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BB&T Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out BB&T Mortgage Loan Modification Package
What is an BB&T Mortgage Loan Modification Package?
BB&T Mortgage Loan Modification Request For Mortgage Assistance (RMA)
If you want to apply for a loan modification with BB&T Mortgage the first requirement will be to complete and submit BB&T Mortgage Request for Mortgage Assistance (RMA). Use of latest paperwork is must. contacting with a professional before submitting the paperwork is always a better choice. 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 that is available 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 BB&T Mortgage hardship affidavit?
BB&T Mortgage Hardship Letter
Built into their application BB&T Mortgage have a hardship affidavit citing your hardship,
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
First, let’s go over what a modification is not. A loan modification is not like refinance. It will be when you get a new loan to pay off your old existing loan or combining loans. While completing a loan modification you cannot combine loans, such as a first and a second mortgage, . A loan modification is exactly as it sounds. We work with you to modify the terms of the loan that currently exist.
What terms can I change on my mortgage with a loan modification?
It is not possible for banking industry to think outside of the box. So there are limitations to the things you can modify on your loan and how those things can be modified.
Interest Rate Modification
People mostly request to us about changing their interest rate. It is important but 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 changed 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. Beneficiary of the note and the limitations they set completely control this.
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
Step 2: Submit Loan Modification Package To BB&T Mortgage
BB&T Mortgage Loan Modification Submittal
Getting Your Forms Submitted To BB&T Mortgage To Get The Process Going. What is in the BB&T Mortgage Loan Modification Package?
Usually all the lenders have the same requirements and it is not only limited to BB&T 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.
Step 3: BB&T Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
BB&T Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender like BB&T Mortgage will have to balance out all the options available to the homeowner. One of ways he could check whether the value is acceptable or not. To get a value different ways can be adopted including the ones in which the valuation is done online. In some cases a value is completed by a real estate agent and the broker compares the properties in the area. Type may also want to do an interior valuation in which case they will need access to the home. A drive by or external value is enough in some cases. Doesn’t matter what the type of valuation is, they will compare the properties currently listed but the one more important are the ones sold between the previous 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.
BB&T Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
The real investor for which BB&T Mortgage is working, will require to complete a valuation before approving any terms of loan modification.The lender will do a computer based valuation called an Automated Valuation Module.. The lender will hire a broker for Broker’s Price Opinion (BPO) due to cost preventions but thats a rare case. In even rarer cases the beneficiary will pay for a by a licensed appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.
BB&T Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
Returning a value too high or too low happens quite often. This can happen to anyone whether you are a expert or a rookie does not matter, 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 BB&T Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
BB&T Mortgage’s Net Present Value or NPV Process and Analysis.
It is up to the lender to qualify you for the loan modification or not and to forward your file or not after a valuation has been completed and it 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.
BB&T 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 isn’t a stable value either. It changes from day to day. The process of looking at two separate borrowers and checking where they can make more money is known as NPV. In most of the cases the borrower is behind on his/her payment so the lender will have to decide whether to take the amount owed and increase their balance 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.
Modificaiton Decline Appeal
BB&T Mortgage NPV Counters
countering the NPV is easy just look at the points and find the ones that don’t make sense and attack those parts. You have to look at each point and observe what would be the likely output. In most cases 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.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
If you get approved for the loan modification with BB&T Mortgage in most of the cases you will be put on 3 month trial payment 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.
Finalized Loan Modification
BB&T Mortgage Modification Complete
There is a finalization process when the loan modification is being completed with BB&T Mortgage.The finalized Loan Modification documents will be sent out somewhere between second and third trial payment if you are on trial payments. 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?
Absolute Consultant Group consists of a great team to work with your lender to speed up the process. No upfront fees are charged from our side. If you are offered a loan modification but are denied in the end you will not have to pay us anything. Call for details 888-934-3444.
Understanding The BB&T Mortgage Loan Modification Status
If you have dealt with BB&T Mortgage you will have noticed that they are not easy to deal with and the paperwork is also not easy and much lengthy. BB&T Mortgage have not been making any effort to make the process any simpler but that’s why ACG is here to offer you to assist with your application for the Loan Modification process to get mortgage assistance from your servicer that you and your family deserve.
BB&T Mortgage Help For Consumers
ACG is a company based in the United States to help you with the modification process with BB&T Mortgage. We will be your single point of contact and you will not have to deal with BB&T Mortgage. Working with will get you process going a lot faster and easier.
Call Us 888-934-3444 Today.
BB&T Mortgage Loan Modification Breakdown
What is the BB&T Mortgage Loan Modification Package?
For any mortgage loan serviced by BB&T Mortgage you will have to submit BB&T Mortgage Request for Mortgage Assistance (RMA) package to get loan modification. Depending on the investor involved you should always use the most up to date paperwork for your application; It will be much better if you speak with BB&T Mortgage or a professional before submitting the package. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their BB&T Mortgage Loan Modification process. There are 7 Sections to the standard BB&T Mortgage Loan Modification Package.
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BB&T Mortgage 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.
- 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.