Interested in finding out if you qualify forIndymac’s federal modification plan?  Stop, before you submit your loan modification application to your lender, read this important information. There is a lot riding on this-are you sure you have completed all of your paperwork properly so that it has the best chance of approval? The truth is that more homeowners are declined than are approved-make sure you will not give the lender a reason to decline your workout. Here are 3 reasons Indymac could turn you down-make sure you know how to prepare your paperwork so you give your lender a reason to approve you-not decline you.

Know the Guidelines

Loan Modification Decline Reason #1: You have not proven an acceptable financial hardship-this is one of the basics for determining a qualified candidate for a loan workout. Indymac must verify that your circumstances have changed since you first got the loan, and so you can no longer afford the monthly payment that you originally agreed to. Loss of job or income, illness or medical expenses, divorce-separation, military service, interest rate re-set are all some valid hardship situations. Loss of home equity alone is not. In addition to completing and signed a Hardship Affidavit, you must provide your bank with a compelling and convincing Hardship Letter that contains 3 important elements-do you know what they are?  Use the handy Hardship Letter Outline provided in Chapter 10 of The Complete Loan Modification Guide to be sure you include all the required information.

Loan Modification Decline Reason #2: You have not convincingly proven that you will be able to afford to pay and maintain the new modified loan payment and will not be a risk for re-default. The #1 thing your lender is concerned with is that you can afford to stay in your home even after the loan workout is granted. There is a high rate of borrowers defaulting again after their loan modification-you have to prove that this will not happen to you.  Your budget or financial statement will itemize all of your income and expenses-it is critical to work on this form ahead of time and then make any necessary adjustments before you call your lender.  You need to have all of this information prepared before you call Indymac.

Learn how to Qualify before you Apply

Loan Modification Decline Reason #3: You have not met the federal guidelines for approval regarding debt to income ratio and disposable income. Obama’s plan calls for a new payment that equals 31% of your gross monthly income-and the bank must use only approved methods to reach that goal. Your loan modification application paperwork must prove in black and white that you can meet those guidelines. Do you know how to demonstrate clearly to your bank that you do meet their criteria for approval?  There is a standard formula that Indymac will use to determine if you qualify for the federal loan modification plan.  You can learn and use this very same formula when you prepare your application-and greatly increase your chances of approval.

This is important stuff-make sure that you do not give your lender a reason to deny your loan workout application. Your goal is to give your bank all the reasons they should approve your loan workout-and you can do this clearly and decisively when you know the guidelines for approval and then prepare your paperwork so that it has the best chance of meeting those guidelines. This is too important to leave to chance-learn the formula for approval so you can submit an acceptable application.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

<!– /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:”"; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”; mso-fareast-font-family:”Times New Roman”;} a:link, span.MsoHyperlink {font-family:”Times New Roman”; mso-bidi-font-family:”Times New Roman”; color:blue; text-decoration:underline; text-underline:single;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline; text-underline:single;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} –>

Not sure how to qualify for a loan modification? Loan Mod Quick App software takes the confusion out of preparing your application. This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! You can save hours of time and avoid costly mistakes. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Think you don’t have any control over whether Chase approves your loan modification application? Well, you do have control over how you submit your loan workout paperwork, and that greatly affects whether your loan modification is approved or denied. Here are 5 mistakes that borrowers need to avoid to increase their chances of success when working with the lender.

Loan Modification Application Mistake #1: Not understanding your lenders approval guidelines before preparing your paperwork is a big one. When you blindly submit your application without understanding what Chase needs to see on it to approve your loan workout, you have much smaller chance of success.

Application Mistake #2: Speaking with the collections department instead of a loss mitigation counselor is is big mistake and a big waste of your time and efforts. You are probably getting phone calls at home from your lender demanding payment, but this is not who you need to speak with about a loan workout. You are wasting valuable time and energy talking with anyone other than Chase’s loss mitigation department.

Loan Modification Application Mistake #3: Waiting too long to make contact with your bank to begin the loan workout process is not going to help your situation. Even if you are frightened or intimidated, the truth is the sooner you start talking to your bank the sooner you will be able to find a loan workout solution. Chase no longer requires you to be delinquent on your payments to apply for a loan modification, you just have to be facing a financial hardship that will cause the likelihood of default-this is called “imminent hardship”.

Application Mistake #4: Submitting an unacceptable or unrealistic loan modification proposal that does not fit your lenders guidelines for approval. Every lender has their own criteria for approval that must be met and Obama’s federal plan has standard guidelines as well. Chase is offering the federal plan so learn these guidelines and then you will be able to know how to determine your target payment that will fit your budget as well as meet your banks guidelines.

Loan Modification Application Mistake #5: Misrepresenting or omitting your income or assets can be a cause of denial. Remember, your bank will pull your credit report and review your bank statements to verify your information. If you leave out a debt or asset, your calculations with be off and that could mean a decline of your application.  CAUTION!:  do you know the maximum amount of money you are allowed to have in your bank accounts to qualify?

It takes a little bit of effort and preparation to make sure that your Chase loan modification application has been completed properly, but the result will be worth it. Saving your home is too important to just give it a shot-make sure you give it your best shot with an acceptable, accurate and complete loan modification application.  You  can learn the lender and federal guidelines for approval in the #1 resource for homeowners, The Complete Loan Modification Guide, and use that information to fine tune your own proposal so that it fits those guidelines.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

There is a way to take much of the anxiety out of applying for a Wells Fargo loan workout.  The lender is using Obama’s loan modification plan which has standard guidelines for approval and a pre-determined formula that the bank will use to qualify you.  If you use these same steps and formula to prepare your application, you will have a very good chance of getting the loan work out you need.

President Obama and the Treasury Department is encouraging all at-risk homeowners to contact their lender and ask to be considered for the Home Affordable Modification Plan.  Under this program, Wells Fargo is required to review your application and determine if you are eligible.  During this review process, all foreclosure proceedings are to be halted.  This is a great opportunity for you to take advantage of the governments stimulus plan and get your share of the $75 billion set aside for deserving homeowners.

When you ask Wells Fargo to review your situation for the Home Affordable Modification Plan, the first thing they will ask you for is a financial statement.  This is a breakdown of your monthly income and expenses.  The information you provide will be used in a formula, and based on the results, you will either qualify or not.  That is why it is critical to understand the formula and then prepare your application forms correctly.  You can make any necessary adjustments to your budget before your lender reviews it-it just makes sense to work on this very important form before you contact the bank.

Federal Plan

The basic formula for the Home Affordable Modification Plan revolves around being able to achieve a target payment that equals 31% of your gross monthly income by using the standard methods of reducing your interest rate, extending your loan term, and deferring or forgiving some of the principal balance.  You must also show on your financial statement that you will have the right amount of disposable income each month after you pay all of your other bills.  You can follow the exact steps Wells Fargo will use to make sure you are within guidelines with the help of the #1resource guide for homeowners, The Complete Loan Modification Guide.  Now is not the time to take any chances-spend a couple of hours learning and preparing.  Your efforts will pay off with a new, affordable mortgage payment.

Learn more about Obama’s plan and the exact formula and get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.

Home Edition Loan Modification Kit with Customer Assist

Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

If you are struggling with your current mortgage and want to find out if you qualify for a loan workout, then now is the time to get started to learn more about the process.  First, the primary qualification for a loan modification is the evidence of a financial hardship situation.  This means that circumstances have caused your current mortgage payment to be unaffordable and you are at risk of losing your home of going into default.  The Fannie Mae loan modification plan, sponsored by the Treasury Department and paid for with bailout money, requires that you complete a form called a Hardship Affidavit.

What is this form and why is it important?  This is a 4 page form that basically explains to your lender the reasons you are facing a hardship and could be a candidate for a loan workout.  There are multiple choices, and boxes that you must check off.  In addition, there is a very important certification that you are asked to sign under penalty of perjury that you are not misrepresenting your circumstances or intentionally missing payments to get a loan modification.

The form also explains briefly the terms of the Home Affordable Modification trial period, and tells you that you may be required to attend credit counseling as a condition of your loan workout.  You sign this form giving your bank the authority to check your credit report and verify your income and assets, and to start an escrow account for your property taxes and homeowners insurance.

Federal Plan

This is an important part of your loan modification application and should be included with your submission.  There is a final page where you can include your Hardship Letter, giving more specific details about your circumstances and why you deserve a loan modification.  This is one of the 4 mandatory forms that you will need to prepare for a complete application package.  You can get this form on the makinghomeaffordable.gov website.  This is just one of the 4 required forms you will need to submit, you can get them all in the #1 resource guide for homeowners, The Complete Loan Modification Guide.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

There is a standard formula that Countrywide will use to determine your eligibility under the Obama Home Affordable Modification Plan.  The Treasury Department has mandated that this formula be used when reviewing a borrowers request for a loan workout.  Learn this basic formula and then you will be able to pre-qualify yourself and have a much better chance of getting your proposal approved.

The Countrywide Home Affordable Modification Plan is designed to provide an affordable and sustainable mortgage payment for homeowners who are either delinquent or at imminent risk of becoming delinquent.  The first criteria that must be met is an evidence of a financial hardship situation.  This could be due to any number of circumstances, but the generally acceptable ones include:

1. Reduction in income or loss of income
2. Change in the households financial circumstances
3. Lack of sufficient cash reserves to pay mortgage and basic living expenses-excluding retirement accounts
4. Increase in Expenses
5. Excessive monthly debt payments and over extension with creditors
6. Other reasons for hardship

Federal Plan

The standard formula used by lenders under the Countywide Home Affordable Modification Plan is:

1. New target payment that equals 31% of the gross monthly income (can use all household income-including roommates)
2. Arrive at new loan terms to reach that target payment by first reducing interest rate to as low as 2%, extending loan term to 40 years, and deferring or forgiving part of the the principal balance.
3. Verify that the homeowners financial statement information fits the debt ratio and target payment calculation

So, the way that you can be sure you have a very good chance of approval is to learn the basics of how to figure your target payment and debt ratio, then fine tune your financial statement and make any necessary adjustments to your budget before you send your proposal into your lender.  Take the time to learn and prepare, and you will have a very good chance of getting the help you need and deserve.

Chase is offering a plan available for homeowners who are either in default on their mortgage or facing imminent default due to financial hardship. Sponsored by Fannie Mae and paid for by the Treasury Department with $75 billion in stimulus funds, this loan modification program could be the answer you need to say in your home. Learn what is required to qualify and how to apply correctly so that you can get the help you need quickly.

Chase is authorized to offer its borrowers the Fannie Mae plan, called Home Affordable Modification, or HAMP. The best feature of this program is that it offers standard approval guidelines and standard methods of modifying your loan. This means it is much easier to apply and qualify-IF you know what those guidelines are. If you want to get approved quickly, it makes sense to learn the basics, work on your loan modification forms ahead of time and make any necessary adjustments, and then submit your proposal that you know meets the approval criteria.

Here is the basic method that Chase will use to determine if a homeowner is eligible for this plan:

• Do you live in the home as your primary residence?
• Is your current mortgage payment greater than 31% of your gross monthly income? (including principal, interest, property taxes, homeowners insurance and any homeowners dues)
• Was you loan taken out before January 1, 2009?
• Is your loan amount less than $729,750? (for 1 unit properties-higher limit for 2-4 units)
• Are you facing a hardship situation making your payments unaffordable?

Work on your budget now

Chase will use the Fannie Mae Home Affordable Modification method of determining your new modified payment – and you must be able to meet this debt ratio calculation to qualify:

• New target payment equals approximately 31% of gross monthly income
• Gross monthly income times 31% equals close to target payment
• Decrease interest rate to as low as 2%, extend loan term to 40 years, defer or forgive principal balance to reach target payment and meet 31% debt ratio requirement.

There are 4 steps to determine if you can meet the target payment and debt ratio requirement. Learn these steps and you can pre-qualify yourself easily. Then you can prepare your loan modification forms correctly, present an acceptable proposal and your application will have a very good chance of getting an approval quickly!  You are provided withe detailed directions and step by step instructions for computing your target payment and debt ratio in the #1 resource for homeowners, The Complete Loan Modification Guide.  This is the inside edge you need to get approved quickly-don’t take chances and risk being denied.

Get the help you need to apply and qualify for a Chase loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender.

Home Edition Loan Modification Kit with Customer Assist

You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com