When you apply for a Bank of America loan modification you will be required to complete your monthly budget worksheet. The information that you supply on this form will determine if you qualify for help or if you will be turned down. It is critical that you understand what the bank is looking to see, and how to fine tune your figures ahead of time so that you have the best chance of approval.
A Bank of America loan modification can only be given to homeowners who can prove in black and white on their application that they meet the standard approval guidelines. This means that your gross monthly income, your monthly expenses and assets all fit right in the approval criteria-if you can get this part right, then you have an excellent chance of getting the help you need and deserve.
Here is the information you will need to supply on the monthly budget worksheet:
- Gross Monthly income
- Monthly expenses
This information will be put through the standard formula at the bank to determine if you fit into the Waterfall Method of Modification, if your income is too high or too low you will not qualify. Your expenses and assets must also pass this formula. Unfortunately, this is where most borrowers get it wrong and why most applications end up being turned down.
TIP: Before you send in your Bank of America loan modification monthly
budget worksheet double check your figures by running them through the loan mod quick app calculator to be sure you are passing all of the guidelines.
Use the #1 resource for homeowners to help you prepare your loan modification application correctly, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator give you the forms, directions, and sample monthly budget that you can follow. See how much income, expenses and assets you need to
qualify. Visit MyLoanModificationCenter.com for more information.