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SunTrust Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out SunTrust Mortgage Loan Modification Package
What is a SunTrust Mortgage Loan Modification Package?
SunTrust Mortgage Loan Modification Request For Mortgage Assistance (RMA)
If you want any kind of mortgage assistance from SunTrust Mortgage you will first of all have to submit SunTrust Mortgage 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.
What is the SunTrust Mortgage hardship affidavit?
SunTrust Mortgage Hardship Letter
SunTrust Mortgage have a Hardship Affidavit built into their package in which you have to state your hardships,
Real Estate Mortgage Loan Modification Definition
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
Step 2: Submit Loan Modification Package To SunTrust Mortgage
SunTrust Mortgage Loan Modification Submittal
Getting Your Forms Submitted To SunTrust Mortgage To Get The Process Going. What is in the SunTrust Mortgage Loan Modification Package?
SunTrust Mortgage requires 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.
Step 3: SunTrust Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
SunTrust Mortgage Loan Modification Value
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 value is completed by a real estate agent, also called as a Broker’s Price Opinion (BPO), In this type, the broker compares the properties in the area. In some cases the broker will want access to the home to do an interior valuation. In some cases only a drive by is enough. 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.
SunTrust Mortgage Loan Modification Appraisal
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.
SunTrust Mortgage Value Disputes and Variances
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 SunTrust Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
SunTrust Mortgage’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.
SunTrust Mortgage 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.
Modificaiton Decline Appeal
SunTrust Mortgage 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. 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.
Step 5: Loan Modification Approval
Trial Payment Plan
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.
Finalized Loan Modification
SunTrust Mortgage Modification Complete
Before the completion of the Loan Modification process 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.
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How Does ACG Get Paid?
Absolute Consultant Group can work with your lender and you to help you and get the process sped up. We will never demand any upfront fees and you will only have to pay us any fee in the case when you have been approved and have accepted the terms but if you due to some reasons first get approved but later get declined you will still not have to pay us anything. Call for details 888-934-3444.
Understanding The SunTrust Mortgage Loan Modification Status
SunTrust Mortgage is not in any way an easy to deal with and their package is also not easy. SunTrust Mortgage has done nothing yet to facilitate their customers but this is the reason ACG is working to help you in getting the Loan Modification and other mortgage relief that you deserve.
SunTrust Mortgage Help For Consumers
ACG is here to help you in any way to get Loan Modification from SunTrust Mortgage. You will only have to contact us for any Mortgage related problem and you will not have to deal with SunTrust Mortgage in any way. Working with us will get your process going a lot faster and easier.
Call Us 888-934-3444 Today.
SunTrust Mortgage Loan Modification Breakdown
What is the SunTrust Mortgage Loan Modification Package?
In order to be considered for a Loan Modification on a loan that is serviced by SunTrust Mortgage you will have to first submit package called SunTrust Mortgage Request for Mortgage Assistance (RMA). You must take care to use the latest paperwork and must consult a professional or SunTrust Mortgage before submiting anything. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their SunTrust Mortgage Loan Modification process.
There are 10 Sections to the standard SunTrust Mortgage Loan Modification Package.
Need Assistance With A SunTrust Mortgage?
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SunTrust Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower’s Information This section will require the consumer to fill out all the personal details of the borrower. This section will also ask whether your property is listed for sale etc.
- Monthly Household Income. In this section you will be required to put the monthly income details of the whole household.
- Household Assets This section will require that you fill out all the details of all the assets currently owned by the household.
- Hardship Affidavit You have to explain the hardship faced by you in this section.
- Borrower/Co-Borrower Acknowledgement and Agreement This section requires your signature authorizing that everything you have stated is true etc.
- Form 4506-T The final document in the whole page is the 4506-t which is used in order to verify the tax returns that you provided. Make sure to follow the directions thoroughly.
- Household Expenses You will put all the details about the total income of the borrower /co-borrower and details of the monthly expenses.
- Authorization Form for Non-Borrower In this section You have to authorize SunTrust Mortgage to utilize income submitted and to obtain a copy of credit report to use in the Loss Mitigation application for assistance.
- Affidavit of “Arm’s Length Transaction” It means that the transaction has been negotiated by unrelated parties and that the sale price is based on fair market value of the property. Buyer and Seller are acting in his /her own self-interest. Those signing this affidavit as agents for Buyer, Seller or both are acting in the best interests of their respective principal.
- Third Party Authorization In this section Both Borrower and Co-Borrower authorize SunTrust Mortgage to release any and all information about Loan to the third party.
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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.