Homeowners who want to use the Chase HAMP loan modification program to lower their monthly mortgage payments must be able to pass the requirements for monthly income and monthly expenses. Since the bank uses a standard formula for approval, the borrower must prove that their financial situation fits right into this formula. Do you know how much income, expenses and bank balances to show on your application in order to qualify?
The Chase HAMP loan modification requirements can be confusing for homeowners – especially because the bank will not explain this information to you. If you do not prepare your loan mod application correctly, you could be turned down because you do not have enough monthly income or because your monthly expenses and bank balances are too high. What you really need to know is how the standard formula for approval works, and then use that when you complete your financial statement so that you are confident the information you are providing is going to be acceptable.
Since the Chase HAMP loan modification requirements use a standard mathematical equation, it is possible to use this very same formula to fine tune your own application before the bank has a chance to review it. This means that you may have to make some minor adjustments to your figures, however if you can do this ahead of time, you will have a much better chance of getting approved for a loan mod. It’s simple, pass the approval formula and you will most likely be offered a loan workout, but if you don’t pass, chances are very good that you will be denied.
To make this process simpler, you can use a loan modification software program that actually mimics this HAMP approval formula. When you input your monthly income, monthly expenses, bank balances and other critical approval categories, you will see instantly if you are passing or if you need to make some minor adjustments to your budget. You can then fine tune your figures, use the new calculations on your application and be confident that you are passing the Chase HAMP approval guidelines, and that your income and expenses fit right into the program. Homeowners are adjusting their budgets every month to try to make ends meet, so make sure you are making the right adjustments to qualify.
Confused about the Chase HAMP approval requirements? You can use the #1 best-selling resource for homeowners, The Complete Loan Modification
Guide Kit and Loan Mod Software Program. You receive step-by-step directions, required forms and the software program which will demonstrate automatically how much income and expenses you need to pass the standard approval guidelines. You can avoid mistakes and give yourself the best chance for success – thousands have already been helped, why not you?
Visit MyLoanModificationCenter.com for more information and help.