Do it Right

When you apply for a loan workout, the RMA form must be filled out so that Bank of America can determine if you qualify for a loan modification.  Keep in mind that the information you provide on this form will be used to determine if you meet the approval guidelines-so it is critical to understand just what to show the bank on your RMA form.

RMA FORM Bank of America-HOW TO FILL IT OUT:

1. The form is 3 pages long-each page will be carefully reviewed, so be sure to take your time and complete it legibly and do not leave any blank spaces.
2. Page 1 of the RMA includes your personal information – this is fairly self explanatory, just be sure to fill in all the blanks.  The bottom of page 1 is the Hardship Affidavit.  You can check as many boxes as needed if they apply to your situation, you can also attach a separate letter giving more detail about your circumstances.  Be sure to put your loan number on it and sign it too.
3. Page 2 of the RMA form is the really critical part of the entire application process-this is the breakdown of your monthly budget information.  This is where you will itemize your household budget-how much your gross income, household expenses and assets are.  These figures will then be used in a standard,
   

   Income Requirements Displayed

   mathematical formula that tells Bank of America if you fit the approval guidelines.  Make certain that your figures pass-verify by running your budget through the Loan Mod Calculator, a program designed specifically to provide your income, expenses and asset requirements.

4. Be prepared to document any income you report-if the Calculator results show that you need more income, then you need to build a history of receiving this income.  The bank will usually need to see 30 days of income documentation-bank deposits, canceled checks, etc.

Completing the RMA form can be much simpler once you know exactly how much income, expenses and assets to report, and understand just how to fine tune your budget so that you fit perfectly into the Bank of America loan modification criteria.  Remember, it’s about the math-and no matter how deserving you are, unless you can prove to the bank that your financial situation passes the guidelines, you will not be offered a loan workout.

You can get help fill out the RMA form-use the #1 selling system designed specifically to help homeowners with this tricky application.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific requirements for income, expenses and assets.  You will see a PASS or FAIL for the 7 approval triggers, and then be able to make the necessary adjustments ahead

Calculator Incl-Download immediately!

of time so that you PASS every guidelines.  Avoid mistakes-get a faster approval, visit MyLoanModificationCenter.com today and get started right away.

Apply Correctly

Do you understand how to prepare the RMA form correctly qualify for a Bank of America Loan Modification?  This budget worksheet application form is critical to the approval process, so you really need to know ahead of time just what the bank is looking for to qualify for a new lower mortgage payment.  In fact, the #1 reason for denial is unacceptable financial information provided by the borrower!   Before you apply, make sure you have the information you need-

BANK OF AMERICA RMA FORM-TIPS

1. Don’t disclose your monthly budget figures to the bank until you have had the chance to verify that your monthly income, expenses and assets will meet the standard approval formula.  How do you know if you have enough income or if your expenses are too high or too low?  You can verify your budget by using the Loan Mod Calculator, a system designed specifically to help borrowers prepare their RMA form.
2. Find out if your loan will possibly qualify for a Principal Reduction-called PRA-this option may be available if you are significantly underwater on your mortgage.  The Loan Mod Calculator will automatically calculate and display the possible principle reduction amount you could qualify for, and show you what your new loan terms could be.
3. One of the secrets to approval is to present your monthly budget figures clearly and simply-the harder you make it for Bank of America to understand your
   

   Income Requirements Displayed

   situation the more likely you will be denied.  Fine tune your information and eliminate any confusion by simply stating your income, expenses and assets without going into a lot of detail.  Remember, the approval formula is based on a mathematical calculation using your gross income, monthly expenses and assets-if you pass this formula, you most likely will be approved.

4. Use the Loan Mod Calculator to help you with making any necessary adjustments ahead of time-for example, if the Calculator shows you need more income, then be prepared to rent a room or increase your income by some other method.  You will have to show a history of receiving this income, so the sooner you know this the better.  You may need to cut some household expenses, again the Loan Mod Calculator will display this for you, and then you will be able to adjust your figures before you submit.

Completing the RMA form for Bank of America loan modification does not have to be confusing-once you find out exactly what figures you need to report then you can make the necessary adjustments, and be confident that you fit perfectly into the approval guidelines.  This is not the time to just “guess” or hope for the best-you need a loan mod and in order to get a fast approval, be prepared and informed!

Get the real answers you need-use the system designed specifically to help homeowners apply and qualify-The Complete Loan Modification Guide kit and Loan Mod Calculator will show you the specific income, expense and asset requirements for you RMA form, and will help you fine tune your own budget figures.  The Kit also

Calculator Incl-Download immediately!

includes free customer support, to answer your questions and assist you as you prepare your own application.  Get started right away-visit MyLoanModificationCenter.com today.

Self Employed

How do self employed borrowers qualify for a Bank of America loan modification?  This can be tricky because proving your income is not as easy as it is for salaried borrowers.  However, the same guidelines apply for income requirements-if a self employed borrower reports too much or too little monthly gross income, they will be denied.  Here are some tips on how to calculate the acceptable amount of income.

BANK OF AMERICA LOAN MODIFICATION-INCOME CALCULATION FOR SELF EMPLOYED BORROWERS

1. Do NOT mix up your business income and expense with your personal income and expenses!  You must provide a P & L statement for your business earnings and expenses, and list your personal finances on the RMA application form.
2. Bank of America will generally ask for 3-6 months of business bank statements to verify your business deposits.  Your Profit & Loss Statement needs to match the total deposits which equal your business Gross Income.  Use a simple P & L TEMPLATE provided in the Loan Mod Kit.
   
3. Itemize your business expenses and deduct those from the Gross Business Income-be sure to include any annual expenses by prorating them on the P & L.
   

   Income Requirements Displayed

4. After subtracting your business expenses, you will have your NET business income.  This figure then becomes your PERSONAL gross income.
5. Verify that this amount will be acceptable for approval-you can run your figures through the Loan Mod Calculator to find out if you are a PASS or FAIL-if needed, adjust your business expenses until you reach the acceptable amount of income.
6. Once the Loan Mod Calculator shows PASS for the personal gross income, use that figure for the Bank of America RMA application form.

Self employed borrowers who apply for a Bank of America loan modification need to prove that their business income and personal income fit within the approval guidelines.  This can be tricky if you don’t know just how much is required to pass.  Sometimes adjusting just a few expenses can make the difference between denial and approval.  Be sure to work on your Profit and Loss ahead of time, verify your figures using the Loan Mod Calculator and then submit acceptable figures for final review.

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator. This system is designed specifically to help borrowers learn how much income, expenses and assets are required for their

Calculator Incl-Download immediately!

specific budget to pass the approval guidelines.  The Loan Mod Calculator automatically computes and displays a PASS or FAIL-showing you just where and how to fine tune your figures.  Visit MyLoanModificationCenter.com today and get started NOW.

Qualifications

How do self employed borrowers apply for a Bank of America loan modification?  Since there is usually no paycheck stub to send in, homeowners must prove their income to the bank in other ways.  The tricky part of qualifying for a loan mod when you are self employed is knowing how to put together your Profit and Loss statement, and understanding how much income you need to report in order to pass the guidelines.

How do you figure your personal income when you don’t get a pay check?  Self employed borrowers will be asked to provide business bank statements and a Profit and Loss Statement in order for Bank of America to verify their earnings.  In addition, borrowers must itemize their personal household income and expenses on the RMA form.  This information is then used to determine if the guidelines for income, expenses and assets have been met.  The total of your business bank deposits for the last 6 months will usually be used for your Gross Business Income.  The bank may ask for a Year to Date P & L, depending on the time of the year.  You must also deduct any business expenses from your Gross Business Income to arrival at the NET figure.

SELF EMPLOYED BORROWER BANK OF AMERICA LOAN MODIFICATION TIPS

1. Average out your business income by adding your last 6 months bank deposits to arrive at your total gross receipts
   

   Income Requirements Displayed

2. Deduct your business expenses for that same period-average out any annual expenses
3. What is left over is your BUSINESS NET income, that figure then becomes your PERSONAL GROSS income.
4. Input the personal gross income into the Loan Mod Calculator to find out if you are passing or failing the approval guideline
5. If needed, adjust your business expenses in order to achieve the acceptable amount of income

Self employed borrowers must prove to Bank of America that their income fits right into the loan modification program guidelines-but keep in mind that you must separate your business income and expenses from your personal income and expenses.  You can follow a simple P & L template provided in the Loan Mod Kit, and find out the best way to present your situation to the bank.  Once you have your business expenses itemized, the NET business income will then be your PERSONAL gross income for the loan mod purposes.

Self employed borrowers do have a slight advantage over salaried borrowers, because you can adjust your expenses in order to arrive at the acceptable amount of monthly personal gross income.  You can find out just how much income you should report by using the Loan Mod Calculator.  This program was designed specifically to help homeowners prepare their application correctly.  The Calculator will automatically compute and display PASS or FAIL for the 7 approval triggers, including income, expenses, assets, debt ratio, target payment, cash flow and Waterfall.

Get real answers and real help to prepare your loan modification application correctly.  Use the #1 selling resource for homeowners, The Complete Loan Modification

Calculator Incl-Download immediately!

Guide kit and Loan Mod Calculator.  This program was designed for homeowners and will provide you with your own specific budget requirements.  This is the critical information you need to know NOW-before you submit your application.  Visit MyLoanModificationCenter.com today.

"How TO" Sample

When you complete the RMA form for a Bank of America loan modification, be careful on you report your income, expenses and assets-these are three categories that you must pass in order to qualify for help.  The bank uses a standard underwriting formula that utilizes your financial worksheet information-so how you prepare this form is critical and will determine if you PASS or FAIL.  Here are some helpful tips to give you the information you need to know about what is required.

RMA Bank of America Loan Modification – 3 Categories

1. Monthly Gross Income:  The amount that you report for your household gross income is very important-this figure is used to determine your current debt ratio, the new modified Target Payment and the Waterfall Method.  If you list too much or too little income, you will be denied.  In fact, this is the #1 reason for denial, homeowners simply don’t know how much income they need to pass.  You can find out by using the Loan Mod Calculator, a program designed specifically to help borrowers with this calculation.  Find out your debt ratio, target payment and Waterfall Terms.
2. Household Expenses:  The RMA form requires a detailed accounting of your monthly expenses, items like utilities, insurance, car payments, groceries, tuition,
   

   Budget Requirements Displayed

   etc.  Bank of America wants to see where you spend your money each month, but they also need to verify a financial hardship by checking your Cash Flow.  You may need to adjust your budget to pass this category, your cash flow should be barely breaking even or negative before the loan mod, but a POSITIVE after the loan mod to show you won’t be delinquent again.  Use the Loan Mod Calculator to find out how to fine tune your expenses and double check your CASH FLOW for passing.

3. Asset Ratio:  You must list all of your bank accounts and other liquid assets on the RMA-Bank of America uses a formula that will determine if you pass this category.  Many borrowers think that the more money they show, the better-but in fact you are only allowed to have a certain percentage of money on hand.  Find out if you pass this category with the Loan Mod Calculator.

If all this sounds complicated, it is! Remember that the loan modification process is a strict underwriting procedure and that you must pass the guidelines to be approved.  Just because you are financially strapped and underwater on your mortgage does not automatically require Bank of America to help you.  Oh, and don’t expect them to tell you how much income, expenses or assets you need to qualify-that part they expect you to figure out for yourself!  No wonder only 25% of homeowners qualify for help.

You can get help to pass the underwriting guidelines-use the #1 selling resource for homeowners, The Complete Loan Modification Guide and Loan Mod Calculator.  This system was designed specifically to help homeowners prepare their RMA form and automatically generates your very own sample budget.  You see the income,

Calculator Incl-Download immediately!

expenses, cash flow, debt ratio, asset ratio, target payment and Waterfall computed and displayed for you.  You need to know just where and how to fine tune your budget, and the Loan Mod Calculator gives you the answers you need.  Visit MyLoanModificationCenter.com today and get started NOW.

Stumped on how to complete the RMA Bank of America loan modification form?  Well, before you make a mistake and report your income and expenses incorrectly, take the time to learn the requirements for approval.  Most borrowers do not realize that getting approved for a Bank of America loan mod is more about the MATH than anything else.  The bank uses an underwriting process that utilizes a standard formula-and the income, expenses and assets that you list on the RMA form will be used in this formula.  Either you pass and get approved, or you fail and get denied.

RMA Bank of America Loan Modification Guide

1. Page 2 of this form is where the rubber-meets-the-road, what you report here for your monthly budget figures will make or break your deal.  It is critical to complete this financial worksheet carefully, and verify ahead of time that your income, expenses and assets will pass the underwriting.
2. Debt Ratio:  the Gross Monthly Income your report on the RMA will be used for several different things-your current debt ratio will be calculated as well as your

   

   Budget Requirements Displayed

   future modified Target Payment.  A determination will be made if your mortgage can be modified to achieve the new target payment using the Waterfall Method.
   

3. Monthly Income:  because this figure is used in three of the Bank of America loan mod approval guidelines, it is one of the most critical figures to get right.  You can verify your own income requirement by using the Loan Mod Calculator-this program was specifically designed to help homeowners with the RMA form.
4. Expense Requirements: The RMA form asks for a detailed accounting of your household monthly expenses, so you must list items like insurance, utilities, car payments, medical, groceries, etc.  Bank of America wants to see how you spend your money each month, and also if your cash flow demonstrates a true financial hardship situation.  You may need to make some minor adjustments to your expenses to pass this category-confirm that your expenses are acceptable by using the Loan Mod Calculator.

Above all, take your time and verify your information before you submit the RMA Bank of America form, remember that the information YOU provide is used by the bank to determine your eligibility.  This is your chance to get the help you need and deserve-you really do have some control over the outcome if you understand just what you need to report on the RMA.

Need help completing your application forms?  Get the REAL answers and REAL information you need now-use the # selling resource designed

Calculator Incl-Download immediately!

just for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific requirements for income, expenses and assets and shows your debt ratio, new target payment and Waterfall Method terms.  Use this valuable information to fine tune your own budget before your submit for review.  Visit MyLoanModificationCenter.com today and get it done right.

Apply Correctly

Don’t let the Bank of America RMA form scare you-although it looks simple, your loan is either approved or denied based on how you complete this form.  In order to qualify for help, you need to show’em exactly what they need to see-your financial information on page two of this form is critical.  You need to know just what to show them so that you prove you are the perfect candidate and get approved for your loan workout fast.

Unfortunately, Bank of America will not tell you how to fine tune your budget figures to qualify-and this information is critical to acceptance.  Remember, no matter how deserving you are, all the bank cares about is the “math”-do you fit into the tiny “box” for approval?

Here is what you need to know:

1. How much monthly Gross Income you need:  if you show too little or too much you will not pass the approval guidelines.  Your gross income is used to determine your current debt to income ratio, and it is also used to determine your new target modified mortgage payment.  You need to know ahead of time if you need a bit more income so you can make the adjustments before you apply-verify your own income with the Loan Mod Calculator.  This system will show you immediately if you are Passing or Failing, so you can revise your figures before you submit.
2. Are your monthly household expenses acceptable?  You must break down your monthly bills for Bank of America, listing items like utilities, groceries, insurance,
   

   Budget Requirements Displayed

   medical, etc.  The goal is to show them that you are barely making it now, or even at a negative each month.  But just as importantly, you must prove that if given a loan mod, you will be able to afford the new payment and have a bit of money left over each month after paying all of your expenses.  This proves you will not be a risk of re-default.  This can be tricky to figure out, but run your figures through the Loan Mod Calculator and see instantly where you need to make adjustments.

3. Assets:  What is your Asset Ratio?  Did you know that Bank of America uses a formula to determine how much you are allowed to have in liquid assets?  Checking, savings, money markets, CD’s (any non-retirement account) will be verified and if you don’t pass this guideline you will be turned down.  Learn how much you can report with the Loan Mod Calculator ahead of time.

It’s pretty simple-show Bank of America what they need to see on your RMA form you have a very good chance at loan modification approval.  Otherwise, you won’t qualify and the help you need will be denied.  Remember, it’s about the “math”, getting a loan workout is an underwriting process with standard formulas and methods-you must prove you pass these or there goes your chance for assistance.

Calculator Incl-Download immediately!

You need real answers now-get them with the #1 selling resource designed specifically for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own budget requirements-showing you PASS or FAIL for your income, expenses and assets.  This gives you the information you need to fine tune your budget before you submit it for review.  Visit MyLoanModificationCenter.com today and get started now.

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.

Calculator Incl-Download immediately!

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.