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Nationstar Mortgage (Mr. Cooper) Loan Modification Process

Nationstar mortgage modification

If you are facing a long-term hardship then a loan modification may be a good option to help you to get back on the track. With a home loan modification you may be able to temporarily or even permanently change the terms of your loan. You can reach an affordable payment through reduction of your interest rate, term extension or deffering a portion of your principal balance. If your loan is with Nationstar (aka Mr. Cooper) then attempting to qualify for a Nationstar Mortgage Loan Modification can help you get out from under your mortgage terms.

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How to Qualify For Nation Star Mortgage Loan Modification?

To qualify for any of Mr. Cooper’s (Nationstar) mortgage loan modification programs you are required to provide the documentation which may include;

  • Income Information
  • Tax returns for previous years
  • Payment amounts on credit card balances and installment loans
  • Bank statements of two months
  • additional supporting documentation for your hardship

A Nationstar Mortgage loan modification helps people achieve and maintaining the successful home-ownership. Here are some of the important steps that should be followed for Nationstar mortgage loan modification.

  1. Fill Out The Application Form: – There are two types of forms that you can select for mortgage modification depending on your investor or guarantor of your mortgage. You can download or fill the form online.
  2. RMA: Request for Mortgage Assistance Form: This form is used for loans outside of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA or USDA-Rural Housing.
  3. UBAF; Uniform Borrower Assistance Form: – This form is used for Fannie Mae, Freddie Mac, FHA, VA or USDA-Rural Housing loans.
  • If you do not know that what type of mortgage you have then you can use the RMA form.
  • Before submitting the application form for Nation Star mortgage loan modification you have to make sure that your application is filled out completely, is legible and is signed and dated by all borrowers and occupying non-borrowers because  incomplete or illegible applications could result in a delay of your application review.
  • You have to provide proof of homeowners or other association dues that are disclosed in your application form for Nation Star mortgage loan modification.
  1. Complete All The Additional Documents: – There are three documents that are required before the Nation star can begin your loan modification These forms can be downloaded from the Nation star website.
    1. Irs 4506t-Ez Form: – This form provides the authorization to the Nationstar to request a copy of federal tax return that you filed with the IRS in the years that are listed in the form.
    2. Hardship Affidavit Form: – You have to use this form to explain the hardships and reasons for requesting the modification.
    3. Dodd-Frank Form: – You are required to complete this form to certify that you have not been declared of any crimes that are associated with a mortgage or real estate transaction within the past ten years.
  2. Provide Proof Of Income: – To complete your loan modification application, additional proofs of income documents are required. So you have to provide proof of income for all declared income sources on your application form.

If You Have Hourly Or Salary Wages Then You Have To Provide:

  • Pay receipts covering at least 30 successive days, dated within the most recent 90-day period.
  • Pay receipts should display your name, employer name, pay period, year-to-date earnings and deductions.
  • Provide a letter of explanation if any of your pay receipts are missing.

If You Are Self-Employed Then You Have To Provide:

  • Profit and Loss (P&L) statements for the most recent quarter or year-to-date earnings.
  • A copy of your most recent federal personal tax return, with all schedules, signed and dated.
  • If the business income is associated with a corporation or partnership, you must include the schedule K-1 from the business return as proof of percentage of your ownership.

If You Have Rental Income Then You Have To Provide:

  • A copy of all rental lease agreements signed and dated.
  • Lease agreements must include: property address, rental amount, borrower and tenant signatures, and start and end date of the lease. Provide a letter of explanation if your lease agreements are any of the missing components.
  • Two months proof of receipt of this income, dated within the most recent 90-day period. Acceptable examples include Bank statements with rental deposits, copies of tenant checks, rental receipts, or money orders.
  • Proof of principal, interest, property taxes and homeowners insurance for each rental property. Provide a letter of explanation if the rental property is paid off along with proof of taxes and insurance.
  • A copy of most recent federal personal tax return, with all schedules, signed and dated.

If You Have Benefit Income Then You Have To Provide:

  • A copy of your current award letter or other proof of expected monthly income.
  • Two months proof of receipt of this income, dated within the most recent 90-day period. Acceptable examples include bank statements, copies of checks, transaction history or monthly statements.

If You Are Unemployed Then Provide:

  • A copy of your current unemployment award letter.
  • One month proof of receipt of your unemployment income.

Need help negotiating your (Mr. Cooper) Nationstar Mortgage loan modification? We can ease the process, please fill our contact form on the right side to get expert help or dial 888-934-3444 to contact us.

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