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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 If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Gateway Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Gateway Mortgage Loan Modification Package
What is a Gateway Mortgage Loan Modification Package?
Gateway Mortgage Loan Modification Request For Mortgage Assistance (RMA)
You will have to submit a package called Gateway Mortgage Request for Mortgage Assistance (RMA) if you want loan modification with Gateway mortgage. You should always use the paperwork that is latest one. It is very hard to find right professional so that the process goes smoothly. It is important that you find the right professional as there are a lot of professionals in the market. To help you we have put the latest package on our website because we are a company which helps the people with Mortgage Relief. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Gateway Mortgage hardship affidavit?
Gateway Mortgage Hardship Letter
A hardship affidavit citing the reasons for your hardships is built into the package of Gateway Mortgage.
Pro Tip: When reviewing you for a modification approval Gateway looks for your original reason for defaulting or RFD. If the RFD has not been cured (hardship) has not been resolved in many cases the will not be able to help.
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
A Loan Modification is not in any way similar to a refinance. A refinance is when you apply for getting a second loan in order to pay off your first loan. While doing a Loan Modification if you want to combine your previous loans you cannot do that. Loan Modification process is exactly what it sounds like as 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 cannot think outside the box. This will hugely limit the things you can get modified on your mortgage.
Interest Rate Modification
The thing the people want most to change is their interest rate. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
You can also get the loan length changed. But, you cannot get the loan extended by the term of the missed payments. The loan is extended back to its initial 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. This is completely controlled by the beneficiary of the note and the limitations they set.
Principal Capitalization and Principal Reduction Modification
When you pay the amount that you owe them as missed payments it is called as Principle Capitalization, This includes the amount owed, interest and any fees. 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 Gateway Mortgage
Gateway Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Gateway Mortgage To Get The Process Going. What is in the Gateway Mortgage Loan Modification Package?
All the lenders have the requirement for the following documents and also Gateway 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: Gateway Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Gateway Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
The lender will always prefer to balance out the options that are available to the homeowner. Either a value is acceptable or not is one of the ways to do that. A value can be completed using different methods and one of which is to get it online. In some of the cases the value is done by a real estate agent which is also called as a Broker’s Price Opinion (BPO), real estate agent compares similar properties in this case and in some cases the broker may require to get access to the home to do interior valuation. While doing a valuation no matter which type is it, properties which are either listed or have been sold recently are compared . They consider the homes perceived condition, the size of the lot, the size of the living space, 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.
Gateway Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
Before the investor approves any new terms for the modification the investor will want to get a value on the property. In order to this, the lender will do a valuation on a computer called an Automated Valuation Module (AVM). It is very rare for the lender to hire a broker to do a valuation and for the lender to hire a licensed appraiser is even rarer. The homeowner may be required to pay upfront fees in some of the cases for these services.
Gateway Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
No matter a professional or a rookie. both can make mistake and the value can return too high or too low. In that case you may have to file a dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Gateway Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Gateway Mortgage’s Net Present Value or NPV Process and Analysis.
At That time the lender will decide whether to proceed your application further after. 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.
Gateway 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 value changes from day to day and is not a stable value. Checking where they can make more money while comparing two separate homeowners is what they do in an NPV. The lender will want to see whether taking the amount owed on account of missed payments and to extend the loan 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.
Modification Decline Appeal
Gateway Mortgage NPV Counters
Counter the NPV is as easy as to look at the points that don’t make sense and attack those parts. Mostly 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
You will be placed in most cases on a three month trial payment plan. They will not tell you the new finalized terms 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
Gateway Mortgage Modification Complete
Before Gateway Mortgage completes the Loan Modification process there is one final process. Some where between second and third payment if you have been placed on the trial payment plan you will get the new documents of the finalized terms. In order to make documents returnable to the lender, you will get the documents usually with a prepaid postage. 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?
We are a company that has great professional team ready to work with you and your lender to speed up your Loan Modification Process. We do not charge any advance fees for our services. You will not have to pay us anything in the cases you are approved for the modification first but are later denied. Call for details 888-934-3444.
Understanding The Gateway Mortgage Loan Modification Status
It is not an easy job dealing with Gateway Mortgage and their paperwork is also not easy.Gateway Mortgage do not want to make the process any simpler for their consumers But you do not have to worry because a company like ACG is here to help you in getting the Mortgage assistance from the lender.
Gateway Mortgage Help For Consumers
We are a company that can help you in getting mortgage relief from Gateway Mortgage. We will be your single point of contact and you will not have to deal with Gateway Mortgage. Working with will get you process going a lot faster and easier.
Call Us 888-934-3444 Today.
Gateway Mortgage Loan Modification Breakdown
What is the Gateway Mortgage Loan Modification Package?
To apply for a loan modification on any loan that is serviced by Gateway Mortgage, Request for Mortgage Assistance (RMA) package will have to be submitted. You should always take care to submit the latest paperwork according to the investor;If you speak with Gateway Mortgage or a professional it will be much better for you. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Gateway Mortgage Loan Modification process.
There are 8 Sections to the standard Gateway Mortgage Loan Modification Package.
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Gateway Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit 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.