RMA Form

Completing the Bank of America RMA form so that you get approved for a loan modification, it is critical to make the first step correctly so that you have a good shot at approval.  Most borrowers think that simply facing a financial hardship is enough to get the bank’s help-but it is much more complicated than that.

Keep in mind that the financial information you provide to Bank of America on the RMA form is used in a mathematical formula to determine if you fit into the tight approval criteria.  This formula is standard for everyone and uses your:

1. Gross household monthly income
2. Debt Ratio, which is how much of your income is spent each month for the mortgage expenses
3. Loan to value, meaning how much you owe as opposed to the current market value of your home
4. Cash flow, are you barely making it now or do you have money left over each month

The RMA Form tells Bank of America if your specific financial situation will

Budget Requirements Displayed

meet all of the strict guidelines.  If you show too much or too little income, you will be denied.  If your monthly expenses do not pass, you will be denied.

The first step to get approved for a Bank of America loan mod is to fine tune your own budget figures so that your final RMA form is perfect and proves that you are the perfect candidate.  This can be confusing if you do not understand the formula or know exactly what figures you should report.  You need to verify ahead of time that your own RMA form is completed correctly, and make any needed adjustments before you submit it for final review by the bank.

Get the real help and real answers you need-find out your own specific budget requirements, including how much income, expenses and assets you need to report.  Use the #1 selling resource for homeowners, The Complete

Calculator Incl-Download immediately!

Loan Modification Guide kit and Loan Mod Calculator.  The Calculator will automatically compute and display your own budget requirements for you, allowing you to know ahead of time just how to adjust your figures.  Visit MyLoanModificationCenter.com today.

RMA List

Do you know how to complete the Bank of America RMA form to make sure you get approved for a loan modification?  This is harder than it sounds, because unless you show the bank exactly what they need to see on this application, you will be turned down for a loan workout. Here is a quick checklist of the most important homeowner requirements for approval to help you avoid mistakes and increase your chances of success.

BANK OF AMERICA RMA FORM CHECKLIST FOR HOMEOWNERS

1. Monthly Gross Income-Make certain that the amount you list on page 2 of the RMA form will pass the guidelines.  You cannot show too much income or too little income-otherwise you will fail the requirements for debt ratio and you will not pass the Waterfall Method criteria.  You can verify how much income you need to report by running your budget through the Loan Mod Calculator, a tool for homeowners use.
2. Monthly Household Expenses-verify that the bills and expenses you list prove to the bank that you are barely making it each month, but also prove to Bank of America that a loan modification will be a solution for you.  Your pre-mod cash flow and post mod cash flow must pass the requirements-you can double check that your expenses will be acceptable by using the Loan Modification Calculator, then make any necessary adjustments before submitting to the bank.
3. Asset Ratio-make sure that your assets pass this important criteria and prove to Bank of America that you have exhausted all other options and can no longer
   

   Budget Requirements Displayed

   afford your mortgage.

4. Hardship Letter/Hardship Affidavit-the RMA form has 4 options for you to choose from:  loss or reduction in income, high monthly debts, lack of reserves, increased expenses.  You can also write a more detailed explanation of your financial hardship on a separate sheet of paper, be sure to keep it brief and sign it before you attach it to the application.
5. Proof of income reported-you must provide proof to Bank of America for any income you report on the RMA form.  Pay check stubs, canceled checks, bank deposits, award letters, bank statements, etc.  Everything must match up or they won’t count the income correctly.

There is only one way to get approved for a Bank of America loan modification-complete your RMA form so that it proves in black and white that you are the perfect candidate.  Showing just the right budget figures is the secret to success-take the time to verify that your income, expenses and assets will all pass the requirements for approval before you submit your application.

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Get the real answers you need-use the best selling, #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful system will automatically calculate and display your own specific budget requirements for income, expenses and assets.  Use this critical information to help you prepare your RMA correctly for fast approval.  Visit MyLoanModificationCenter.com today.

Success

Getting approved for a Bank of America loan modification can be tricky-if you don’t know the specific guidelines for approval then you are probably not going to complete your application correctly.  There is standard criteria for every homeowner who applies, and most borrowers are simply lost when it comes to understanding exactly what they need to report on their financial worksheet application form.

The basic approval guidelines are easy enough, you must be facing a financial hardship situation and be able to prove that you have enough monthly income to support the new modified payment.  But where it gets tricky is knowing just how much monthly income you need-if you show too much or too little your application will be denied.  Here are the main things that Bank of America will be looking for on your loan mod application:

1. Gross monthly household income-cannot be too high or too low or you won’t pass the Waterfall Method of Modification
2. Loan to Value-how much do you owe on your home as opposed to its current market value
3. Debt to income ratio-how much of your income is spent each month on your mortgage expenses
4. Asset Ratio-how much money do you have in liquid assets
5. Current cash flow-do you have money left over each month after paying all your bills or are you barely making it
6. Do you pass the Waterfall Method to modify your current mortgage
7. What is your post mod cash-will the new modified payment be a solution for you or are you still unable to afford the new, lower payment

Basically, the Bank of America loan modification approval guidelines are a tiny box that you must fit into-that is very hard to do for most people who have no

Budget Requirements Displayed

experience with this process.  Your goal is to fine tune your own budget figures before you submit it for review and know ahead of time just what you need to report in order to pass the approval criteria.

There is a program designed specifically for homeowner use that will automatically compute and display your own specific income, expense and asset requirements.  The Loan Modification Calculator will show you all 7 of the above guidelines-and let you see where and how to adjust your own figures before you submit them for final approval.  Visit MyLoanModificationCenter.com to learn how this powerful system can help you.

What does it take to get approved for a Bank of America loan modification?  There is a lot of confusion and frustration from homeowners trying to figure out just what the bank needs to see on the RMA application form.  You can save a lot of time if you learn a bit about the actual formula the bank uses on every application they receive.

BANK OF AMERICA RMA TIPS AND TRICKS:

Tip:  Do Not disclose your financial information until you have had the chance to verify that your income, expenses and assets will all pass the guidelines.  Learn a head of time just how to complete this important application form correctly-otherwise you may be declined immediately.

Trick:  You can verify your own budget requirements-how much monthly income, monthly household expenses and assets-to show on your Bank of America RMA form by using the Loan Modification Calculator.  This system was designed specifically for homeowner use, and will compute and display your specific requirements for you automatically.

Tip:  Fine tune your budget figures using the Calculator results, then transpose your final figures onto the RMA form that you submit for review.  You may need to make some adjustments to your expenses or income, so make sure you complete the application using your perfected figures.

Exact Requirements

Trick:  After you submit your RMA, call the Bank of America and confirm that they received everything they need.  Most importantly, make sure that the financial information you submitted has been properly input into their system. Often they bank will have the wrong income, expenses or assets in their system, and this can cause denial.  Ask the negotiator to read back to you the figures they are using to qualify you-if they are off, then make sure the get corrected.

Unfortunately, Bank of America will not give you the specific information you need to know when preparing your RMA form.  Keep in mind that the figures you supply will be used to determine if you qualify-so make certain that your verify your budget before you submit it for review.

You can get the real answers you need, avoid mistakes and save time.  Use the #1 selling system for homeowners, The Complete Loan

Calculator Incl-Download immediately!

Modification Guide kit and Loan Mod Calculator.  This powerful program will compute and display your own specific budget requirements so that you can prepare your RMA correctly.  Visit MyLoanModificationCenter.com today for more information.

Apply Correctly

The secret to loan mod success is understanding the program requirements so that you can complete the Bank of America RMA form correctly.  Most homeowners don’t know or understand just what the bank needs to see, and so they end up getting it wrong and then getting turned down.  Here are some important key points to know when you complete your application:

1. Take your time completing the monthly budget financial worksheet part of the RMA form-this is on page 2 and is really the most critical part of the entire process.  Before you disclose any of your income, expenses or asset make certain that you have made any necessary adjustments so that you pass the guidelines.
2. The underwriting approval guidelines state that you must show enough monthly income to pass the Waterfall Method of Modification-this means that your new modified target payment can be achieved using the standard methods-reduce the interest rate, extend the loan term or reduce the principal balance.  Make certain your monthly income will pass the guidelines-verify it first by running your budget through the Loan Modification Calculator.  The Calculator will show you Pass or Fail.
3. Bank of America will also check your monthly household expenses-your goal is to show that you cannot make ends meet now but will be able to afford to pay and maintain the new modified mortgage payment.  Your current cash flow must evidence a hardship, and your cash flow after the loan mod must prove that you will be able to afford the loan.  The Loan Mod Calculator will instantly compute your cash flow for you, and show you how to make any necessary adjustments.
   

   Exact Requirements

4. There is also an Asset Ratio requirement-this has to do with your liquid assets and the program only allows you to have a certain amount of funds available.  Verify that you pass this before submitting your RMA form for review-the loan modification calculator will compute this for you.

It’s really pretty simple-complete your Bank of America RMA form so that it proves in black and white that you are the perfect loan modification candidate and you have a very good chance of getting approved.  Remember, the perfect RMA shows just the right amount of monthly income, monthly expenses and assets.

Get the real answers you need-use the #1 system designed specifically to help homeowners prepare their RMA form-The Complete Loan

Calculator Incl-Download immediately!

Modification Guide and Loan Mod Calculator.  The program will automatically compute and display your specific budget requirements for you.  Visit MyLoanModificationCenter.com today.

Apply Correctly

Watch out! Bank of America will be carefully reviewing your RMA form to determine if you pass the requirements for loan modification approval.  The financial information you provide on this form will in large part determine if your loan workout will be successful-it is critical to know the exact requirements for your specific situation in order to have the best shot at approval.

What are the Bank of America loan modification requirements?  The most important one is that your financial worksheet information be acceptable-this means that your monthly income, monthly expenses and assets all fit right into the program guidelines.  Most homeowners are confused by this part-just how much monthly income do you need to qualify?  What should your monthly expenses be?  How about your assets-how are they listed?

BANK OF AMERICA RMA TIPS

Tip of The Day

1. Make sure that your monthly income is acceptable-it cannot be too high or too low – otherwise you will be denied.  You can learn just how much income is required for your specific loan situation by running your figures through the loan modification calculator-a system designed specifically to assist you with preparing your monthly budget figures.
2. Fine tune your monthly expenses so that you prove to Bank of America that your current mortgage is not affordable-your cash flow before the loan mod must document a financial hardship.  But, just as important you must have a positive cash flow after the loan mod-otherwise you will be turned down.  Verify your expenses are acceptable with the loan modification calculator-you will see instantly if your cash flow is acceptable and where you may need to make adjustments before you submit your application.
3. Make certain the assets you list will not throw you out of the plan-your checking, savings, CD, money market accounts must be listed.  You must pass the Asset Ratio Test-the loan mod calculator displays this for you automatically.

Exact Requirements

You may be the most deserving borrower, but if you don’t complete your Bank of America RMA form correctly then a loan modification will not be offered.  Knowledge is the key-know and use the same formula the bank will use.  The loan modification calculator mimics this important formula, and gives you the specific budget information you need to know ahead of time.  It’s all about the math-and the more you know the better your shot at success.

You can get the real help you need-use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod

Calculator Incl-Download immediately!

Calculator.  This powerful system was designed to help borrowers learn how to prepare their financial worksheet correctly.  Avoid mistakes, save time and frustration.  Visit MyLoanModificationCenter.com today.

When homeowners understand how to prepare the Bank of America RMA form correctly their chances of loan modification approval increase dramatically.  This three page application is the major part of the banks underwriting and decision process.  If you can fine tune your budget to prove that your financial situation fits right into the program guidelines, then you are on your way to loan mod approval.

BANK OF AMERICA RMA CHECKLIST FOR HOMEOWNER LOAN MODIFICATION

1. Take your time completing this form-you get one shot at this, so make sure you do it right.  Make photocopies of the form so you can practice on your figures before submitting your final one for review.
2. Complete page one first-this is the easiest part of the RMA form.  Your personal information is shown here, and at the bottom is the Hardship Affidavit. There are four categories to choose from, and you can also write your own brief explanation of what has happened to cause the payment to be unaffordable.  Remember, that loss of equity alone is not a valid hardship reason!
3. Page two of the Bank of America RMA is where you need to know what you are doing!  This is your financial worksheet, where you must breakdown your household monthly income, monthly expenses and your assets.  Be careful, you must show just the right amount of income or you will not qualify.  Your expenses and assets must also prove a financial hardship and fit the guidelines exactly.  Verify your budget will be acceptable by running it through the loan modification calculator-you will instantly see if you are passing or failing the guidelines and be able to make the necessary adjustments.
4. Gather together your most recent paycheck stubs if salaried, your bank statements and P & L if you are self employed – make sure that these documents verify the
   

   Exact Requirements

   amount of monthly income you put on your Bank of America RMA form.  If you need more income to qualify, then you could rent out a room or get a second job-just be prepared to document this extra income.

5. Make a complete copy package for your records, then double check that you have signed everywhere needed before you send it in for review and hopefully approval.

The secret to preparing your RMA form correctly is to know just what Bank of America needs to see for your income, expenses and assets.  Don’t expect the bank to tell you this-they won’t!  Just guessing at what is required causes denial the majority of the time.   You can use the very same formula that the bank uses and know ahead of time just how to  complete the financial worksheet page correctly-that is the best way to have a good shot at approval.

Get the real answers you need to complete your RMA correctly-use the #1 system for homeowners, The Complete Loan Modification Guide

Calculator Incl-Download immediately!

Kit and loan mod calculator.  This easy to use, powerful tool will instantly compute and display our very own specific budget requirements-showing income, expenses and assets for your RMA form.  Visit MyLoanModificationCenter.com to get started.

When you apply for a Bank of America loan modification, you will be required to complete the application called an RMA form.  This is a three page document that looks simple, but beware!  There are common tricks and traps that can cause denial unless you know exactly how this form needs to be completed.  In fact, the #1 reason for mortgage modification denial is this form not being completed correctly!

Here are some important things to remember when you begin completing the RMA form on your Bank of America loan modification:

1. Your application must show the bank acceptable monthly budget figures for your household.  The information you provide on page 2 of the RMA form will be used to determine if you qualify for a mortgage modification.  Make sure your monthly income, monthly household expenses and assets will all pass the guidelines.
2. One of the traps that homeowners fall into when preparing their RMA form is to not show enough monthly income-this is the #1 cause for Bank of America loan mod denial!  Make sure that the amount of
   

   Exact Requirements

   income you write down will be sufficient for the bank to qualify you.  You can determine exactly how much you need to show by running your figures through the loan modification calculator-this program is designed just for homeowners to help them complete their budget.

3. Another trick to avoid on the RMA form is how you list your monthly household expenses-you must show that you cannot afford the current mortgage because you barely make ends meet each month.  If you have too many expenses or not enough expenses you could be denied.  Double check your cash flow with the automatic calculations done by the loan mod calculator-then you will be able to make any needed adjustments before Bank of America reviews your application.
4. You must explain your financial hardship situation-there are four boxes to choose from on the RMA-loss or reduction in income, increased expenses, lack of reserves (savings) and high monthly debt obligations.  You can check more than one of these, and also give the bank a brief explanation of what has happened to you.  Loss of home value alone is not a valid reason for help.
5. Assets can often be a problem-you must pass this guideline too or you will not be approved.  Keep in mind that the Asset Ratio criteria tells the bank if you truly are in a hardship-verify if you pass by using the loan mod calculator to show you if you need to adjust any figures.

Ready, set, Approved!

The real trick to completing the RMA form when applying for a Bank of America loan modification is to know what your monthly budget figures need to be.  The lender uses a standard formula that takes into consideration your specific monthly income, expenses and assets.  You must pass this formula if you hope to qualify for the help you need.

Now you can get the REAL answers and REAL help you need-use the #1 selling resource for homeowners.  The Complete Loan Modification Guide kit and loan mod calculator are designed specifically for homeowners, and instantly compute

Calculator Incl-Download immediately!

and display your specific budget requirements.  Join thousands of homeowners who have succeeded.  Avoid mistakes-get it done right the first time.  Visit MyLoanModificationCenter.com and get started today.

How Much Income?

One of the important parts of the Bank of America RMA form is making sure that you pass the debt ratio guideline for loan modification approval.   This important approval criteria uses your monthly gross income as well as other information that you provide on the RMA form-so make sure you know how to complete it correctly.

RMA FORM-BANK OF AMERICA LOAN MODIFICATION DEBT RATIO REQUIREMENTS FOR APPROVAL

1. The information you provide on page two of the RMA will be used to determine if you pass the debt ratio requirement-the is the financial worksheet part of the application.  Make certain that the information you provide is acceptable.
2. Your gross household monthly income is the most critical part of the approval formula-you cannot show too much or too little if you wan to pass.  Your current monthly mortgage expenses-house payment, property taxes, homeowners insurance and any HOA dues totaled together-need to be higher than 31% of your gross monthly income.  If they are lower, then you are not a good candidate.
3. You can verify your own monthly income will pass the debt ratio
   

   Exact Requirements

   guideline by running your own budget figures through the loan modification calculator-this program will instantly compute and display your current debt ratio as well as show you how much monthly income you need to qualify.

4. Once you know how much monthly income you need to pass the debt ratio requirement, you also need to verify your monthly expenses are acceptable and that your assets pass the guidelines.  The loan mod calculator will instantly compute and display PASS or FAIL for all of these triggers, and show you where to fine tune your budget to make certain you pass.

The Bank of America RMA form is the key to getting approved for a loan modification.  Show the bank your perfect monthly budget figures and you will pass all of the guidelines-that is the only way to get offered the lower mortgage payment you need.  This is about math-not how deserving you are-so make sure you double check all of your budget figures with the loan mod calculator before you submit them for review.

Calculator Incl-Download immediately!

Get the real answers you need to complete your RMA form correctly-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and loan mod calculator.  This proven system will compute and display your exact budget requirements for you to follow-avoid mistakes, get it right the first time.  Visit MyLoanModificationCenter.com today.

What is the secret to applying and qualify for a Bank of America loan modification?  It must be a secret, because so many homeowners get turned down for not preparing the RMA form correctly!  Nah, it’s not really top secret-you just need to know what to show the bank on your application form so that you prove you are the perfect mortgage modification candidate.

BANK OF AMERICA RMA FORM SECRETS TO APPROVAL

Approval Formula Info

1. Realize that this is all about the MATH, not how deserving you may be.  Homeowners make the mistake of not understanding the underwriting guidelines and so they slap their financial information together and assume the bank will want to help them-WRONG!
   
2. Take your time completing the RMA form-especially the Financial worksheet on page two. This is the meat-and-potatoes of the entire application process-get this part right and you have a very good shot at approval!
3. Key elements for Bank of America Loan Modification approval?  Gross monthly income, household monthly expenses and assets.  All of these figures must pass the underwriting approval formula.  Make certain all of your budget figures will be acceptable-double check yours by running them through the loan modification calculator first.  This
   

   Exact Requirements

   system was designed specifically to help homeowners apply correctly and computes the exact budget requirements for your specific situation.

4. Once you determine where your budget needs fine tuning by seeing the loan mod calculator results, make any necessary adjustments to your income, expenses and assets.  You may need more or less monthly income, or your expenses may need adjusting.  You need to know this ahead of time so that the figures you send in to Bank of America have the best shot of approval.
5. Complete your final RMA form using your adjusted budget figures-be ready to document any income that you list with paycheck stubs, bank statements, canceled checks, etc.

The RMA form for Bank of America does not have to be so intimidating-once you realize that you know the secrets for approval you can feel confident about submitting your application.  The loan mod calculator computes and displays the figures you need to know-so you can avoid costly mistakes and get it done right.

Calculator Incl-Download immediately!

Learn what you need to get approved-use the #1 selling system for homeowners, The Complete Loan Modification Guide kit and loan mod calculator.  This easy to use system will automatically compute and display your specific budget requirements-allowing you to know ahead of time just how to prepare your RMA form.  Visit MyLoanModificationCenter.com today for more information.