The most important part of the entire Bank of America loan modification application process is the RMA form. If homeowners knew just how important it is to complete this 3 page form correctly, they would spend a bit more time learning just how it needs to be prepared correctly. The fact is that most borrowers get turned down for their loan mod because of the information they provided on this form.
Here are some helpful, detailed directions to complete the RMA Bank of America loan modification form that will help you avoid the most common mistakes.
Understand that the information provided on the RMA is used by the bank to determine if you qualify or not-this means that you must understand exactly what the bank is looking for, what is important and what information is used to determine qualification.
- Page 1 of the RMA provides basic information about your residency status, your employment information, any other liens on the property and also has a space to explain why you need a Bank of America loan modification. The hardship reasons include: loss or reduction of your income, high monthly debts, lack of reserves(savings), and increased expenses (medical, divorce, payment reset). Be sure you complete very single area of this page and if you need a separate page to describe your financial hardship, be sure to sign that page and include the loan number on top.
- Page 2 of the RMA is the Monthly Budget Worksheet-this is really the
meat and potatoes of the application and it is critical to get this part right. The information you put on this page will be used in the standard approval formula-a mathematical formula that uses your monthly income, monthly expenses and current mortgage information to determine if you fit the program guidelines or not. How do you know how much income you need to qualify? Too much or too little and you will be turned down. You can avoid mistakes by running your figures through the Loan Mod Quick APP calculator to find out if and where you may need to adjust your figures if needed.
- Should you need to adjust your monthly budget worksheet, make certain that you do it before you submit the RMA for final review. Many borrowers have to apply over and over again because they are guessing at what they need to show-use the Loan Mod Quick APP calculator to get it right the first time-that is the faster way to get the help you need.
Avoid mistakes when completing the Bank of America RMA form, use the #1
resource for borrowers to get it done right the first time. The Complete Loan Modification Guide Kit and Loan Mod Quick APP calculator gives you the detailed directions you need to succeed. Use the Calculator to figure out the income, expenses and other approval criteria so you can fine tune your budget ahead of time-all done automatically for you-avoid mistakes. Visit MyLoanModificationCenter.com for more information.