Tip of the Day

The loan modification financial worksheet form is trickier than it looks-that’s because the information you provide here will be used by your lender to determine if you qualify for a loan workout or if you will be turned down.  Here is some helpful information to give you the best chance of completing this important application form correctly.

TIP OF THE DAY – LOAN MODIFICATION FINANCIAL WORKSHEET FORM

1. Page 2 of the RMA form is the financial worksheet-every homeowner is required to complete this as part of the application process when they are requesting a loan modification.
2. There are 3 major pieces of information that you must provide:  monthly gross household income, monthly household expenses and your assets.  Together, all of this information provides the bank with a snapshot of your current financial situation.  They use all of these figures in a standard approval formula to determine if you fit the program guidelines or not.
3. Take time to learn exactly what will be required of you on this loan mod form before you send it in for review by your mortgage lender.  If you show too much or too little income, you will be denied!  If your expenses are not acceptable, you will be turned down!
4. Remember, this is all about MATH-your job is to prove that your
   

   Financial Worksheet Calculated!

   monthly budget fits right into the approval formula-if you are not sure how much income and expenses you need-then you can verify your figures by running them through the loan modification calculator, designed just for homeowners use.  This powerful program will instantly compute and display PASS or FAIL, and give you the chance to adjust your figures ahead of time.

5. Once you have fine tuned your monthly budget using the loan mod calculator, you can then use those figures on your financial worksheet form with confidence that you have the best shot at getting approved for a lower mortgage payment.

This Tip of the Day has been provided by the best selling #1 resource for

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homeowners, The Complete Loan Modification Guide kit – including the loan mod calculator.  Get the real answers and real information you need-and avoid mistakes when completing your financial worksheet.  Visit MyLoanModificationCenter.com today.

Tip of The Day

Do you understand the loan modification debt ratio requirement?  This can be a confusing calculation for homeowners trying to qualify for a loan workout with their lender.  The federal program has standard criteria for acceptable debt to income ratio-and even the in house plans require that you pass this important approval guideline.  Here is some helpful information on how it works.

TIP OF THE DAY – DEBT TO INCOME RATIO REQUIREMENTS

1. What is DTI?  This is a percentage calculation that represents how much of your household gross monthly income is being spent on your mortgage expenses.
2. Formula:  Add together your mortgage payment, property taxes, homeowners insurance and any HOA dues.  Now take that total monthly expense and divide it by your total household gross monthly income-that will be your front end Debt Ratio.
3. The federal loan modification program requires that your current ratio exceed 31% – the reason for this is because the new target payment will be lowered to equal that 31% figure.  If you already have a mortgage
   

   Debt Ratio Calculation

   payment that low, then a loan mod will not help you.

4. The back end debt ratio is the percentage of your gross income that goes towards all of your monthly expenses-groceries, utilities, credit cards, etc.  There is no maximum or minimum for this figure, but if yours is over 55% then you may be required to attend a credit counseling course before your loan mod is made permanent.
5. You may need to adjust your monthly budget in order to pass the Debt to income ratio requirement-use the loan modification calculator to help you figure out exactly how to list your income, expenses and assets so you are sure to pass the approval guidelines with your lender.

Financial Worksheet Calculated!

The loan mod calculator will instantly compute and display all 7 approval triggers-including your debt ratio, asset ratio, cash flow, waterfall method, and new mortgage terms-including if you may be eligible for any principal reduction.  This powerful tool will help you avoid mistakes and give you the very best shot at loan mod approval.

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MyLoanModificationCenter.com today.

Struggling with your Indymac loan modification?  It can be frustrating and confusing figuring out exactly what they are looking for-here is some helpful information that may make the process a bit easier!

Tip of the Day

INDYMAC LOAN MODIFICATION-TIP OF THE DAY

1. This is the official application form-Request for Modification and Affidavit.  It is 3 pages long and includes your detailed, financial budget information.
2. The first page is fairly straight-forward, your personal information and a Hardship Affidavit with 4 choices: Loss or reduction of income, increased expenses, high monthly debts and Lack of Reserves.  You can also write a separate explanation if you wish, just be sure to sign this extra page too.
3. Now, page 3 of the RMA form is the meat-and-potatoes, this is the most critical part of the entire application process and the part that you want to get right!  Indymac needs to see a detailed accounting of your household monthly income, household expenses and your assets.  This information is then used in a standard formula to determine if you eligible for loan mod assistance.  If you show too

   

   Financial Worksheet Calculated!

   much or too little income you will not pass, if your expenses do not fit then you will fail too.  Verify your own budget by running your figures through the loan modification calculator first-you will instantly see where you may need to make adjustments.

4. Fine tune your figures before submitting-if you need more income, then add a room mate or a second job.  You are allowed to use non-borrower income for someone who lives in the home.  You can also use 75% if rental income-find out exactly what you need when you use the loan mod calculator.
5. Once you have your budget figures adjusted, then submit your final RMA form – be sure to sign it, keep a copy for your records.  Be prepared to provide documentation for any income you list on this form.

The RMA form is a critical part of the Indymac loan modification process-if you can get this done correctly then you have a good chance of approval.  Remember, you must prove to the bank in black and white that you are a good candidate-and the information you provide on this form can make or break your deal.

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TIP OF THE DAY is provided by The Complete Loan Modification Guide kit-the #1 selling resource designed specifically for homeowners.  The kit includes the powerful loan modification calculator, and thousands of homeowners have used this system to apply for a loan workout.  Get the real answers and real information you need-visit MyLoanModificationCenter.com today.

"How TO" Sample

Confused about how to complete the Chase loan modification financial worksheet form?  What you need is a sample to follow-something that will actually show you the way to list your monthly income, monthly expenses and all of the other information that Chase wants to see from you.

Why is it so important to complete this Chase loan modification form correctly?  Remember, that only those borrowers who can prove to the bank that they fit right into the program guidelines will be accepted-and the financial worksheet is the only way you can do this.  This is your one and only shot to show them in black and white that you are the perfect candidate and that you deserve a lower mortgage payment.

Perfect!

You can get an actual sample to show you what you need to have a good shot at qualifying for a Chase loan modification when you use the loan modification calculator.  This sample worksheet will automatically compute and display your specific requirements for:

1. Monthly Income-Gross and Net amount

2. Monthly expenses

3. Assets

4. Waterfall Method-including principal reduction

When you input your financial information, the loan mod calculator will

Financial Worksheet Calculated!

instantly compute and show you Passing or Failing – and then you can adjust your figures until you PASS all of the approval guidelines!  Once you have fine tuned your own budget, use these final figures on the financial worksheet that you submit to Chase for loan modification approval.

If you don’t do this work and preparation ahead of time, how will you know that your Chase financial worksheet will be acceptable?  This is tricky-if you show too much or too little income you may not pass.  Make sure that you verify your budget information before you submit, that way you will have the very best chance of approval.

Find out the REAL answers you need-use the # 1 selling resource designed

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and used by thousands of homeowners - The Complete Loan Modification Guide kit and Loan Mod Quick APP Calculator.  This proven system includes the powerful loan mod calculator that will generate your own sample financial worksheet.  Avoid mistakes-get it done right.  Visit MyLoanModificationCenter.com today.

HELP!

Be afraid-be very afraid of completing the Wells Fargo loan modification financial worksheet wrong!  This bank will turn you down faster than you can say BOO! if you fail to provide the information correctly-here are some pitfalls that cause the most denials.

WELLS FARGO LOAN MODIFICATION FINANCIAL WORKSHEET

1. Too much Gross monthly household income: Yes, you can actually be
   

   Financial Worksheet Calculated!

   denied for having too much income!  The bank uses a standard mathematical formula to determine the acceptable amount of income for your specific situation-if you have too much income you may not fit.  Be careful not to include ineligible income as well-or perhaps eliminate a room mate or other unnecessary amounts.  Better double check your figures by running them through the loan modification calculator-you will see instantly just how much you need.

2. Not Enough Monthly Income: This is critical to know ahead of time, because when you list your household income on the Wells Fargo financial worksheet it must prove that you pass the approval guidelines.  You may need to have a bit more income to qualify-perhaps get a room mate or even get a second job could be the difference to approval.  Verify ahead of time by using the loan mod calculator to compute and display your exact income requirements.
3. Monthly Expenses: Double check that your monthly expenses-groceries, utilities, insurance, installment debts, etc-will all pass the Wells Fargo guidelines.  This may take some fine tuning-but you should do this ahead of time before submitting for review.  Your cash flow must be acceptable-use the loan modification calculator to help you figure this part out.
4. Waterfall Method-Pass or Fail?: If you have a problem here, chances are it will mean instant turn down.  Your mortgage must be able to be modified within this formula, find out what your new interest rate could be, and if you may get a principal reduction too.

Perfect!

Avoiding loan modification pitfalls with Wells Fargo is the key to getting the best shot at approval.  You need and deserve a lower mortgage payment, but unless you complete the financial worksheet correctly, you may find yourself out of luck.

Get the real answers you need-use the #1 selling resource for homeowners, designed specifically for homeowners!  The Complete Loan Modification Guide kit includes the powerful loan mod calculator and will give you the critical information you need for income, expenses and other approval

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pitfalls!  Visit MyLoanModificationCenter.com today to get started.

Learn More

How do you know if you are passing the approval guidelines for a HAMP loan mod or an in house mortgage modification?  This is not the time to be guessing at what your bank is looking to see on your application-use the loan modification calculator to compute and display the 7 categories the you must pass in order to have a really good shot at approval.

This is not a TOP SECRET calculator-it was designed specifically for homeowners to give them the real information needed in order to qualify for a HAMP loan modification or an in-house lender program.

Here is what the loan mod calculator will compute and display automatically:

1. Loan to Value: How much do you owe as opposed to the current
   

   Financial Worksheet Calculated!

   market value? This is part of the NPV test that you must pass!

2. Debt to Income Ratio:  The calculator instantly computes two percentages for you-the front DTI and back DTI.  Your gross monthly household income is critical to pass this approval category-make sure you know ahead of time if you need to fine tune your figures
3. Imminent Risk Of Default:  This calculation uses your net income, your liquid reserves and your total monthly expenses-make sure that you show the right information to the bank to pass this one.
4. Asset Ratio:  Do you have  money in the bank? Careful as you do not want to fail this approval guideline!  The loan modification calculator shows Pass or Fail for this HAMP trigger.
5. Current Cash Flow:  This is critical to show that you are in a legitimate financial hardship situation.  The calculator uses your total monthly household expenses to demonstrate either a positive or negative cash flow-you need to prove to the bank that the current mortgage is not affordable-fine tune your figures if needed!
6. Waterfall Method of Modification:  You must pass either the 30 or 40 year method, interest rate reduction to 2% or you may be eligible for a principal reduction-the loan mod calculator will show you the new terms of your modification and the new lower target payment so you know what to ask for!
7. New Cash Flow:  After the loan workout, you should have a positive monthly cash flow-this will prove to your lender that you can really afford to keep your home!

Perfect RMA!

It is very important to really fine tune your budget figures on the financial worksheet before you submit it for review-the loan modification calculator will instantly compute and display all of the information you need to know so that you can make any necessary adjustments ahead of time.  Be sure you double check your budget to make certain it will have the very best chance of passing for HAMP approval!

Use the #1 selling, proven resource for homeowners, The Complete Loan Modification Guide kit includes the powerful loan mod calculator.  Get the

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real answers you need-avoid mistakes and save frustration with your lender.  Visit MyLoanModificationCenter.com today and get started right.

Wells Fargo Modification

Homeowners can get the inside edge to apply and qualify for a Wells Fargo loan modification when they use the loan mod calculator which was developed specifically for the use of homeowners.  Why do most borrowers get denied a loan workout?  The number one reason for denial is simply due to the RMA form application not being completed correctly-and this is where it is critical to show the bank the right information!

WELLS FARGO LOAN MODIFICATION-CALCULATOR FOR HOMEOWNERS

Instant Results-PASS OR FAIL-Program Requirements

1. Loan to Value- An important part of the NPV calculation, is it cheaper
   

   Financial Worksheet Calculated!

   for the bank to modify or foreclose?  See if you pass this trigger.

2. Debt to Income Ratio- You must pass this category to qualify, simply input your specific information and see instantly your current front end and back end Debt Ratios.  You may need to make some adjustments, so do this before you submit your application.
3. Imminent Risk of Default- The loan mod calculator automatically displays if your particular financial situation meets the banks guidelines for this hardship category.
4. Asset Ratio- Another important trigger that Wells Fargo uses to determine if you are really in a legitimate financial hardship-find out if you are passing with the loan mod calculator.
5. Current Cash Flow- Are your monthly household expenses meeting the program guidelines?  It may be necessary to adjust your figures, so be sure you do this before you complete the final application.
6. Waterfall Method of Modification- What will your new mortgage terms actually be?  The new target payment, the new interest rate, and loan term are computed and displayed instantly-as well as the possibility of a principal reduction.  Know what to expect and what to ask for-the loan modification calculator provides this critical information.
7. Post Mod Cash Flow- Will the new modified mortgage payment really help you?  Will you be a risk for re-default?  Find out with this calculation.

Perfect RMA!

The loan modification calculator was developed specifically for homeowner use and is easy to access and easy to use.  This powerful system gives you the inside track to the approval formula used by the bank, and gives you the opportunity to fine tune your income, expenses and assets before you submit them on the RMA form for final review.  A Wells Fargo mortgage mod could be the answer you need, so make sure that you prepare and submit your application right the first time.

Get the REAL ANSWERS and REAL INFORMATION you need to succeed-use the #1 selling and proven resource for homeowners to save time, frustration and avoid mistakes.  The Complete Loan Modification Guide kit and loan mod

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calculator provide the specific budget information you need-visit MyLoanModificationCenter.com today and get started right away.

Wells Fargo Modification

Do you understand exactly how to complete the application for a Wells Fargo Loan Modification?  The underwriting guidelines require that every borrower pass the required monthly income, expense and asset formula-and this can be very difficult to figure out by yourself.  In fact, the #1 reason for denial is due to the information provided by the homeowner on their financial worksheet-this is why you need to use the loan modification calculator to compute all this for you.

What financial information does Wells Fargo look at to decide if you qualify for a modification?  There is a basic formula that uses:

1. Monthly Household Gross Income
2. Current Mortgage Expense
3. Current loan balance
4. Current Market Value of property

The loan modification calculator uses this formula, and automatically

Budget Calculated!

computes and displays your own specific budget information and shows either PASS or FAIL for the 7 approval triggers.

Follow these simple steps to learn your specific income, expense & asset requirements:

1. Complete the WORKSHEET-be careful to itemize your income as explained on this form-certain amounts must be listed in a certain way.  For example, rental income and room mate income is required to be computed using a certain percentage.  The worksheet will walk you through, step by step to organize and itemize your own financial information.

2. Now, input each figure in the specific category in the loan mod calculator as the worksheet directs you to.  There are 14 categories, and these cover your income, household expenses, mortgage information according to the Wells Fargo standard approval guidelines.

3. The loan modification calculator instantly compute and display the results as you input your specific financial information-you will either see a Pass or Fail for each of the 7 categories.  The goal is to pass all 7-you may need to fine tune your budget in order to accomplish this.

4. The new modified loan terms will be displayed on the

   

   Apply Correctly

   calculator-showing you the monthly savings, your new interest rate, payment, loan term and if any principal reduction will be required.

5. Use the loan mod calculator to help you adjust your budget figures before you submit your application for final review.  Once you have all your numbers accurate and passing the guidelines, then transpose them onto the Wells Fargo RMA form.

It really makes sense to use this helpful tool instead of just “guessing” at what the bank needs to see from you.  It may be a matter of simply adjusting your expenses a bit, or getting a room mate in order to qualify-but if you do not know this ahead of time then you will not be able to submit the acceptable financial worksheet for Wells Fargo to approve you!

The loan modification calculator has helped thousands of homeowners-a Wells Fargo modification will only be offered to those borrowers who can prove in black and white that they fit right into the program guidelines-this means showing the right income, right expenses and right assets.  It’s really just math-but what you don’t know can really hurt you when it comes to the loan mod process.

Avoid mistakes-save time and frustration by getting the real information you

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need.  Order The Complete Loan Modification Guide kit and get the loan modification calculator to use and help you apply correctly.  This powerful tool is easy to use, but is the sure way to increase your chances of approval.  Visit MyLoanModificationCenter.com today to get started.

Income Required

What are the specific income requirements for a Wells Fargo loan modification approval?  This is a tricky question because it varies from borrower to borrower-but the good news is that you can find out ahead of time exactly how much income you need on your own application.  Once you know this information, you will be able to make any needed adjustments to your budget ahead of time, and this will greatly increase the chances of approval.

Wells Fargo uses a standard formula for every borrower who applies for a loan modification-this formula includes:

1. Gross household monthly income
2. Current mortgage payment and loan balance
3. Liquid Assets
4. Cash flow

The information that you provide on the financial worksheet will be used in this formula, so it is critical that all of your figures fit right into the

Budget Requirements Computed

guidelines if you hope to get a loan mod approval.  Sometimes, just by adjusting your income a little bit you may be able to qualify, but if you don’t know this then you will not be able to fine tune your figures ahead of time.

The fastest and easiest way to learn the exact and specific income requirements for your own Wells Fargo loan modification is to run your figures through the loan modification calculator.  This easy to use system will automatically calculate your own specific income requirements, and show you a pass or fail for the approval formula.  You can then make adjustments to your figures until you see a PASS on the loan mod calculator.  Then use these final figures on your application paperwork and submit to Wells Fargo for review.

Understanding the specific income requirements for Wells Fargo loan modification approval is one of 7 approval triggers you need to pass-this can be tricky to figure out by yourself-if not impossible.  So, when you use the loan mod calculator you avoid mistakes, and you can see immediately just where you need to adjust your financial worksheet figures to pass all the guidelines.

Avoid Mistakes

LOAN MODIFICATION CALCULATOR COMPUTES & DISPLAYS:

1. Debt Ratio
2. Loan To Value
3. Asset Ratio
4. Imminent Risk of Default
5. Pre-Mod Cash Flow
6. Waterfall Method of Modification-new loan terms
7. Post Mod Cash Flow

Getting approved for a Wells Fargo loan modification requires proving to the bank that you are the perfect candidate-this is done by submitting your RMA form and financial worksheet correctly.  When you know the specific figures the bank needs to see, then you will be able to fine tune your budget and have the best chance of approval.

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Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  You get the real answers and specific information you need-the loan mod calculator will automatically compute and display your own budget requirements-allowing you to prepare your forms correctly.  Visit MyLoanModificationCenter.com today.

The Wachovia loan modification process has been updated for 2011-and the changes are good news for borrowers struggling to apply and qualify for a lower mortgage payment.  Here are the most recent 2011 updates to know about:

2011 Updates

WACHOVIA LOAN MODIFICATION 2011 UPDATES

• • Shorter timelines: 10 business days for the lender to acknowledge receipt of the initial application package.  30 business days to notify the borrower of missing documents, or if a full package has been submitted then 30 days to notify homeowner of approval for Trial Payment Period or that they have been denied.
  • Single Point of Contact: A single representative will be assigned to each borrower file, and the homeowner will deal directly with this employee during the review and underwriting process.  This will hopefully eliminate lost paperwork, miscommunication, confusion and result in a better turn around time for answers.
  • Less Paperwork: The initial Wachovia loan modification package will require:  RMA form, Dodd Frank Certification, 4506t, Proof of
    

    Budget Requirements Computed

    income (paycheck stubs, bank statements, or P & L for self employed)

  • Transition of loan modification application to HAFA short sale should the homeowner not qualify or request consideration for short sale.  The existing documentation will be used to review eligibility for HAFA.

The Wachovia loan modification updates mean faster turn times, but this also means that the homeowner must be careful to submit a complete, accurate and ACCEPTABLE initial package for review.  2011 in the year of cleaning house for the banks, and so quicker decisions mean that more homeowners will be forced to prove they qualify to keep their home or be moved to short sale option.  The key to loan mod approval is to complete the RMA form correctly-especially the financial worksheet showing just the right amount of monthly income, monthly expenses and assets.

How do you know the right amount of income you need to qualify?  Use the

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#1 selling system for homeowners that provides the real answers you need-The Complete Loan Modification Guide kit and Loan Mod Quick APP Calculator.  This powerful loan mod calculator program has helped thousands by automatically computing and displaying your own specific income, expense and asset requirements for loan mod approval.  Make certain your application will pass-visit MyLoanModificationCenter.com today.