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Guild Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Guild Mortgage Loan Modification Package
What is an Guild Mortgage Loan Modification Package?
Guild Mortgage Loan Modification Request For Mortgage Assistance (RMA)
If you are going to apply for a loan modification with Guild Mortgage at first you have to submit a complete Guild Mortgage Request for Mortgage Assistance (RMA) Package. Latest paper work in must. It will always be a better choice if you consult with a professional first before submitting the package. It is very crucial to find the right professional to work with you as there are many professionals in the market to choose from. Our company can help you in getting mortgage relief so we have put the package on our website to help you. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Guild Mortgage hardship affidavit?
Guild Mortgage Hardship Letter
Guild Mortgage have a Hardship Affidavit built into their package in which you have to state your hardships,
Pro Tip: When reviewing you for a modification approval Guild Mortgage 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
Guild MortgageWhat is a loan modification?
There is a difference between Loan Modification and a Refinance. A Refinance will be if you get a second loan to pay off the first one. You cannot do anything to combine your previous loans such as first mortgage or second mortgage while doing a Loan Modification. A Loan Modification is done to modify the terms of an existing loan.
What terms can I change on my mortgage with a loan modification?
Thinking out of the box is what banking industry does not do. So the number of terms that you can get modified on your loan is very limited.
Interest Rate Modification
Most of the people demand to get their interest rate changed. Although it is one way to reduce the payment but not the only way. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
One other way to reach affordability is to extend the time of the loan but people sometimes have seen that they add payments at the start of the loan so it is not desirable. They will not extend the loan by the length of your missed payments. They will extend the loan back to usually its original length of 30 years but in some cases more. 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 Guild Mortgage
Guild Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Guild Mortgage To Get The Process Going. What is in the Guild Mortgage Loan Modification Package?
Like all other lenders, Guild Mortgage require the same documents . It will be required of you to submit your complete financial information to your 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: Guild Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Guild Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
It is necessary for any lender like Guild Mortgage to balance out all the options available to the homeowner and one way to do that is to get a value. There are many options which can be adopted to get a valuation including some cases in which the value is obtained online. In some cases obtaining the value by comparing different similar properties is required by broker . Sometimes they will need access to the home to get an interior value. In most cases drive by or external value is sufficient. It doesn’t depends on what type of value they are getting they will compare home that are either listed or have been sold recently. 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.
Guild Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
Before the investor approves any terms of the modification they will like to complete a valuation. In most cases the lender will do the valuation on computer in a very few cases will the investor hire an agent to do a value due to the costs and in even fewer cases the investor will want an appraisal from an appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.
Guild Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
Often it happens that the value comes in too high or too low and this can happen to anyone whether you are a expert or a rookie does not matter, If you are dealing with such situation you will have to file a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Guild Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Guild Mortgage’s Net Present Value or NPV Process and Analysis.
The fate of your file is decided by the lender. He decides to qualify you for the loan modification or not and to forward your file or not after a valuation and its returning. Usually there is an audit before the submission to management and if approved there is often another auditing process that occurs before an approval letter is issued.
Guild Mortgage NPV Counters
NPV stands for Net Present Value. It is basically an algorithm so the lender can get the value for his money. This isn’t a stable value either so 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
Guild Mortgage NPV Counters
If you want to counter the NPV just find the parts that don’t make sense and counter them. 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
You will be placed on trial payments after being approved for the modification. 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
Guild Mortgage Modification Complete
There is a finalization process when the loan modification is being completed with Guild 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?
ACG can help you by working with you and your lender to streamline and speed up your loan modification process. We do not demand any upfront fees for our services and only demand any fee after you have accepted the new terms and if due to some reason you are offered a loan modification and are later declined you will not have to pay us any fee. Call for details 888-934-3444.
Understanding The Guild Mortgage Loan Modification Status
Guild Mortgage are not an easy company to deal with and you may have noticed that if you have dealt with them previously and their package is also not an easy document. Guild Mortgage are not serious in making the process any easier for the customers but this is the reason ACG is working to help you in getting the Loan Modification and other mortgage relief that you deserve.
Guild Mortgage Help For Consumers
ACG is a company working to help you with the Loan Modification with Guild Mortgage. We will be the only contacting point for you when you are working with us to get Loan Modification from Guild Mortgage. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
Guild Mortgage Loan Modification Breakdown
What is the Guild Mortgage Loan Modification Package?
To get Loan Modification on any loan serviced by Guild Mortgage you will have to submit a package called Guild Mortgage Request for Mortgage Assistance (RMA). You should always use the most recent paperwork according to the investor involved; It will be better for you if you speak to Guild Mortgage or a professional before submitting the documents. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Guild Mortgage Loan Modification process.
There are 6 Sections to the standard Guild Mortgage Loan Modification Package.
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Guild Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower’s Information This section will require the consumer to fill out all the personal details of the borrower. This section will also ask whether your property is listed for sale etc.
- Monthly Household Income. In this section you will be required to put the monthly income details of the whole household.
- Monthly Household Income co-browser. In this section you will be required to put the monthly income details of the whole household.
- Monthly Household Expenses In this section you will have to put all the expenses of the household for the entire month.
- Household Assets This section will require that you fill out all the details of all the assets currently owned by the household.
- Authorization This section requires your signature authorizing that everything you have stated is true etc.
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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.