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Shellpoint Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Shellpoint Mortgage Loan Modification Package
What is a Shellpoint Mortgage Loan Modification Package?
Shellpoint Mortgage Loan Modification Request For Mortgage Assistance (RMA)
If you want to apply for loan modification with Shellpoint Mortgage, the first requirement will be to complete and submit Shellpoint Mortgage Request for Mortgage Assistance (RMA). It’s compulsory that you use the latest paperwork. It is a good choice to contact a professional or your Shellpoint Mortgage single point of contact before applying for help with your Shellpoint Mortgage. There are very few professionals that you can call on that really specialize in the dealing with Shellpoint Mortgage and their process. Working with the right expert to work with is crucial; You should be able to avoid the pitfalls. That’s why we put the latest paperwork we could find online; to help you. That’s what we do is work with homeowners just like you. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Shellpoint Mortgage hardship affidavit?
Shellpoint Mortgage Hardship Letter
Shellpoint Mortgage has a hardship statement built into their mortgage assistance application,
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
First, let’s go over what a modification is not. There is a difference between loan modification and refinance. The definition of a refinance is when you get a new loan to pay off your old existing loan or combining loans. You cannot combine loans, such as a first and a second mortgage, when you are completing a loan modification. A loan modification is exactly as it sounds. We work with you to change the terms of the loan that currently exist.
What terms can I change on my mortgage with a loan modification?
This is the banking industry and thinking outside of the box is just not what they do. So there are limitations to the things you can modify on your loan and how those things can be modified.
Interest Rate Modification
The number one thing people talked to us is about changing their interest rate. While this is important it’s not the only way to adjust the payment. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
The life of the loan may be adjusted to reach affordability but it doesn’t work the same way as many times people say they are adding the payments to the back of the loan. The loan isn’t physically extended by the number of payments you miss. In many cases the loan is extended back to 30 years or even extended further out. 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
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.
Step 2: Submit Loan Modification Package To Shellpoint Mortgage
Shellpoint Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Shellpoint Mortgage To Get The Process Going. What is in the Shellpoint Mortgage Loan Modification Package?
It is not limited to Shellpoint Mortgage, most servicers, have the same typical requirements. The loan servicer will require you to provide your financial information 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: Shellpoint Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Shellpoint Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
A loan servicer such as Shellpoint Mortgage will prefer to balance the options available to a homeowner on many different factors in order to complete a loan modification . One of those option is whether the value is acceptable and they do this by completing a value. Including those values which are done online, there are other different types of values. In some cases a value is completed by a real estate agent, also known as a Broker’s Price Opinion (BPO), who reviews the comparable in the area. They may ask to gain access to the home which is referred to as an interior value. In some cases a drive by or external value is completed. In any case, they review the properties that are currently listed but more importantly they review the properties that are sold generally within the last 3 to 6 months. 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.
Shellpoint Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
Sometimes the mortgage investor behind Shellpoint Mortgage, will require a value to be completed on the property before approving any loan modification terms. The bank for this part of the process will generally do an automated value module or AVM. This is a computer generated value. They rarely hire a local agent or broker to do a value referred to as a BPO or Broker’s Price Opinion due to the prohibited costs involved, when you’re servicing thousands of loans. In even rarer cases the beneficicary will pay for a by a licensed appraiser. In some cases the homeowner has to pay an upfront fee for such values to be completed.
Shellpoint Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
Sometimes the value will come in wrong. Maybe it comes in too high… Or maybe it comes in too low. This can happen to both a professional and a layman equally, 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 Shellpoint Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Shellpoint Mortgage’s Net Present Value or NPV Process and Analysis.
Underwriter will make a decision if you meet the minimum criteria to be submitted to management based after value has returned and they have a complete package. Usually there is an audit before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.
Shellpoint Mortgage NPV Counters
NPV is the abbreviation of Net Present Value. It’s basically an algorithm for the value of money to the investor. This value changes from day to day. The NPV is the concept of looking at two separate borrowers and establishing where they believe they would make more money. As in most cases people are behind when requesting to modify their loan and as such the lender has to decide whether taking the amount they owe and increasing their balance is worth it to them. 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
Shellpoint Mortgage NPV Counters
The only way to counter a NPV is by looking at the ingredients that make it up. You have to attack the parts that don’t make sense. Look at each field and decide what you believe should be the input. 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
In most situations, should you be approved by Shellpoint Mortgage for a loan modification they will put you on a three month trial plan. 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.
Finalized Loan Modification
Shellpoint Mortgage Modification Complete
There is a final process to complete when your loan modification is being completed with Shellpoint Mortgage. On a trial payment plan somewhere after the second payment and before the third payment the finalized loan modification documents are sent out. 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 auditing process 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?
Absolute Consultant Group (ACG) works with you and your lender to help streamline the process. You get a USA based team that’s here to serve you quickly to get you faster results. We don’t charge up front and only get paid if you get results. If you are offered a modification and decline the terms you pay us nothing. Call for details 888-934-3444.
Understanding The Shellpoint Mortgage Loan Modification Status
If you’ve called Shellpoint Mortgage even once you know they are most likely to deal with someone overseas. You may also be aware from the Shellpoint Mortgage Loan Modification Package is lengthy. Shellpoint Mortgage hasn’t simplified the process to make it easy but that’s why ACG is here to offer you to assist with your application for the Loan Modification process to get mortgage assistance from your servicer that you and your family deserver.
Shellpoint Mortgage Help For Consumers Here In America
Based here in the United States ACG is your go to place to get all the information you need while your account is under review. As your single point of contact you will no longer have to deal Shellpoint Mortgage’s loan servicing department in India. Working with someone stateside streamlines the process and limits the misunderstandings.
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Shellpoint Mortgage Loan Modification Breakdown
What is the Shellpoint Mortgage Loan Modification Package?
For any Shellpoint Mortgage Loan you’ll be require to provide the Shellpoint Mortgage Loan Modification Package known as the Shellpoint Mortgage Request for Mortgage Assistance (Shellpoint Mortgage RMA). Depending on the investor involved you should always use the most up to date paperwork for your application; Prior to use of any documents we suggest to either speak to Shellpoint Mortgage or check with a professional. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Shellpoint Mortgage Loan Modification process.
There are 5 Sections to the standard Shellpoint Mortgage Loan Modification Package.
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Shellpoint Mortgage 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.