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Regions Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Regions Mortgage Loan Modification Package
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What is a Regions Mortgage Bank Loan Modification Package?
Regions Mortgage Loan Modification Request For Mortgage Assistance (RMA)
You will have to first of all submit a package called Regions Mortgage Request for Mortgage Assistance (RMA). It is necessary to use the paperwork that is latest one. You should check with a professional before submitting the package . It is important that you find the right professional as there are a lot of professionals in the market. To help you we have put the latest package on our website because we are a company which helps the people with Mortgage Relief. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Regions Mortgage hardship affidavit?
Regions Mortgage Hardship Letter
A hardship affidavit citing the reasons for your hardships is built into the package of Regions Mortgage
Pro Tip: When reviewing you for a modification approval Regions 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
Regions MortgageWhat is a loan modification?
A Loan Modification is not like a refinance. A refinance is when you apply for getting a second loan in order to pay off your first loan. While doing a Loan Modification if you want to combine your previous loans you cannot do that. Loan Modification process is exactly what it sounds like as we will work with you and your lender to get the terms of the loan modified.
What terms can I change on my mortgage with a loan modification?
Banking Industry cannot think outside the box. This will hugely limit the things you can get modified on your mortgage.
Interest Rate Modification
The thing the people want most to change is their interest rate. This is an important thing but it is not the only thing that you can do. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
You can also get the loan length changed. But, you cannot get the loan extended by the term of the missed payments. The loan is extended back to its initial length of 30 years in most of the cases. We have seen as much as 50 years, but as 30 years is the norm, any extension beyond is generally no more than 40. This is completely controlled by the beneficiary of the note and the limitations they set.
Principal Capitalization and Principal Reduction Modification
When you pay the amount that you owe them as missed payments it is called as Principle Capitalization, This includes the amount owed, interest and any fees. 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 Regions Mortgage
Thoroughly review your documents. The wrong information can hurt you!
Regions Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Regions Mortgage To Get The Process Going. What is in the Regions Mortgage Loan Modification Package?
Usually all the lenders have the requirement for the following documents including also Regions Mortgage. 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 Regions Mortgage 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: Regions Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Regions Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
During loan modification, the lender will always want to balance out the options that are available to the homeowner. To check whether a value is acceptable or not is one of the ways to do that. A value can be completed using different methods one of which is to get it online. In some of the cases the value is done by a real estate agent which is also called as a Broker’s Price Opinion (BPO), Similar properties are compared by the broker in this case.Sometimes the broker may require to get access to the home to do interior valuation. The properties which are either listed or have been sold recently are compared while doing a valuation no matter which type is it. They consider the homes perceived condition, the size of the lot, the size of the living space, 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.
Regions Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
The investor will want to get a value on the property before the investor approves any new terms for the modification. In order to this the lender will do a valuation on a computer called an Automated Valuation Module (AVM). It is very rare for the lender to hire a broker to do a valuation. And for the lender to hire a licensed appraiser is even rarer. 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.
Regions Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
It does not matter you are professional or a rookie both can make mistake and the value happens to return too high or too low. In that case you may have to file a dispute for the value. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Regions Mortgage 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?
Regions Mortgage’s Net Present Value or NPV Process and Analysis.
The lender will decide whether to proceed your application further is once the value 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.
Regions Mortgage NPV Counters
NPV stands for Net Present Value. NPV is basically an algorithm so the lender can get the value for his money. This value changes from day to day and is not a stable value. Checking where they can make more money while comparing two separate homeowners is what they do in an NPV. The lender will want to see whether taking the amount owed on account of missed payments and to extend 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
Fifth Third Bank NPV Counters
There best way to counter the NPV is to look at the points that don’t make sense and attack those parts. You should look at each point and imagine what would be the likely output. Mostly 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
You will be placed in most cases on a three month trial payment plan. They will not tell you the new finalized terms 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
Regions Mortgage Modification Complete
Before Regions Mortgage completes the Loan Modification process there is a finalization process. You will get the new documents of the finalized terms between the second and third payment if you have been placed on the trial payment plan. You will get the documents usually with a prepaid postage so that you can 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?
We are a company that has great professional team ready to work with you and your lender to speed up your Loan Modification Process. We do not charge any advance fees for our services. You will not have to pay us anything in the cases you are approved for the modification first but are later denied. Call for details 888-934-3444.
Understanding The Regions Mortgage Loan Modification Status
It is not an easy job dealing with Regions Mortgage and their paperwork is also not easy. Regions Mortgage do not want to make the process any simpler for their consumers But you do not have to worry because a company like ACG is here to help you in getting the Mortgage assistance from the lender.
Regions Mortgage Help For Consumers
We are a company that can help you in getting mortgage relief from Regions Mortgage. We will be your single point of contact and you will not have to deal with Beneficial Bank. Working with will get you process going a lot faster and easier.
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Regions Mortgage Loan Modification Breakdown
What is the Regions Mortgage Loan Modification Package?
To apply for a loan modification on any loan that is serviced by Regions Mortgage, Request for Mortgage Assistance (RMA) package will have to be submitted. You should always take care to submit the latest paperwork according to the investor;If you speak with Regions Mortgage or a professional it will be much better for you. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Regions Mortgage Loan Modification process.
There are 6 Sections to the standard Regions Mortgage Loan Modification Package.
Need Assistance With A Regions Mortgage?
Need Assistance With A Regions Mortgage?
Regions Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information This section requires the complete information of the borrower.
- Property information You will have to put all the details of the property in this section for which the mortgage is.
- Hardship Information This section requires the details of the hardship which the consumer is facing and the type of hardship.
- Borrower Income You will have to put the complete income details of the borrower.
- Borrower Assets This section will require the complete details of the assets currently owned by the borrower.
- Borrower Cerification Agreement This section lists the terms and conditions for your application for mortgage assistance.
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