Who needs the Request For Modification and Affidavit (RMA) form?
The Request For Modification and Affidavit is a form created as a part of the Making Home Affordable Program. It should be filled out by a person who gets a mortgage loan but is experiencing difficulties in paying it duly. Therefore, this is a form that is submitted to a lender by a borrower in which they ask the lender to modify the mortgage terms.
What is the purpose of the RMA form?
The Request for Modification and Affidavit form is meant to provide all the sufficient information about the borrower’s difficult financial condition including the reasons for such a request and plans on how to fulfill the payment obligations.
Is the Request For Modification and Affidavit form accompanied by any other documents?
Because the lender has to be persuaded to modify the mortgage terms, there is a need to prepare a sizeable list of the supporting documents. For the exact details it is strongly recommended that the claimant should check up the lending institution’s website. Yet, in most cases, it is very likely to consist of the following documents and statements besides the completed RMA form:
- Hardship letter ( which shouldn’t exceed one page)
- Proof of income (2 most recent pay stubs or profit and loss statements)
- Copies of two latest bank statements;
- Copies of last two tax returns;
- Dodd-Frank Certification form, etc.
How long does it take to process the Request For Modification and Affidavit?
The borrower requesting mortgage modification should be patient in expecting the decision of the lending organization. The processing period may even last for 2 months and due to this fact, the borrower should keep new versions of all the furnished documents on file, in case the lender requests an update on the financial situation of the claimant.
Where to submit the completed RMA form?
The filled out Request For Modification and Affidavit form and all the necessary attachment should be delivered to the lender.