Regions Mortgage Loan Modification RMA Form Application Package

Regions Mortgage Loan Modification Request For Mortgage Assistance (RMA)

You will have to first of all submit a package called Regions Mortgage Request for Mortgage Assistance (RMA). It is necessary to use the paperwork that is latest one. You should check with a professional before submitting the package . 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. 

Regions Mortgage Hardship Letter

A hardship affidavit citing the reasons for your hardships is built into the package of Regions Mortgage

Regions MortgageWhat is a loan modification?

A Loan Modification is not like 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. This is an important thing but it is not the only thing that you can do. 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.

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

Usually all the lenders have the requirement for the following documents including also Regions 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.

Getting The Right Value Goes A Long Way.

During loan modification, the lender will always want to balance out the options that are available to the homeowner. To check whether a value is acceptable or not is one of the ways to do that. A value can be completed using different methods 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), Similar properties are compared by the broker in this case.Sometimes the broker may require to get access to the home to do interior valuation. The properties which are either listed or have been sold recently are compared while doing a valuation no matter which type is it. 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.

Loan Modification Appraisal Values

The investor will want to get a value on the property before the investor approves any new terms for the modification. 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.

Filing Value Disputes and Variances

It does not matter you are professional or a rookie both can make mistake and the value happens to return too high or too low. In that case you may have to file a dispute for the value. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Regions Mortgage or another managing entity.

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

The lender will decide whether to proceed your application further is once the value has returned. 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.

Regions 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.

Regions Mortgage NPV Counters

There best way to counter the NPV is to look at the points that don’t make sense and attack those parts. You should look at each point and imagine what would be the likely output. 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.

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.

Regions Mortgage Modification Complete

Before Regions Mortgage completes the Loan Modification process there is a finalization process. You will get the new documents of the finalized terms between the second and third payment if you have been placed on the trial payment plan. You will get the documents usually with a prepaid postage so that you can 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.