
Interest Rate Modification
In most cases people want to modify the interest rate. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
The total life of the loan can also be extended but this will not work in the same way as they have been seen adding payments to the back of the loan. It is not possible to get the loan extended for the period of your missed payments. In most of the cases the company will extend the loan back to its original length of 30 years . 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
The lender will take the payment that you are behind on which is called as Principle Capitalization which will include 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 OneWest Bank
Thoroughly review your documents. The wrong information can hurt you!
OneWest Bank Loan Modification Submittal
Getting Your Forms Submitted To OneWest Bank To Get The Process Going. What is in the OneWest Bank Loan Modification Package?
This is not limited only to OneWest Bank, all the lenders have the usual document requirements. 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 OneWest Bank 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: OneWest Bank Loan Modification Broker's Price Opinion (BPO) or Appraisal
OneWest Bank Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender will prefer to balance out all the options available to the homeowner while doing the Loan Modification. A valuation can be completed in many ways. In some ways the value is obtained online. In some cases a real estate agent, also called as a Broker’s Price Opinion (BPO) completes a value. In some cases an interior valuation is required which requires access to 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.
OneWest Bank Loan Modification Appraisal
Loan Modification Appraisal Values
In some cases A valuation is required by the investor. A lender will do a computer based valuation also known as an Automated Valuation Module (AVM). The cases in which the investor will hire a broker to do a valuation are very rare due to the costs. In very rare cases the investor hires 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.
OneWest Bank Value Disputes and Variances
Filing Value Disputes and Variances
Any one can make a mistake doesn’t matter if they are a professional or a layman and the value may return too high or too low, 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 OneWest 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?
OneWest Bank’s Net Present Value or NPV Process and Analysis.
At this time after the value has returned the lender will make a decision as to your qualification for the Loan Modification. Before the submission to management, there is an auditing process and if approved, there is 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.
OneWest Bank NPV Counters
NPV stands for Net Present Value. 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. In an NPV the investor will look at two seperate homeowners and see where they can make more money. The lender will have to see whether taking the amount owed and increasing the account balance is worth it or not as the client is already behind on the payments. 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
OneWest Bank NPV Counters
Countering the NPV decline is easy. You will only have to look at the parts that don’t make sense and attack those parts. Look at each point and try to figure out what the feasible 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
You will be on the trial payment plan for three months if you get approved for loan modification from OneWest Bank. 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
OneWest Bank Modification Complete
Before the completion of the Loan Modification process there is a finalization process. If you have been placed on trial payment plan then the finalized loan documents will be sent out somewhere between second and third 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 work with your lender to streamline and speed up the process. We do not charge any upfront fee and we will charge you only when the modification is successful and if you are approved for modification first but in the end are declined we will still not charge you anything. Call for details 888-934-3444.
Understanding The OneWest Bank Loan Modification Status
By now you have been convinced that OneWest Bank is very hard to deal with and the paperwork is also not easy. OneWest Bank have not done anything to show that they are taking steps in making the process any simple for its consumers but you do not have to worry as ACG is here to help you in getting the Loan Modification from your servicer that you and your family deserve.
OneWest Bank Help For Consumers
ACG is a company which has a team of professional to help you with mortgage relief services from OneWest Bank. We will be your only contacting point and you will not have to deal with OneWest Bank for anything. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
OneWest Bank Loan Modification Breakdown
What is the OneWest Bank Loan Modification Package?
In cases you want to get a Loan Modification on any loan serviced by OneWest Bank you will have to submit a package called Request for Mortgage Assistance (RMA) package first. You should always take care to submit the latest paperwork depending on who your investor is. Before submitting the package it will be much helpful if you consult with OneWest Bank or a professional. We have put the latest paperwork that we found on the website. ACG helps homeowners with their OneWest Bank Mortgage Loan Modification process. There are 6 Sections to the standard OneWest Bank Modification Package.
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OneWest Bank Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Details This section will require the consumer to fill out all the personal details of the borrower and co-borrower. This section will also ask whether your property is listed for sale etc.
- Household Assets This section will require that you fill out all the details of all the assets currently owned by the household.
- Monthly Household Income. In this section you will be required to put the monthly income details of the whole household. You will be required to put the income of both the borrower and co-borrower.
- Monthly Household Expenses In this section you will have to put all the expenses of the household for the entire month.
- Hardship Affidavit This section has hardship options from which you will need to tick out the correct ones showing the reasons for your hardships.
- Property Lien Affidavit In this section there is a checklist of options for the lien types and you will also need to mark the correct ones and putting the details of lien holders.
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