Request for Mortgage Assistance (RMA) Form For a Loan Modification

This is the form most homeowners will be asked to complete

The Request for Mortgage Asistance (RMA) is the official application form for the Making Home Affordable Modification (HAMP). It provides the loan servicer with borrower and co-borrower financial information. This includes the cause of the borrower’s hardship. It was developed specifically for the Making Home Affordable Program (HAMP). Banks who accepted TARP money, Fannie Mae and Freddie Mac loans or guaranteed loans or banks who voluntarily agreed to participate in the Making Home Affordable Program, will have homeowners complete this form. Fannie Mae and Freddie Mac did just come out with Form 710 Application that may be required for their loans.

Many banks will use this form even if the homeowner is not eligible for the Making Home Affordable Program. It is always a good idea to give the bank a call and ask them what loan modifications your loan is eligible for and which application you should complete. They will mail you the application or you can go online and get it. We also have a section on our website with most of the bank applications or sites where they can be found.  Completing the wrong application can delay the loan modification process for months.

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Request for modification RMAWhat You Need to Know About The RMA

It is very important that this form is completely filled out. This form was not put together very well and the expense section provides numerous problems for homeowner which is on page two of the application and discussed below. We recommend completing a financial worksheet first and then transposing those numbers onto the RMA. And as crazy as it sounds, missing a single item, expense, date or signature can delay a modification for several months.

The second page is the financial statement which is the most important part. This is where you input your monthly income, expenses and bank balances. This financial information you provide here is used by the bank to determine if you will qualify for a loan modification. Knowing your expenses and accurately inputting them here is a critical step and can prove you are a good candidate for a loan modifiction. Make sure under other expenses that you include all other household expenses that do not have a place form them on the application.

This form also has a hardship affidavit incorporated within the documents, but it is not very detailed so many banks still require a separate hardship letter.

Another section many homeowners miss is on page 2 in the right corner that asks how many people are in the household.

Our Loan Modification Toolbox provides detailed instructions on how to fill out the RMA along with every possible document you will need in the modification process.

 

 


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