Financially strapped Citimortgage borrowers may be able to get loan modification help under President Obama’s Home Affordable Plan.  Depending on your circumstances, you could be eligible for one of the three options offered and funded by the Treasury Department.  $75 billion dollars has been allocated to help stop the foreclosure crisis, and you may qualify for help under this program.  Learn the options and find out which one could benefit you.

Citimortgage loan modification option#1:  Home Affordable plan is a refinance plan that gives borrowers the opportunity to take advantage of the current low interest rates by refinancing their current loan.  In order to qualify for this plan, you cannot be late on your mortgage payments and you cannot owe more than 125% of the homes current market value.  This part of the program only applies to your first trust deed, and if you have a second loan that lender must agree to the transaction.  This plan is called

Federal Plan

HARP for Home Affordable Refinance Plan.

Citimortgage loan modification option # 2:  HAMP is a loan modification program that will offer qualified homeowners interest rate reductions down to 2%, loan terms extended to 40 years and finally some principal deferral on their first trust deeds.  The goal is to reach a target payment that equals just 31% of your gross monthly income.  If you have a second loan on your home, the plan now mandates a modification to that loan as well with interest rates down to 1% or 2%, and in some cases the debt may be retired entirely.   This plan is called HAMP for Home Affordable Modification Plan.

The Treasury Department is paying the lender for each successful modification, and borrowers who are able to maintain the new modified payments will also be paid up to $5000 over the next 5 years.  If you do not qualify for the refinance plan because you are delinquent or you owe too much on your home, the Home Affordable Modification may be a good option for you.  Make sure you understand the approval criteria and prepare your application before calling your lender to apply.  This is a one-time chance and you want to make sure you know how to qualify so you don’t make a mistake.

Citimortgage Home Affordable option #3 is a short sale or deed in lieu of foreclosure.  The federal government will now pay lenders $1000 for allowing a sale where the proceeds are less than the amount owed on the property.  The government will also share the cost of eliminating second liens on the property.  If the short sale does not work, the the homeowner can turn over the keys and transfer the home without a foreclosure process.  The borrower could then be eligible for  $1500 in relocation expenses.  This program is called HAFA for Home Affordable Foreclosure Alternative.

All of these options have monetary incentives that encourage lenders to work with borrowers and find a solution quickly.  Even so, not all borrowers will qualify for these options.  If you are facing financial difficulty, find out more about the programs and how you could qualify for help.  You must invest some of your time and effort to learn and prepare before contacting Citimortgage if you hope to be successful.  There is a four step formula that all banks use to determine if a homeowners qualifies for a federal loan modification.  You can use this very same formula to prepare your financial statement so that you know you fit into the approval guidelines.

If you are confused about how to calculate your debt ratio, new target payment or exactly how to complete your financial statement correctly for your bank, then be sure that you take the time to learn the formula or use a software program that will do the necessary calculations for you automatically.  Now is not the time to take chances-prepare your application correctly and you will have a good chance of success.

The government is encouraging homeowners to work directly with their lenders and discouraging loan modification companies who charge large fees to assist borrowers.  You can get help-if you know how to get it.  Start now to learn and prepare so you can get back on track.  It’s not hard with the help of good resource material and a couple of hours of your time-it will be worth it!

Download immediately!

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

A critical part of applying and qualifying for a Chase loan modification is being able to meet the debt ratio requirement.  Never heard of this before?  Well, when it comes to loan review, this calculation is one of the most important things the bank will look at. So, just what is debt ratio and how do you know if your ratio is acceptable?  Here is the basic formula to figure it out.

First of all, a Chase loan modification will mean that you complete a financial statement detailing your own unique household monthly gross income and monthly expenses.  Then the bank will review this statement and based on how you complete it, you will either be approved or denied.  So, it is really important to understand just what they are looking for so that you can avoid any costly mistakes.  Your debt ratio is calculated using a formula like this:

Chase Loan Modification Debt Ratio Calculation:

Total monthly expenses DIVIDED by total monthly Gross income = debt ratio percentage

For Example:  Total monthly expenses equal $2600 and total monthly gross income equal $5000

2600 divided by 5000 = 52%  That would be your own debt ratio.  So what is required for approval for a Chase ?  Well, that depends on the loan workout program you are requesting-here are a couple of options.

Federal Plan

The Chase debt ratio requirement for the government plan called HAMP is standard and mandated by the Treasury Department.  You must be able to meet these standard guidelines in order to be offered this very beneficial loan modification.  If you qualify for this loan workout, your interest rate could be reduced to as low as 2%, your loan term extended to 40 years and some of the loan’s principal balance deferred or even forgiven.

The first approval guideline under Chase loan modification with HAMP is that your current mortgage payment-including taxes & insurance and any HOA dues-equal MORE than 31% of your gross monthly income.  So if your current debt ratio is 31% or lower-you won’t qualify.  If however your ratio is over 31% then you have met the initial criteria for review.

Work on your budget now

One other loan modification option could be one of Chase’s proprietary or in house plans.  These are custom tailored for each borrower and these programs can vary a great deal.  Generally speaking, the goal will be to get you a new payment that equals approximately 45% of your gross monthly income.  So if you do not qualify for a federal HAMP option, you could be offered one of these other plans.

INSIDER TIP:  Make certain you know how to calculate and meet the Chase debt ratio requirements if you want to have the best chance of success.  If you are confused about how to properly prepare your financial statement, then you can use a software program designed just to help homeowners with completing their budget correctly.  The Loan Mod Quick App software takes the guess work out of making certain that your figures are accurate.  You can save hours of time and frustration.  Simply input your own income and expenses and all the calculations are done automatically.  Most importantly, you will see immediately if you need to make any adjustments to your figures in order to pass the approval guidelines.

Download immediately!

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order toda

A Citimortgage loan modification program has certain terms and requirements that all homeowners need to understand.  This is important if you hope to get the very best loan workout and get the lowest loan terms so that you can afford your mortgage payment now and in the future.  There are some standard terms and approval requirements you can learn that will help you when you deal with the bank.

The Citimortgage loan modification program terms can vary depending on the actual loan workout program you apply for.  If you ask to be considered for the government program, called Home Affordable Modification or HAMP, then you need to learn the basic 4 step approval formula that will be used to determine if you qualify.  This is critical because if you do not prepare your financial statement using this formula you are taking a big risk of not fitting into the approval requirements.

The Citimortgage loan modification approval requirements under HAMP are determined by your debt ratio, new target payment, asset ratio and other calculations.  If you are confused about how to compute your own figures, then use a software program designed just for homeowners that does all these important calculations automatically for you.  All you have to do is put in your own monthly income and expenses and you get all the figures done for you.  The other benefit of using the software is that you will see ahead of time if you need to make any adjustments to your financial statement to fit into the approval guidelines.

The Citimortgage loan modification approval requirements are standard for everyone.  Learn these and

Federal Plan

you will be on your way to preparing a accurate and acceptable application for the bank.  The government has set up standard approval criteria and a standard method of modifying loans under HAMP.  You can use this information to make certain that you fit into those approval guidelines.

1. Do you live in the home as your primary residence?
2. Is your current loan amount less than $729,750?
3. Was your loan taken out before 1/1/09?
4. Is your current mortgage payment more than 31% of your gross monthly income?
5. Are you facing a financial hardship and your payment is unaffordable?

If you can say yes to those questions, then you have met the basic Citimortgage loan modification approval requirements.  But, now there is a second set of guidelines that determine if you get the 2% interest rate, a 40 year term or some principal reduction.  This is where your debt ratio, target payment and other figures must be checked to be sure you meet the approval formula.

If you are confused about how to complete your financial statement correctly, or need help with your debt ratio, new target payment or asset calculation, you can take advantage of a software program designed just for homeowners trying to get a loan modification.  All you have to do is input your own monthly income, monthly debts and some other basic information and all the calculations are done immediately for you.  It’s simple and accurate-you can save hours and avoid mistakes that could cost you.

Download immediately!

Get the help you need to prepare your own accurate and acceptable Citimortgage loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

There are several Chase modification programs-how do you know which one is right for you and how do you know if you received the best loan workout plan available?  The first step is to learn the different options and their benefits-that way you will be able to make a wise decision and not settle for something that does not work for you.  Remember, the bank will do whatever is best for them-so you need to be able to know what your goal is and then work towards that.

The basic Chase modification programs are the HAMP federal plan and the in-house or proprietary loan

Federal Plan

workout plans.  The difference is that the HAMP guidelines and terms are standard and they are monitored by the government.  Chase gets paid for every loan modification they complete under the federal plan and they must prove that they complied with the regulations.  The government plan features some of the most aggressive terms, with interest rates as low as 2% and 40 year terms, as well as principal reduction or deferment.  This should be your #1 choice as you could get a very affordable mortgage payment under this program.    In order to qualify you must meet standard guidelines and fit into a 4 step formula for approval.  You can use this same formula to prepare your financial statements so that you know you have the best chance of success.

Another Chase Modification program is their in-house or proprietary plans.  These can vary a great deal and are custom tailored for each borrower depending on the unique set of circumstances.  So if you do not fit into the HAMP guidelines for some reason, you should still apply because you could very well be offered some type of loan workout that could help you.  Many times these plans feature lower payments for a short while, only to go up again and cause future problems.  It is critical to be able to know what your target payment is so that you will not settle for an offer from Chase that will not benefit you.

Either way, you will have to complete an application and loan modification forms including a financial statement to be considered for any Chase modification program.  This information will be reviewed-your income, expenses, assets, etc must all be computed properly so that you will qualify.  If you are confused about your debt ratio, new target payment or the other requirements, take advantage of a software program designed just for homeowners that does all the calculations for you automatically.

The Loan Mod Quick App software is included in The Complete Loan Modification Guide kit, and will make it easy for you to prepare your own accurate and acceptable financial statement.  Simply input your own monthly income and monthly expenses, and you will see immediately if you need to make any adjustment to your budget in order to meet the guidelines.  You will avoid mistakes and be able to quickly prepare your forms correctly.  Save time and do it right the first time-give yourself the inside edge to approval and get back on track quickly.

Download immediately!

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Homeowners trying to apply and qualify for a Citimortgage loan modification should learn the basic terms that could be offered so that the most beneficial loan workout will be given.  It just makes sense to know a bit about the possible options before you decide on what to accept from the bank.  Some homeowners receive very aggressive loan reductions while others don’t get much help at all-find out how to optimize your loan mod.

The Citimortgage loan modification terms being offered can vary quite a bit depending on which program you are put into.  There are a many options available, but the main difference is between the federal plan called HAMP and the bank’s own proprietary or in-house programs.  The HAMP guidelines and terms are standard and actually regulated by the Treasury Department, while the in-house programs can vary greatly because the lender custom tailors the program options depending on each situation.

If you apply for a Citimortgage loan modification and are offered the HAMP terms, you can be sure that you have gotten one of the most aggressive loan workouts available.  This program offers a low 2% interest rate, 40 year terms and often some type of principal deferment or even reduction in your loan balance.  The bank gets paid by the Treasury Department to offer this plan, so you must prove that you meet the strict eligibility guidelines.

If you do not meet the HAMP approval criteria, you may still be offered some type of Citimortgage loan modification with an in-house plan.  Again, these terms can vary a great deal and may benefit you or may not be much help.  You may be offered an interest only option, or a lower payment for only a short term.  It is important to know ahead of time what your goal is and be working towards a long term solution-a fixed payment that you know you can afford now and in the future.

Either way, you will be asked to prepare and submit a financial statement that details your monthly income and monthly expenses.  This information will be used to determine what if any loan modification program you qualify for.  A calculation will be done that includes your debt ratio, so it is important to know that your figures are accurate and acceptable before the bank reviews the financial statement.  If you are not sure how to do this calculation, then use a software program designed just for homeowners that does all of the figuring for you automatically.  It easy-simply input your own monthly income and monthly expenses and your debt ratio, new target payment and all the other approval triggers are shown immediately!  Avoid mistakes and save time-and get it right the first time.

Download immediately!

Get the help you need to prepare your own accurate and acceptable Citimortgage loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

The Wells Fargo loan modification programs that are available to homeowners vary depending on your unique situation.  This is not a one size fits all type system.  Depending on your circumstances, including your loan amount, your equity position and your financial situation, you may benefit more form one program over another.  Here are the basic plans and how they work.

Wells Fargo Loan Modification Program Option 1:

The lender has their own in-house or proprietary loan workout plans that can be custom tailored for your situation.  There are not set guidelines that must be met, other than that you are facing a financial hardship and can no longer afford your current loan payment.  Since Wells Fargo determines the new modified terms, they can vary greatly and so can be very beneficial or the plan they offer you may not be of much help at all.

A Wells Fargo loan modification offer may be for an interest only period of up to 10 years, or they may offer you a lower payment for just a few months.  We have also seen them offer very similar plans to the federal HAMP guidelines, ever for homeowners who do not fit into the government guidelines.  The difference is that Wells Fargo is not subsidized by the Fed for their in-house programs and so they can offer any type of terms they want.  So, it is important to carefully analyze the loan mod terms to be sure they will work for you.

Wells Fargo Loan Modification Option 2:

The bank is offering the government stimulus loan workout plan called HAMP, for Home Affordable

Federal Plan

Modification Plan.  This is a very aggressive program that is designed to provide a low, affordable mortgage payment for homeowners facing foreclosure due to a financial hardship situation.  The good thing about HAMP is that the guidelines and loan terms are standard for everyone.  This ensures that you will get a very affordable payment, and that you will have a good chance of qualifying if you can meet the published guidelines for approval.

There is actually a 4 step formula that the Fed has mandated to be used to determine if a homeowner qualifies for HAMP.  You can use this very same formula yourself when you prepare your application and be certain that you meet the guidelines.  This formula uses a debt ratio calculation, a target payment figure, and several other approval triggers.  If you are confused about how to do these calculations, you can use a software program designed just for homeowners that does all the figuring for you automatically.  That way you know ahead of time if you need to make any adjustments to your budget and you will have the best chance of qualifying.

Download immediately!

Get the help you need to prepare your own accurate and acceptable Wells Fargo loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your uniquefinancial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Know the Guidelines

There is a way that you can gain some control over the outcome of your Indymac loan modification and get the help you need and deserve.  You must decide to be as proactive and persistent as possible, after all you are fighting for you family’s home and the bank is not always going to be cooperative.  How can you make sure that you complete your loan modification application correctly and do all the steps the right way?  Here is a checklist you can use to get started.

Step 1:  Before you ever contact the bank to get the loan modification process started, spend just a couple of hours learning the basic guidelines for HAMP-the government bailout plan.  Why this plan?  Well for starters, it is the most aggressive and beneficial for homeowners as it features the lowest terms.  Also, the guidelines for approval are standard and they are published-we know what they are.  It just makes sense to know what you are trying to get approved for before you fill out your application.  Otherwise, how do you know if you fit into the guidelines or not?  This is not the time to “guess”-this is the time to be certain.

Step 2:  Gather all of the required loan modification forms, income documentation, bank statements,

Know the 3 critical elements of a hardship letter

monthly bills, and any other paperwork needed to prepare your application.  Set aside several, uninterrupted hours to work on it.  You do not want to start and then have to stop while you search for something-that is distracting and will cause you to make mistakes.  You can follow a checklist of items need in The Complete Loan Modification Guide kit.  You will also learn how to write an effective Hardship Letter to include in your package.

Step 3:  Use all of your income, asset, and monthly expenses to prepare your own financial statement.  Now, this is where it gets tricky.  Your financial statement MUST be completed properly-this means that you have fine tuned your figures so that you know you fit into those HAMP guidelines-the mathematical formula involves your debt ratio, new target payment and disposable income.  How can you know you have done your figures correctly?  Well, you can take a lot of confusion out of preparing your statement by using a software program designed just for homeowners.  This program actually mimics the HAMP guidelines and all you have to do is input your monthly income and monthly expense-all the calculations are done automatically.  You see immediately where any adjustments might need to be made.

Step 4:  Fine tune your budget so that the calculator shows you are passing the HAMP guidelines-the

Federal Plan

prepare your financial statement using these figures.  Now you can be confident that your budget has the best chance of qualifying.  Follow the checklist to put together your complete, accurate and acceptable Indymac loan modification package.

Step 5:  Now you are ready and prepared-call Indymac and tell them you are facing financial difficulties and want to apply for HAMP.  You will be asked to provide your monthly income and expenses-no problem!  You have already done your homework and you can easily and quickly provide the information Indymac will need.

Get the Right Person on the Phone!

Step 6:  Be persistent and follow up at least once a day to make sure that your file is moving forward.  The new guidelines mandate that the bank must provide a final answer to applicants within 30 days of receiving a complete package.  So, now you will have your answer quickly because you knew how to prepare and submit a complete, accurate and acceptable Indmac Loan Modification application.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick

Download immediately!

App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Need help to lower your mortgage payments?  You need to learn how to find and complete the required Chase loan modification forms. You will be required to submit an application that includes certain loan modification forms. Ever wonder why some homeowners are approved for a loan workout while others are denied? Here is the secret- knowing how to prepare the application forms properly so that they will meet the lenders guidelines for approval. The new federal program called HAMP is offered by Chase and features a standard formula to determine which borrowers are eligible, use this formula when preparing your forms and you will have the inside edge.

Here is a list of the Chase loan modification forms and how to prepare them:

1. Borrowers Statement: This is an information sheet that includes the borrowers basic information, like name, address, social security number, dependent information, job history, etc.
2. Current Financial Statement: This is a detailed accounting of your monthly income and expenses-a snapshot of your current financial situation that itemizes all of your income and expenses each month. Here is how you demonstrate to Chase that while the current mortgage payment is a hardship, the new lower modified loan payment will be affordable. Make sure you figure your debt ratio, target payment and disposable income correctly!  You can use a tool designed just for homeowners that will do all the calculations automatically-The Loan Mod Quick App software program takes the guess work out of doing your own financial statement correctly.
3. Hardship Letter & Hardship Affidavit: You must prove to Chase that you have or will suffer a financial hardship causing the current mortgage terms to be unaffordable. A compelling and
   

   Know the 3 critical elements of a hardship letter

   convincing letter will help your lender to decide in your favor. Keep it short but descriptive-one page is ideal.  Make sure you include a few key trigger phrases-one is “imminent risk of default”-do you know the other two?

4. Submission Cover Sheet: Use this form to tell your lender what new loan terms and mortgage payment you are requesting. Make sure you specifically request consideration for HAMP.  When you prepare your target payment ahead of time, you will be able to negotiate with your lender to achieve the new payment that will be affordable and sustainable for your family.
5. Rental Schedule: Use this form if you have investment or rental properties to show the bank the monthly cash flow and equity position.  Your negative or positive cash flow will impact your monthly income.

Your Financial Statement is really the single most important part of your application-done right and you have a good chance of approval, but done incorrectly and even a deserving borrower will be declined. Remember, based on how you prepare this form, Chase will make a determination as to whether you qualify or not. That is why it is so important to work on this ahead of time-do not give your bank any information about your income or monthly bills until you have sat down and worked out your budget. The goal is to show the bank that the current payment is unaffordable and that you cannot make ends meet. But you most also be able to show them that you will be able to pay and maintain the new modified payment each month, and have a little bit of disposable income left over for emergencies. This is easy to do when you use a Current Financial Statement and a Proposed Financial Statement and when you have determined your target payment.

Your target payment is your goal-use the Loan Mod Quick APP software program to discover your target payment, debt ratio, disposable income and the other important calculations.  You can then make any necessary adjustments to other parts of your budget so that you prove clearly to Chase that you can afford the new, modified payment. If you are not sure how to figure your debt ratio, target payment or the other critical calculations, avoid mistakes and use the software program designed specifically to assist homeowners avoid mistakes and prepare their application correctly.

Download immediately!

Save hours of time and frustration and do it right the first time.  Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

A successful application is to complete the required loan modification forms so that you have met your lenders guidelines for approval. You must take the time to learn those guidelines and know how to prepare your forms properly so that you will have the best chance of success. Even the most deserving borrower may denied the help they need if their loan modification application is not completed properly. Make the decision to become informed and be prepared so that you can have a fighting chance to save your home. This is to important to leave to chance-thousands of homeowners have already gotten help and you can too!