360 Mortgage Loan Modification RMA Form Application Package

360 Mortgage Loan Modification Request For Mortgage Assistance (RMA)

Going to apply for loan modification with 360 Mortgage! the first requirement will be to complete and submit 360 Mortgage Request for Mortgage Assistance (RMA). It’s compulsory that you use the latest paperwork. Always contact with an expert or your 360 Mortgage single point of contact before applying for help with your 360 Mortgage mortgage. There are very few experts that you can call on that really specialize in the dealing with 360 Mortgage and their process. Working with the right expert to work with is crucial; You should be able to avoid the pitfalls. That’s why we put the latest paperwork we could find online; to help you. That’s what we do is work with homeowners just like you.  Click here to request a call from a loan mod pro or call 888-934-3444. 

360 Mortgage Hardship Letter

360 Mortgage has a hardship statement built into their mortgage assistance application,

What is a loan modification?

First, let’s go over what a modification is not. A loan modification (or loan mod) is not a refinance. The definition of a refinance is when you get a new loan to pay off your old existing loan or combining loans. You cannot combine loans, such as a first and a second mortgage, when you are completing a loan modification. A loan modification is exactly as it sounds. We work with you to change the terms of the loan that currently exist.

What terms can I change on my mortgage with a loan modification?

This is the banking industry and thinking outside of the box is just not what they do. So there are limitations to the things you can modify on your loan and how those things can be modified.

Interest Rate Modification

The number one thing people talked to us is about changing their interest rate. While this is important it’s not the only way to adjust the payment. The mortgage servicer will push to reach affordability to it will be based on your income.

Loan Term Adjustment Mod

The life of the loan may be adjusted to reach affordability but it doesn’t work the same way as many times people say they are adding the payments to the back of the loan. The loan isn’t physically extended by the number of payments you miss. In many cases the loan is extended back to 30 years or even extended further out. 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

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.

Getting Your Forms Submitted To 360 Mortgage To Get The Process Going. What is in the 360 Mortgage Loan Modification Package?

Most servicers, not limited to 360 Mortgage, have the same typical requirements. The loan servicer will require you to provide your financial information 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.

Getting The Right Value Goes A Long Way.

A loan servicer such as 360 Mortgage balances the options available to a homeowner on many different factors in order to complete a loan modification . One of those option is whether the value is acceptable and they do this by completing a value. Including those values which are done online, there are other different types of values. In some cases a value is completed by a real estate agent, also known as a Broker’s Price Opinion (BPO), who reviews the comparables in the area. They may ask to gain access to the home which is referred to as an interior value. In some cases a drive by or external value is completed. In any case, they review the properties that are currently listed but more importantly they review the properties that are sold generally within the last 3 to 6 months. 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.

Loan Modification Appraisal Values

Sometimes the mortgage investor behind 360 Mortgage, will require a value to be completed on the property before approving any loan modification terms. The bank for this part of the process will generally do an automated value module or AVM. This is a computer generated value. They rarely hire a local agent or broker to do a value referred to as a BPO or Broker’s Price Opinion due to the prohibited costs involved, when you’re servicing thousands of loans. In even rarer cases the beneficicary will pay for a by a licensed appraiser. In some cases the homeowner has to pay an upfront fee for such values to be completed.

Filing Value Disputes and Variances

Sometimes the value will come in wrong. Maybe it comes in too high… Or maybe it comes in too low. This can happen to both a professional and a layman equally, 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 360 Mortgage or another managing entity.

360 Mortgage’s Net Present Value or NPV Process and Analysis.

Underwriter will make a decision if you meet the minimum criteria to be submitted to management based after value has returned and they have a complete package. Usually there is an audit before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.

360 Mortgage NPV Counters

NPV is the abbreviation of Net Present Value. It’s basically an algorithm for the value of money to the investor. This value changes from day to day. The NPV is the concept of looking at two separate borrowers and establishing where they believe they would make more money. As in most cases people are behind when requesting to modify their loan and as such the lender has to decide whether taking the amount they owe and increasing their balance is worth it to them. 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.

360 Mortgage NPV Counters

The only way to counter a NPV is by looking at the ingredients that make it up. You have to attack the parts that don’t make sense. Look at each field and decide what you believe should be the input. 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.

Three Payment Plan

In most situations, should you be approved by 360 Mortgage for a loan modification they will put you on a three month trial plan. 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.

360 Mortgage Modification Complete

There is a final process to complete when your loan modification is being completed with 360 Mortgage.On a trial payment plan somewhere after the second payment and before the third payment the finalized loan modification documents are sent out. 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 auditing process with underwriting the master loan documents are amended to show the new terms of the loan.