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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. The information found on this page should be considered as opinion and not fact based on our experience with lenders over 10+ years. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If you are seeking an intermediary to assist you in getting help with your mortgage you may contact us at 888-934-3444 or via email at [email protected] for further review for a no fee, no obligation, consultation. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Bank of America Loan Modification RMA Form Application Package
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Step 1: Fill Out Bank of America Loan Modification Package
What is a Bank of America Loan Modification Package?
Bank of America Loan Modification Request For Mortgage Assistance (RMA)
BAC Request for Mortgage Assistance (RMA) Package is a document that you will be required to complete and submit as the first step while applying for Loan Modification with Bank of America. It is must that the paperwork that you use must be the latest. It will help you a lot to consult with a professional or your lender before submitting the paperwork. There are many professionals you can work with to get help but it is very crucial to find the right ones so that the process goes on smoothly. 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 Bank of America hardship affidavit?
Bank of America Hardship Letter
Bank of America has a Hardship letter affidavit built into their application which states your hardships,
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
First let us tell you what Mortgage Loan Modification is not. Loan Modification is not the same thing as a refinance. Refinance will be when 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. In a loan Modification we do exactly what it sounds. 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 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
The request which we get the most is that people want to change 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 adjusted but this will not work in the same way as they have been seen adding payments to the back of the loan. You cannot get the loan extended for the period of your missed payments. The company will extend the loan back to its original 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. 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 Bank of America
Bank of America Loan Modification Submittal
Getting Your Forms Submitted To Bank of America To Get The Process Going. What is in the Bank of America Loan Modification Package?
All the lenders have the usual document requirements and this is not limited only to Bank of America. 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.
Step 3: Bank of America Loan Modification Broker's Price Opinion (BPO) or Appraisal
Bank of America Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender will want to balance out all the options available to the homeowner while doing the Loan Modification. One way the lender can check is to check if the value is acceptable. There are many ways to do a valuation including some ways in which the value is obtained online. In some cases a value is completed by a real estate agent, also known as a Broker’s Price Opinion (BPO), In this type, the broker compares the properties in the area. In some of the cases the broker may also want to do an interior valuation in which case they will want access to the home. In some cases only a drive by is enough. The person making the valuation will compare properties that are currently isted 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.
Bank of America Loan Modification Appraisal
Loan Modification Appraisal Values
The investor which Bank of America is representing will require a valuation in some cases. In this case the lender will do a valuation based on a computer 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. The cases in which the investor hires and appraiser are even rarer. The homeowner may be required to pay upfront fees in some of the cases for these services.
Bank of America Value Disputes and Variances
Filing Value Disputes and Variances
Any person can make a mistake doesn’t matter if they are a professional or a layman and the value returns 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 Bank of America or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Bank of America’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. 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.
Bank of America 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.
Modificaiton Decline Appeal
Bank of America 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.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
You will in some cases will put on the trial payment plan for three months if you get approved for loan modification from Bank of America. 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
Bank of America 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 directly 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 Bank of America (BAC) Loan Modification Status
If you have dealt with Bank of America before you will have noticed that they are very hard to deal with and the paperwork is also not easy. Bank of America have not done anything to show that they are serious 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.
Bank of America Help For Consumers
Acg is a company which has a great team to help you with mortgage relief services from Bank of America. We will be your only contacting point and you will not have to deal with Bank of America for anything. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
Bank of America Loan Modification Breakdown
What is the Bank of America Loan Modification Package?
In cases you want to get a Loan Modification on any loan serviced by Bank Of America (BAC) 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 Bank of America (BAC) or a professional. We have put the latest paperwork that we found on the website. ACG helps homeowners with their Bank of America Loan Modification process.
There are 7 Sections to the standard Bank of America Loan Modification Package.
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Bank of America Loan Modification RMA Package PDF Breakdown:
Hardship Letter Affidavit
Application Check List
- Borrower Information This section requires the complete information of the borrower.
- Property Details 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.
- Current 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.
- 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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Disclaimer: Using The Wrong Form May Lead To A Denial
We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.