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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 If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
SLS Loan Modification RMA Form Application Package
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Step 1: Fill Out Specialized Loan servicing Loan Modification Package
What is a Specialized Loan Servicing Bank Loan Modification Package?
Specialized Loan Servicing Loan Modification Request For Mortgage Assistance (RMA)
It is necessary to submit a package called Specialized Loan Servicing 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.
What is the Specialized Loan Servicing hardship affidavit?
Specialized Loan Servicing Hardship Letter
A hardship affidavit citing the reasons for your hardships is built into the package of Specialized Loan Servicing
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
There is a difference between refinance and loan modification. 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?
It is not possible for Banking Industry to think outside the box. This will hugely limit the things you can get modified on your mortgage.
Interest Rate Modification
Mostly people want to change 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.
Step 2: Submit Loan Modification Package To Specialized Loan Servicing
Specialized Loan Servicing Loan Modification Submittal
Getting Your Forms Submitted To Specialized Loan Servicing To Get The Process Going. What is in the Specialized Loan Servicing Loan Modification Package?
Usually all the lenders have the requirement for the following documents including also Specialized Loan Servicing. 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: Specialized Loan Servicing Loan Modification Broker's Price Opinion (BPO) or Appraisal
Specialized Loan Servicing Loan Modification Value
Getting The Right Value Goes A Long Way.
During loan modification, the lender will prefer 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. One method will be completing a value. 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.
Specialized Loan Servicing Loan Modification Appraisal
Loan Modification Appraisal Values
Before the investor approves any new terms for the modification, the investor will want to get a value on the property. In order to this the lender will do a computer based valuation 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.
Specialized Loan Servicing Value Disputes and Variances
Filing Value Disputes and Variances
It does not matter you are professional or a rookie, sometimes a value happens to return too high or too low by mistake. 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 Specialized Loan Servicing or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Specialized Loan Servicing’s Net Present Value or NPV Process and Analysis.
Once the value has returned, the lender will decide whether to proceed your application further. 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.
Specialized Loan Servicing 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.
Modification Decline Appeal
SLS 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.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
If you have been approved for modification, you will be placed 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.
Finalized Loan Modification
Specialized Loan Servicing Modification Complete
Before Specialized Loan Servicing 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.
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How Does ACG Get Paid?
We are a company that has great professional team ready to work with you and your lender to speed up your Loan Modification Process. We do not charge any advance fees for our services. You will not have to pay us anything in the cases you are approved for the modification first but are later denied. Call for details 888-934-3444.
Understanding The Specialized Loan Servicing Loan Modification Status
It is not an easy job dealing with Specialized Loan Servicing and their paperwork is also not easy. Specialized Loan Servicing do not want to make the process any simpler for their consumers But you do not have to worry because a company like ACG is here to help you in getting the Mortgage assistance from the lender.
Specialized Loan Servicing Help For Consumers
We are a company that can help you in getting mortgage relief from Specialized Loan Servicing. We will be your single point of contact and you will not have to deal with SLS. Working with will get you process going a lot faster and easier.
Call Us 888-934-3444 Today.
Specialized Loan Servicing Loan Modification Breakdown
What is the Specialized Loan Servicing Loan Modification Package?
To apply for a loan modification on any loan that is serviced by Specialized Loan Servicing, Request for Mortgage Assistance (RMA) package will have to be submitted. You should always take care to submit the latest paperwork according to the investor;If you speak with Specialized Loan Servicing or a professional it will be much better for you. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Specialized Loan Servicing Loan Modification process.
There are 6 Sections to the standard Specialized Loan Servicing Loan Modification Package.
Need Assistance With A Specialized Loan Servicing?
Need Assistance With A Specialized Loan Servicing?
Specialized Loan Servicing Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information In this section you have to put all the details of the borrower and Co Borrower.
- Property Information You have to explain the address, mailing address and current status of property in this section.
- Hardship Information In this section you are required to put type of hardship and its reasoning.
- Borrower income In this section you are required to fill out borrower income type and amount
- Current borrower Assets In this section you have to write down the assets of borrower such as cash on hand, account money etc,
- Borrower certification and agreement In this section you have to certify that all of the information in Mortgage Assistance Application is truthful and hardship identified has contributed to submission of this request for mortgage assistance.
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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.