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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 If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Carrington Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Carrington Mortgage Loan Modification Package
What is an Carrington Mortgage Loan Modification Package?
Carrington Mortgage Loan Modification Request For Mortgage Assistance (RMA)
The first step while applying for Loan Modification with Carrington Mortgage you will be required to complete and submit Carrington Mortgage Request for Mortgage Assistance (RMA) Package document It is necessary to use the latest paperwork. Consulting a professional or your lender before submitting the paperwork is greatly helpful. There are a lot of professionals in the market to work with and get help but finding the right one is very crucial 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 Carrington Mortgage hardship affidavit?
Carrington Mortgage Hardship Letter
Carrington Mortgage 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 clear 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. 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
Mostly we get request 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. 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 Carrington Mortgage
Carrington Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Carrington Mortgage To Get The Process Going. What is in the Carrington Mortgage Loan Modification Package?
All the lenders have the usual document requirements and this is not limited only to Carrington 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: Carrington Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Carrington Mortgage 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 by checking if the value is acceptable. A valuation can be completed in many ways including some ways in which 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 this type, the broker compares the properties in the area. In some cases the broker will want access to the home to do an interior valuation. 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.
Carrington Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
In some cases A valuation is required by the investor which Carrington Mortgage is representing and a 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 appraiser are even rarer. The homeowner may be required to pay upfront fees in some of the cases for these services.
Carrington Mortgage 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 Carrington Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Carrington Mortgage’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.
Carrington Mortgage 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
Carrington Mortgage 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
In some cases you will be on the trial payment plan for three months if you get approved for loan modification from Carrington Mortgage. 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
Carrington Mortgage 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 Carrington Mortgage Loan Modification Status
By now you have been convinced that Carrington Mortgage is very hard to deal with and the paperwork is also not easy. Carrington Mortgage 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.
Carrington Mortgage Help For Consumers
ACG is a company which has a team of professional to help you with mortgage relief services from Carrington Mortgage. We will be your only contacting point and you will not have to deal with Carrington Mortgage for anything. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
Carrington Mortgage Loan Modification Breakdown
What is the Carrington Mortgage Loan Modification Package?
In cases you want to get a Loan Modification on any loan serviced by Carrington Mortgage 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 Carrington Mortgage or a professional. We have put the latest paperwork that we found on the website. ACG helps homeowners with their Carrington Mortgage Loan Modification process.
There are 8 Sections to the standard Carrington Mortgage Modification Package.
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Carrington Mortgage Loan Modification RMA Package PDF Breakdown:
Application Check List
- Borrower Information 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.
- Required Documention/Hardship Affidavit This section will require you to fill out your current finanical situation. Primary reason for your hardship and submission of applicable documentation
- Expense for Household. In this section you will be required to put the income of both the borrower and co-borrower. You will also be required to put the monthly income details of the whole household.
- DODD-FRANK Certification In this section you will have to certify to a certain things like you have not committed any felonies like theft money laundering, tax evasions etc
- Other properties owned In this section you are required to fill out Information about all properties that you or the co-borrower own, other than your principal residence.
- Other Properties for which assistance is required You are required to fill out that secction only if you are requesting mortagage assiatance for a property that is not your principal residence.
- Acknowledgement and Agreement In this section you have to certify that all of the information in RMA is truthful and hardship idtentified has contrubuted to submission of this request for mortgage assistance.
- Information for government monitoring purposes In this section you are encouraged to fill out the information like ethnicity and race of borrower.
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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.