Financial Worksheet

Be very careful when you complete the official Wells Fargo loan modification financial worksheet-this application form is tricky.  Keep in mind that the information you provide to the bank on this form will be used to decide if you will be approved or turned down.  While it may look simple, the fact is that the #1 reason for denial is homeowners not preparing their budget information correctly.

Why will Wells Fargo turn you down for a loan mod?  There are many reasons, but the main issues to be aware of are:

1. Monthly Income is Too High or Too Low:  Your household gross monthly income is an important part of the overall approval criteria.  The bank uses this figure to determine your debt ratio, your new target payment and whether you pass the Waterfall Method of Modification.  How do you know exactly how much income you need to report?  You can verify the requirements by using the Loan Mod Calculator, as system designed specifically to help homeowners apply.
2. Monthly Expenses not acceptable:  You will need to itemize your household expenses on the financial worksheet, this gives Wells Fargo a snap shot of how much goes out each month, and if your current mortgage is truly a hardship.  Not only must your expenses be acceptable, but your net cash flow must pass as well.  Use
   

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   the Loan Mod Calculator to help you figure this part out-you may need to adjust your expenses up or down to get a PASS.

3. Assets:  Liquid assets-checking, savings, CD’s, etc (not retirement accounts) will be used in a formula called Asset Ratio-find out if you pass this critical guideline with the Loan Mod Calculator.  If you report the wrong amount, you could be turned down.
4. Rental Income:  if you have other properties, be sure your report the rental income correctly.  The guidelines will only allow for a percentage of the income to be counted-use the Worksheet and Calculator to help you figure out this part.

Once you know why the bank will turn you down, it will be easier to make the necessary adjustments to your financial worksheet so that your Wells Fargo loan modification has the best chance of being approved.  Remember, the financial information you provide will determine if you pass or not-make sure you prepare it right before you send in your application.

Learn how to complete your financial worksheet-use the #1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This proven system was designed specifically for homeowners, and automatically computes and displays

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your own specific income, expenses, assets, debt ratio, cash flow and more.  Use this information to fine tune your budget figures so that you PASS every guideline.  Get started right away-visit MyLoanModificationCenter.com today.

Do you have to be late?

Before you apply for a Wells Fargo loan modification, or even if you have already applied-there are a few really important tips you need to know that will definitely make the difference between approval and denial.   Most homeowners think that because they are facing a hardship the bank has to help them-unfortunately that is not the case.  In fact, unless you know just how to complete your budget worksheet and how to get the bank to input your income, expenses and assets correctly chances are good that you will be turned down.  Sad but true-homeowners need to be prepared and ready to fight for their rights under the federal loan mod programs.

Here are some tips for negotiating your Wells Fargo loan modification, as well as some budget secrets to help you prepare your application correctly:

1. Don’t call the bank until you are prepared-this means that you have already worked on your budget and have fine tuned the figures so you know that your income, expenses and assets all fit right into the program guidelines.  You can double check your budget by using a program designed specifically for homeowners, the Loan Mod Calculator will automatically compute and display your ideal budget.
2. Be prepared to clearly explain your circumstances, what has caused your hardship and how you have tried everything to afford the payment, but a loan mod is your only option.  Don’t go into too much detail-be concise but cover the main acceptable reasons: reduction or loss of income, high expenses, increased debts, lack of reserves.
3. Be aware that your initial phone interview will determine if you will be sent the official application package-this is the first hurdle you have to get over.  Don’t
   

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   quote your budget information until you have used the Loan Mod Calculator so you know you have the best shot at passing.

4. Be polite to the negotiator, but also be persistent and make sure that what you are telling them is being input on their side correctly.  Unless they input your income, expenses and assets accurately you may find yourself being turned down when you should be approved!
5. You will have to prove any income that you state, so make sure that you know ahead of time if you need more income so you can build a history of receiving it.  For example, if the Loan Mod Calculator shows that you may need to rent a room, then keep copies of the cancelled checks or be sure to deposit cash received for at least two months to prove that you actually receive this income.

Negotiating with Wells Fargo does not have to be scary or intimidating-once you have a good idea of just what to show them and how to present your budget, you will be able to confidently speak with the negotiator and prove that you are the perfect loan mod candidate.  Remember, it’s all about fitting into the approval formula-so take your time and learn how to adjust your budget before you contact the bank.

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful system was designed for homeowner use, and provides your with your own specific income, expenses and asset requirements so that you can complete your budget worksheet

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correctly.  Visit MyLoanModificationCenter.com today and get started immediately.

HAMP 2012

A Wells Fargo HAMP loan modification is available for homeowners who can prove that their financial situation meets the strict approval guidelines.  Most borrowers do not really know how to prepare their application correctly, and this will often result in a denial.  While this is discouraging, it is not the end of the process-you are allowed to re-apply with revised, updated financial information.  The trick is knowing exactly how to complete the financial worksheet correctly-and know just how much income, expenses and assets you need to list to qualify.

The HAMP guidelines require that a homeowner be facing a financial hardship situation, making their current mortgage payment unaffordable.  Wells Fargo will review your monthly budget to determine:

1. Debt to Income Ratio:  how much of your gross income goes towards your monthly housing expense
2. Asset Ratio:  how much do you have in liquid reserves
3. Cash Flow:  after you pay all your bills, how much money do you have left over
4. Waterfall Method:  can your loan be modified using the standard Waterfall method to achieve a new affordable payment

If you list too much or too little monthly income on your Wells Fargo financial worksheet, you will fail these guidelines.  If your expenses are too high or too low then you will also be denied.  Here are some helpful directions that may increase your chances for approval:

1. Find out HOW MUCH monthly income you need to report-you can use the Loan Mod Calculator to find this out.  This easy to use program will automatically compute and display all your specific budget requirements.
2. Double check that your expenses will pass the cash flow requirements-make any needed adjustments ahead of time
   

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3. Confirm that you are passing the Asset Ratio criteria-use the Loan Mod Calculator for this one.
4. Once you have fine tuned your income, expenses and assets and the Calculator shows a PASS for all categories, use these figures on your final HAMP financial worksheet.

Get the real answers you need-use the #1 selling resource developed specifically to help homeowners apply.  The Complete Loan Modification Guide kit and Loan Mod Calculator shows you exactly how to prepare your financial worksheet correctly-avoid mistakes and get it done the right way.  You need to know how much income, expenses and assets to report-visit MyLoanModificationCenter.com today.

No Equity!

If you are one of the millions of homeowners who owe more on their Wells Fargo mortgage than the home is worth, a loan modification featuring balance reduction could be the solution you need.   In fact, this is something that pretty much every homeowner would like-but how do you qualify for this loan modification option?  Actually this option is part of the federal governments loan workout plan, HAMP.   It is officially called PRA-Principal Reduction Alternative.  Some recent enhancements to this option will make it easier for homeowners to qualify for a balance reduction.

Wells Fargo loan modifications are only offered to borrowers who can prove that they meet the strict guidelines for hardship, income, expenses and assets.  A lower interest rate and lower monthly payment are part of the methods used, but additionally the bank has the option to reduce the actual loan balance.  However, this gets tricky because the bank must calculate that this option will actually be cheaper for them than taking the house back.  It’s a bit of a balancing act-and depending on several factors a principal reduction may or may not be offered.

Can you increase your shot at getting a Wells Fargo loan modification featuring a balance reduction?  YES! Your monthly budget figures must be prepared and submitted so that the bank will be able to modify your loan within the standard methods-and so that this modification will be the best choice for their bottom line as well.  Here is how you can increase your chances of qualifying for a balance reduction loan mod:

1. Verify that your monthly income, expenses and assets all pass the Waterfall Guidelines, and that a balance reduction will meet the program guidelines.  (verify this with the Loan Mod Calculator-a system designed specifically for homeowner use)
2. Make sure that Wells Fargo has an accurate current market value for your home in their system.  If necessary, provide them with a current market analysis.  Your
   

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   realtor can do this for you.  This is a case where the LOWER the value of your home, the more a loan mod with balance reduction is an option.

3. The amount of principal reduction will equal the amount that you are underwater: for example if your home is worth $300k but you owe Wells Fargo $425k, the most they will reduce the balance would be $125k to achieve 100% loan to value.  If your loan mod terms require a large reduction than that amount then you will most likely not qualify.
4. Verify how much of a balance reduction you may be eligible for ahead of time-and make the needed adjustments to your budget figures until you know your figures fit correctly.  The Loan Mod Calculator will show you the Waterfall with any required reduction amount.

Make sure that you prepare your Wells Fargo Loan Modification application correctly in order to have a good shot at approval and to get a balance reduction.  It’s really about a mathematical formula-if you can pass it, then you are on your way to success.

Get the real answers you need-use the #1 selling kit designed specifically for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will

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automatically compute and display your own specific budget requirements for income, expenses and assets.  The WaterFall Method will display your new loan terms, including any possible balance reduction.  Fine tune your figures ahead of time and PASS the guidelines.  Visit MyLoanModificationCenter.com today.

Self Employed?

When a self employed borrower applies for a Wells Fargo loan modification, they will be asked for documentation to support their income.  This can be a challenge, because usually you do not have regular paychecks to show them.  But, there are alternative ways to prove your income that will be acceptable-the real trick is knowing ahead of time how MUCH income you will need to report in order to qualify.

Self employed borrowers who are struggling with their Wells Fargo mortgage may be eligible for a loan modification, but only if the financial information they provide proves that their situation meets the standard guidelines for acceptable income, expenses and assets.  What this really means is that you can prove in black and white, on your loan mod application that you are the perfect candidate.  Here are some simple tips that will explain how to do this.

SELF EMPLOYED INCOME REQUIREMENTS FOR WELLS FARGO LOAN MODIFICATION:

1. Profit & Loss Statement:  you will need to provide a P & L for your business income and expenses.  Depending on the time of year, you may be asked for a Year End statement or one that covers 3-6 months.  You can use a simple P & L template provide in the Loan Mod Kit to help you complete your own.
2. Business Income:  Your business bank deposits will be used for the actual gross income.  3 to 6 months of business bank statements will be required – total the deposits and use that figure for your business income on the P & L.
3. Business Expenses:  Now itemize your business expenses, prorating any annual expenses for the number of months that the P & L covers.
4. Business Net Income:  this is the amount that is left after paying all your expenses.  Your business net income then becomes for own PERSONAL gross income for the RMA application form.
5. Required Amount of Personal Income:  Find out just how much
   

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   income you need to report by running your figures through the Loan Mod Calculator.  You will see a PASS or FAIL as the Calculator computes and displays the approval guidelines.

6. Budget Adjustments:  Now make the necessary adjustments to your P & L so that you achieve the acceptable amount of net business income to pass the PERSONAL gross income requirements.  The Loan Mod Calculator automatically shows you how MUCH income you need so that you don’t have to guess.

Don’t let the income requirements for self employed loan modification approval trip you up-once you know just how much GROSS income you need to report, you will be able to fine tune your business P & L so that you meet the approval guidelines.  Remember, it’s all about proving to Wells Fargo that your financial situation meets their underwriting requirements, so get the math right and you have a good shot at approval.

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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.  This system is designed specifically to help homeowners complete their application correctly.  The Loan Mod Calculator automatically calculates and displays your own specific income, expense and asset requirements.  Visit MyLoanModificationCenter.com today and get started now.

It can be tricky for self employed borrowers to qualify for a Wells Fargo loan modification.  But, it can also be a benefit as you can adjust your expenses should it be necessary in order to report the acceptable amount of monthly income.  The trick is knowing just how much income you need to show the bank in order to pass the standard approval guidelines.  Remember, if you have too much or too little monthly income you will not qualify.  Here are some tips that may help you figure out how to apply correctly.

WELLS FARGO LOAN MODIFICATION FOR SELF EMPLOYED BORROWERS

1. You will need to prepare a simple P & L-this will show the bank how much gross business income you took in, less your business expenses – your NET business income is then your Personal Gross Income.
2. Don’t mix up the personal and business expenses-your P & L should just show your business expenses, your loan mod application should show your personal expenses.  You can follow a simple profit and loss template provided

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   in the Loan Mod Kit to help you.

3. Use your business bank deposits as your Business Gross Receipts-Wells Fargo will usually want 6 months of bank statements.  Your business income will be averaged out-some months may be more and some lower, but the total will be divided by the period covered.
4. Now, deduct your business expenses from your Gross Receipts to arrive at your Business Net Income.  If you have annual expenses then prorate those for the P & L.  Use the Business Net income for your Gross Income on the Wells Fargo RMA application form.
5. Verify that you have the right amount of gross income by running your budget through the Loan Mod Calculator-this program is designed specifically for homeowners and mimics the 7 approval triggers, including income, expenses, Debt Ratio, cash flow, Waterfall, Target Payment and Loan to Value.
6. Make any necessary adjustments to your P & L or personal expenses until you pass all the categories on the Loan Mod Calculator.  then submit your perfect budget figures for final review.

Self employed borrowers can qualify for a Wells Fargo loan modification, you just need to know how to adjust your budget figures and your expenses in order to arrive

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at the right amount of monthly income to pass the guidelines.  You can get help with this process-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This system will automatically compute and display your own specific budget requirements and show you PASS or FAIL so that you can make the needed adjustments.  Visit MyLoanModificationCenter.com today.

RMA TIPS

Here are some TIPS to help you complete the Wells Fargo RMA form:

1. Work on your household budget ahead of time-don’t just spit out some numbers randomly or you will probably fail the guidelines.  There is actually a standard formula used on every borrower that utilizes your monthly gross income, your monthly expenses and assets.  This formula determines who qualifies-so your goal is to make sure that the figures you supply pass all the formula triggers.
2. The Wells Fargo loan modification underwriting process mandates that your Gross monthly income be used to determine three things:  your current debt ratio, your new modified target payment, and whether you pass the Waterfall Method of Modification.  Obviously, this is a critical figure-you
   

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   cannot show too much or too little income to qualify.  Make sure you report the acceptable amount-verify your income with a tool designed specifically for this purpose-the Loan Mod Calculator will automatically compute the required amount.

3. Your monthly household expenses must be detailed for the Wells Fargo RMA-items like groceries, utilities, car payments, insurance, etc will be carefully reviewed.  The bank wants to see what your current cash flow is and whether you are in a financial hardship situation.  You may need to make some adjustments to your expenses to pass this qualification-verify your expenses with the Loan Mod Calculator-then make any needed changes ahead of time.
4. List your assets:  the RMA asks for your assets, items like bank accounts, CD’s, Money Markets, Stocks.  Retirement accounts are exempt, but you are only allowed to have a certain percentage of funds on hand to qualify.  Some borrowers mistakenly believe that the more money they show Wells Fargo the better their chances-WRONG.  Confirm you pass the Asset Ratio guideline with the Loan Mod Calculator.

Even if you have already applied for a Wells Fargo loan modification and been denied, you can still adjust your RMA and re-submit it for a second chance.  This time, make sure that your income, expenses and assets all fit right into the approval guidelines.  It is up to YOU to prove that you are the perfect candidate-and this means presenting your financial statement so that Wells Fargo can see in black and white that you easily qualify for a loan workout.

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Get the REAL answers you need NOW-use the #1 best selling resource designed specifically for borrowers-The Complete Loan Modification Guide kit and Loan Mod Calculator. This proven system will automatically compute and display your own specific budget requirements-giving you the information you need to prepare your RMA correctly.  Visit MyLoanModificationCenter.com today for more information and get started NOW.

Know WHY & Fix IT

If your Wells Fargo loan modification application was denied, you may be feeling frustrated and disappointed, but did you know that you CAN re-apply and get a second chance at approval?  The only criteria is that your financial information has changed, meaning that your monthly income and/or expenses have either increased or decreased-which could now make you eligible for help.

Although Wells Fargo is one of the toughest banks to deal with on loan modifications, they will approve your loan workout as long as you can prove to them on your financial statement that you fit right into the standard underwriting approval guidelines.  That’s the tricky part, because homeowners simply do not know EXACTLY what they need to show the bank to pass these strict guidelines.

Here are some easy tips that you can use to fine tune your budget so that you can re-apply for a Wells Fargo Loan Modification:

1. Ask WHY you were denied: if you know where you went wrong on the
   

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   initial application, it will help you to know just where you need to revise your financial information.   If the reason is NPV failure, that usually has to do with not enough monthly income or that you have too much equity (not an issue for underwater borrowers).  The vast majority of the time, the reason for loan mod denial is due to income.

2. Understand that there are three basic categories that you must pass:   monthly income (debt ratio), monthly household expenses (cash flow and hardship), and assets (liquid accounts-lack of reserves).  These three items are critical because they are used by Wells Fargo in the underwriting process.  You must pass ALL 3 of these to qualify.
3. Work on your financial statement and make any necessary adjustments to your income, expenses, assets until you know you are passing.  You can make this easier to do by using the Loan Mod Calculator-a program designed specifically for homeowners that will compute and display your own budget requirements.
4. Once the Loan Mod Calculator shows you PASS on all categories, use those adjusted budget figures on your new revised RMA form, and submit it for a second look.
5. Don’t assume Wells Fargo has all of your new, revised information-you MUST call them up, ask them to read back to you what they have in their system for your UPDATED income, expenses and assets and be sure they correct any mistakes.  This is a common problem-and something you need to follow up on.

Success!

These tips will help you to turn a Wells Fargo loan modification denial into an approval-but you need to know just what information to supply on your financial statement or you run the risk of being turned down again.  Take your time, use the Loan Mod Calculator to help you, and don’t give up!

Get the REAL answers you need-turn a denial into an approval, use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This proven system will automatically compute and display PASS or FAIL for your income, expenses and assets and show

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you just where to adjust your budget.  Avoid mistakes, get it right-visit MyLoanModificationCenter.com and get started now.

Apply Correctly

WELLS FARGO FINANCIAL STATEMENT GUIDE

1. Income:  You need to report your household monthly Gross Income, and this figure will be used by the bank to determine your current debt ratio.  This is an important qualification that you must pass.  The gross income figure is also used to determine your new modified Target Payment, and if your mortgage can be modified to reach this new payment.  Be sure that your gross income will pass these critical guidelines-you can verify that your income passes by using the Loan Mod Calculator, a program designed specifically for this purpose.
2. Expenses:  The financial worksheet also requires that you itemize your monthly household expenses, items like insurance, groceries, utilities, car payments, etc must be listed.  Wells Fargo wants to see how you spend your money each month, but they also use this information to determine if you are truly in a financial hardship and if a loan mod will be a solution for you.  Your cash flow is reviewed, so double check your expenses by running them through the Loan Mod Calculator program.
3. Assets:  You must also list your asset, accounts such as your checking, savings, any CD’s, stocks.  Retirement accounts are exempt.  In order to pass this
   

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   guideline, you can only have a certain amount of money in the bank.  Many borrowers think the more money they can show Wells Fargo the better their chances are, but this is not the case.  Make sure you pass this one-double check it on the Loan Mod Calculator.

When you prepare your Wells Fargo financial worksheet, take the time to verify that you are passing the debt ratio, income, expenses and assets guidelines.  This is really the SECRET to loan mod approval, and this is where most borrowers get it wrong and end up with a denial instead of the approval they need and deserve.  It’s really about the Math, and if you get your budget figures right, then you have a very good shot at getting approved.

You can get the REAL answers you need to prepare your financial worksheet, use the #1 selling resource designed specifically to help homeowners with their loan mod application.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own specific budget requirements-including income, expenses, assets, debt ratio, and the three other

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approval triggers.  When you know just how to adjust your budget figures, you will be able to submit the perfect application.  Visit MyLoanModificationCenter.com today.

Financial Worksheet

When you complete the Wells Fargo Loan Modification Financial Worksheet, do you really understand how much you need to report for your income and expenses to pass the guidelines?  The key to getting a lower mortgage payment is knowing how the approval formula works, and this means that you need to know ahead of time just how to fine tune your own monthly budget to meet the approval criteria.

Wells Fargo will only approve your loan modification if you can prove to them in black and white that you fit the very tight guidelines.  It’s really all about the math, and the underwriting process involves taking the income, expenses and assets you have reported on the financial worksheet and verifying that they will pass the approval formula.  Even the most deserving borrower will be denied unless they can accomplish this-and sadly, the bank will not help you with this part.

Here is what you need to know when preparing your Wells Fargo Financial Worksheet:

1. Monthly Gross Income:  this amount is used to determine your Debt Ratio, and also to determine what your new modified target payment could be.  If you report too much or too little income, you will be turned down. You may need to get a room mate, or a second job in order to pass the approval formula, so it is critical to know this ahead of time.  You can verify your own income by running it through the Loan Mod Calculator, a program designed specifically to help borrowers with this process.
2. Monthly Household Expenses:  you need to break down your monthly expenses on the Financial Worksheet.  Wells Fargo wants to see how much money is
   

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   coming into the house and how much money is going out each month.  This is part of the cash flow calculation and shows that bank if you are truly in a a financial hardship situation.  You may need to fine tune your expenses before submitting, so be sure to double check your expenses with the Loan Mod Calculator ahead of time.

3. Asset Ratio:  you are only allowed to have a certain amount of liquid assets in order to qualify, some borrowers think the more you can show Wells Fargo the better, but in fact this could cause you to be denied.  Do you pass the Asset Ratio?  The Loan Mod Calculator will show you immediately.

The Wells Fargo financial worksheet may look simple, but that is deceiving.  Your entire loan modification is riding on how you prepare this application form-so you really need some information on just what to report for your income and expenses if you hope to have a good shot at approval.  How you complete your financial worksheet will make or break your loan workout chances.

Get the real answers you need now-use the # selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod

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Calculator.  This system was designed specifically to help homeowners prepare their financial worksheet and will instantly compute and display your own income, expense and asset requirements.  Use this powerful information to fine tune your budget so that you PASS all the guidelines.  Visit MyLoanModificationCenter.com today.