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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 If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Quicken loans Loan Modification RMA Form Application Package
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Step 1: Fill Out Quicken loans Loan Modification Package
What is a Quicken loans Loan Modificaiton Package?
Quicken Loan Modification Request For Mortgage Assistance (RMA)
The first requirement you have to fulfill while applying for a loan modification with Quicken loans will be completing and submitting Quicken loans Request for Mortgage Assistance (RMA). It is necessary to use the paperwork that is latest. It will be better to consult with a professional or your lender before submitting the paperwork. There are many professionals you can work with to get help but finding the right ones is crucial so that the process goes on smoothly. That’s why we put the latest paperwork we could find 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 Quicken loans hardship affidavit?
Quicken loans Hardship Letter
Quicken loans has a Hardship letter affidavit built into their application which states your hardships,
Real Estate Mortgage Loan Modification Definition
QuickenWhat is a loan modification?
Loan Modification is different from refinance as when you want to get a second loan to pay off your first loan it will be called as Refinance. While doing Loan Modification you cannot combine loans that are first mortgage or second mortgage. In a loan Modification we do exactly what it looks like. 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?
Thinking out of box is not something Banking industry does. This is the reason that the things you can get modified for you mortgage are very limited.
Interest Rate Modification
The request which we get the most is that people want to change the interest rate. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
The total life of the loan can also be adjusted but this will not work in the same way as they have been seen adding payments to the back of the loan. You cannot get the loan extended for the period 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
The lender will take the payment that you are behind on which is called as Principle Capitalization which will include 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 Quicken
Quicken Loan Modification Submittal
Getting Your Forms Submitted To Quicken To Get The Process Going. What is in the Quicken Loan Modification Package?
This is not limited only to Quicken loans because lenders have the following document requirements. 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: Quicken loans Loan Modification Broker's Price Opinion (BPO) or Appraisal
Quicken loans Loan Modification Value
Getting The Right Value Goes A Long Way.
During Loan Modification process, the lender will want to balance out all the options available to the homeowner. One option available for lender will be to check if the value is acceptable.In some ways the value is obtained online although there are many other options. In some cases a value is completed by a real estate agent, In this type, the broker compares the properties in the area. In some of the cases the broker may want access to the home to do an interior valuation. In some cases only a drive by is enough. The person making the valuation will compare properties that are currently listed and which have been sold recently doesn’t matter which type of valuation they are doing. 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.
Quicken loans Loan Modification Appraisal
Loan Modification Appraisal Values
The investor some time does a valuation and the lender will do a computer based valuation called Automated Valuation Module (AVM). Due to the costs, the cases in which the investor will hire a broker to do a valuation are very rare. The cases in which the investor hires and appraiser are even rarer. The homeowner may be required to pay upfront fees in some of the cases for these services.
Quicken loans Value Disputes and Variances
Filing Value Disputes and Variances
Mistakes happen and it doesn’t matter if a person is a professional or a layman. So sometimes the value may returns too high or too low. In such situations 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 Quicken loans or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Quicken loans’s Net Present Value or NPV Process and Analysis.
After the value has returned the lender will have to decide to either qualify you for the Loan Modification or not. 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.
Quicken loans NPV Counters
NPV stands for Net Present Value. NPV is an algorithm used by investor to get the value for their money. This is also not a stable value. It changes from day to day. In an NPV the investor will look at two separate homeowners and see where they can make more money. The lender will have to see whether taking the amount owed and increasing the account balance is worth it or not as the client is already behind on the payments. 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
Quicken loans NPV Counters
Countering the NPV decline is easy you will only have to look at the parts that don’t make sense and attack those parts. Look at each point and try to figure out what the feasible 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.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
If you get approved for loan modification from Quicken loans you will be put on the trial payment plan for three months i. You will not know what the finalized conditions 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
Quicken loans Modification Complete
Before the completion of the Loan Modification process there is a finalization process. If you have been placed on trial payment plan then the finalized loan documents will be sent out somewhere between second and third 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.
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How Does ACG Get Paid?
ACG can work directly with your lender to streamline and speed up the process. No upfront fee is charged. We will only charge you when the modification is successful. if you are approved for modification first but in the end are declined we will still not charge you anything. Call for details 888-934-3444.
Understanding The Quicken Loan Modification Status
If you have dealt with Quicken before you will have noticed that they are very hard to deal with and the paperwork is also not easy. Quicken loans have not done anything to show that they are serious in making the process any simple for its consumers but you do not have to worry as ACG is here to help you in getting the Loan Modification from your servicer that you and your family deserve.
Quicken loans Help For Consumers
ACG is a company which has a great team to help you with mortgage relief services from Quicken loans. We will be your only contacting point and you will not have to deal with Quicken for anything. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
Quicken Loan Modification Breakdown
What is the Quicken Loan Modification Package?
In cases you want to get a Loan Modification on any loan serviced by Quicken loans you will have to submit a package called Request for Mortgage Assistance (RMA) package first. You should always take care to submit the latest paperwork depending on who your investor is; it will be much helpful if you consult with Quicken or a professional before submitting the package. We have put the latest paperwork that we found on the website. ACG helps homeowners with their Quicken Loan Modification process.
There are 5 Sections to the standard Quicken Modification Package.
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Quicken 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.
- Property Information This section will require that you fill out all the details of about property address, You have to explain current property status, listed for sale or not etc.
- Borrower Income In this section you will be required to put the monthly income details salary and other sources of income.
- Hardship Information This section has hardship options from which you will need to tick out the correct ones showing the reasons for your hardships.
- Borrower Certification and Agreement In this section you have certify, acknowledge, and agree that all information in this Borrower Assistance Form is truthful and the hardship that I have identified contributed to my need for mortgage relief.
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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.