Selene Finance Loan Modification RMA Form Application Package

Selene Finance Loan Modification Request For Mortgage Assistance (RMA)

If you want any kind of mortgage assistance from Selene Finance you will first of all have to submit Selene Request for Mortgage Assistance (RMA) Package. It will be a much better choice if you decide to first consult with a professional. You will have a vast choice of professionals in the market but it is very important to find the right professional. To help you we have put the latest package on our website because that is what we do as we help people get Mortgage Assistance from their lenders.  Click here to request a call from a loan mod pro or call 888-934-3444. 

Selene Finance Hardship Letter

Selene Finance have a Hardship Affidavit built into their package in which you have to state your hardships,

What is a loan modification?

A refinance can naver be similar in any way to a loan modification because refinance is when you get a second loan to pay off the first one. While doing a loan modification it will not be allowed to combine your previous loans such as first mortgage and second mortgage. 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?

There is no potential for out of the box thinking in banking industry. 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

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

Selene Finance require the same documents as all other lenders. 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.

Getting The Right Value Goes A Long Way.

The lender will want to get a value because they will want to first balance out all the options available to the homeowner and it is one way to do that. For a lender there are many ways by which they can get a valuation and some are which in which value is obtained online. In some cases a broker will do the valuation by comparing properties similar to each other. Sometimes to get an interior value the broker will need access to the home. In most cases drive by or external value is sufficient. The person doing any kind of valuation will have to compare properties that are either listed or have been sold out 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

Before approving any terms the investor will want that a valuation is completed so most of the cases the investor will do the valuation on the computer but in some rare cases the investor will hire a broker to do a valuation and the cases in which the investor hires a proper appraiser are 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 is possible that sometimes a value can return too high or too low no matter what is the caliber of person doing the valuation, You may have to file a dispute of value if this happens. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Selene Finance or another managing entity.

Selene Finance’s Net Present Value or NPV Process and Analysis.

This is the time after the value has returned successfully that the lender will decide to approve your application and send your file further. 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.

Selene Finance NPV Counters

NPV stands for Net Present Value. Basically what NPV is that it is an algorithm using which the investor can get the value for their money. This value usually changes from day to day and is not stable. In NPV process the investor looks at two different homeowners and will see that where they can make the most money. The investor will also have to decide whether taking the amount the homeowner is behind on and extending 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.

Selene Finance NPV Counters

Usually countering the NPV is a very easy process because all you have to do is to see the parts that dont make sense and attack those. 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.

Three Payment Plan

Most probably you will be placed on a trial payment plan if you have been approved for the loan modification process. 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.

Selene Finance Modification Complete

When the loan modification is in the final stages with Selene Finance there is a Finalization process.If you have been placed on trial payments the documents will be sent to you between 2nd and 3rd payments with a prepaid package so that they can be returned 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.