PNC Mortgage Loan Modification RMA Form Application Package

PNC Mortgage Loan Modification Request For Mortgage Assistance (RMA)

If you want to get a Loan Modification from PNC Mortgage the first thing you have to do is to submit a completed Request for Mortgage Assistance(RMA) Package. Using latest paperwork is always a good choice. Consulting a professional before submitting any documents will be a lot helpful and finding the right one who can properly help you with the process is very crucial as there are a lot of professionals to choose from. To help you we have put the latest paperwork on our website because that is what we do as a company we help people get Mortgage Relief from the lenders.  Click here to request a call from a loan mod pro or call 888-934-3444. 

PNC Mortgage Hardship Letter

PNC Mortgage has a Hardship letter affidavit built into their application which states your hardships,

What is a loan modification?

It is necessary to know difference between loan modification and Refinance. Loan Modification cannot be considered the same thing as a refinance because refinance is when you get a second loan to pay off your first one. When you are doing a loan modification you cannot combine your previous loans. While doing a loan modification we will work with you and your lender to get the terms of your loan modified.

What terms can I change on my mortgage with a loan modification?

Thinking outside the box is not possible for the  banking industry. For this reason the terms you can get modified get very limited.

Interest Rate Modification

Most people want to modify is their interest rate. To reach affordability the servicer will push based on your income.

Loan Term Adjustment Mod

Payments can be decreased by extending the loan length but this is not the right way as people have noticed them adding payments to the beginning of the loan. You cannot extend the loan length of your missed payments. The company will extend the loan back to its original 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. Beneficiary of the note and the limitations they set completely control this.

Principal Capitalization and Principal Reduction Modification

Principle Capitalization will be when the lender will take any arrears that you owe them which include 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

Getting Your Forms Submitted To PNC Mortgage To Get The Process Going. What is in the PNC Mortgage Loan Modification Package?

Usually the following documents are required to PNC Mortgage and are required by all the lenders. 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.

Getting The Right Value Goes A Long Way.

The lender will first balance out all the options that are available to the homeowner. There are many methods to do a valuation including in which the valuation is done online. In some cases a value is completed by a real estate agent, In this type, the broker compares the properties in the area. The broker may want access to the home to do an interior valuation. In some cases only a drive by is sufficient. It doesn’t matter which type of valuation they are doing, they will compare properties that are currently listed and which 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.

Loan Modification Appraisal Values

The investor will require a valuation in most cases and for this the lender will get a valuation done on a computer called Automatic Valuation Module (AVM). Due to prohibited costs the investor will rarely hore a broker to do a valuation. The investor will in even rarer cases hire an appraiser to get appraisal. The homeowner may be required to pay upfront fees in some of the cases for these services.

Filing Value Disputes and Variances

A value returns too high or too low as mistakes can happen from both the rookies and professionals. If this happens, 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 PNC Mortgage or another managing entity.

PNC Mortgage’s Net Present Value or NPV Process and Analysis.

After the value has returned that the lender will make a decision to send file for the loan modification or not. Usually before the submission to management there is an auditing process and if approved there is often another auditing process the occurs before an approval letter is issued.

PNC Mortgage NPV Counters

NPV stands for Net Present Value. Basically 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. The investor will look at two seperate homeowners and try to figure out where they can get more profit. As usually the loan modification clients are behind in their payments the investor will have to figure out whether taking the owed amount and extending 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.

PNC Mortgage NPV Counters

It is an easy thing if you want to counter the PNC Mortgage NPV the only thing you have to do is figure out which parts do not make sense and act on those. You should look carefully at each point and try to figure what the ideal 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.

Three Payment Plan

PNC Mortgage will sometimes put you on trial payment plan if you have been approved for the Loan Modification from them. 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.

PNC Mortgage Modification Complete

There is finalization process before they complete the loan modification process.In case you are currently on the trial payment plan then the new term documents will be sent out somewhere between second and third trial 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.