The Chase loan modification RMA form is required when you apply for a loan workout. This official application is carefully reviewed by the bank to determine if the information you provided proves that you fit into the strict guidelines. Here are some tips on what it takes to qualify for help.
- The new RMA is 7 pages long-but the most important part of the entire application is the Financial Worksheet page-so this is where you really need to know what you are doing.
- The bank will use the monthly budget figures that you supply on this form in something called the Waterfall Calculation. This is a standard formula that tells the bank if your loan can be modified using standard terms to reach a new, affordable mortgage payment.
- The GROSS monthly household income is used in this approval formula, as well as the current mortgage terms and loan balance. If you show too much or too little income your Chase loan modification will be turned down-so it helps to know ahead of time how you need to complete this page. You can use the Loan Mod
Calculatorto automatically compute and display what your income requirement will be.
- The RMA form also needs a breakdown of your monthly household expenses-items like groceries, utilities, insurance, medical, etc. Your current cash flow will be reviewed as well as your POST mod cash flow. You must report your expenses so that after a loan mod is offered, you prove that you will have at least $250 left over each month after paying all of your bills. The Loan Mod Calculator will compute and display both cash flow figures for you, so you can make any needed adjustments ahead of time.
- Fine tune all of your budget figures, including the income, expenses and assets-make sure that the Loan Mod Calculator shows a PASS for all categories, then transpose the numbers onto your final RMA for submission and review.
Get more free tips and information, visit MyLoanModificationCenter.com – blogs.