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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 If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Freedom Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Freedom Mortgage Loan Modification Package
What is a Freedom Mortgage Loan Modification Package?
Freedom Mortgage Loan Modification Request For Mortgage Assistance (RMA)
Going to apply for loan modification with Freedom Mortgage the first requirement will be to complete and submit Freedom Mortgage Request for Mortgage Assistance (RMA). It is better to use latest paper work. contacting with a professional before submitting the paperwork is always a better choice. There are many professionals you can work with but it is hard 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 Freedom Mortgage hardship affidavit?
Freedom Mortgage Hardship Letter
Built into their application Freedom 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 loan 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. You cannot combine loans while completing a loan modification 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?
Banking industry does not 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 Freedom Mortgage
Freedom Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Freedom Mortgage To Get The Process Going. What is in the Freedom Mortgage Loan Modification Package?
All the lenders have the same requirements so it is not only limited to Freedom 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: Freedom Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Freedom Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender like Freedom 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. Sometimes a value is completed by a real estate agent and the broker compares the properties in the area. Some times they may also want to do an interior valuation in which case they will need access to the home. In some cases. A drive by or external value is enough. 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.
Freedom Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
The real investor for which Freedom 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.
Freedom Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
Some times a value returns too high or too low and that happens quite often and can happen to anyone either 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 Freedom Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Freedom 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.
Freedom 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
Freedom Mortgage NPV Counters
If you want to counter the NPV, just look at the points and find the ones that don’t make sense and attack those parts. 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
After approval for the loan modification with Freedom 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
Freedom Mortgage Modification Complete
There is a finalization process when the loan modification is being completed with Freedom 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 Freedom Mortgage Loan Modification Status
If you have dealt with Freedom Mortgage you will have noticed that they are not easy to deal with and the paperwork is also not easy and much lengthy. Freedom 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.
Freedom Mortgage Help For Consumers
ACG is a company based in the United States to help you with the modification process with Freedom Mortgage. We will be your single point of contact and you will not have to deal with Freedom Mortgage. Working with will get you process going a lot faster and easier.
Call Us 888-934-3444 Today.
Freedom Mortgage Loan Modification Breakdown
What is the Freedom Mortgage Loan Modification Package?
For any mortgage loan serviced by Freedom Mortgage you will have to submit Freedom 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 Freedom 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 Freedom Mortgage Loan Modification process. There are 2 Sections to the standard Freedom Mortgage Loan Modification Package.
Need Assistance With A Freedom Mortgage?
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Freedom Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Financial report This section covers all the personal details and the income and expenses details of the borrower and the co-borrower.
- Profit and Loass Statement You have to attach the profit and loss staatement for your business showing all the profits and losses your business faced. There is a sample included in the form which you can use if you have not prepared the statement.
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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.