Don’t give up yet! If your Chase loan modification has been turned down, you can get a second chance by revising your financial worksheet and re-applying. You are allowed to re-submit your application, but this time make sure that your monthly income, expenses and assets all pass the approval guidelines. Many times just a slight adjustment to your budget figures will make the difference between a denial and an APPROVAL!
Here is what you need to know NOW in order to prepare your revised financial statement and be sure that it will have the very best chance at passing the Chase loan mod guidelines:
- Monthly Gross Income: This is critical, because the amount of income you report to Chase is used to determine your current debt ratio, your new target payment and whether you pass the Waterfall or not. If you report too much or too little income, your application will be denied. You can use a program designed specifically for homeowner use, verify how much income you need to report with the Loan Mod Calculator.
- Monthly Household Expenses: Your financial worksheet must itemize how you spend your money each month, items like car payments, insurance, utilities, tuition, groceries, auto expenses, etc will be reviewed by Chase. Your current cash flow must demonstrate a hardship, BUT you must also show that if given a loan modification your cash flow will be a positive to prove that you won’t default in the future. Double check if you need to adjust your expenses and your cash
flow with the Loan Mod Calculator-it will compute and display what changes need to be made-before you submit the new paperwork!
- Assets: Did you pass the asset ratio guideline? Many homeowners think that the more money they can show Chase the better they look-WRONG. You are only allowed to have a certain amount of liquid assets on hand. Double check yours with the Loan Mod Calculator.
The secret to getting approved for your Chase loan modification is to know how the approval guidelines work and exactly what you need to report on your financial worksheet to pass those guidelines. Unfortunately, the bank won’t tell you this information. What you need to know is just how much income, expenses and assets you should show in order to fit into the strict underwriting guidelines. Once you understand what you need to show them, you will be able to make the necessary adjustments and re-submit your financial worksheet with confidence.
You can get the REAL answers you need NOW-use the #1 selling resource designed specifically for homeowners. The Complete Loan Modification Guide kit and Loan
Mod Calculator will automatically compute and display your own specific budget requirements. Find out how to fine tune your figures-monthly income, expenses and assets are displayed immediately for you. Get it done right-visit MyLoanModificationCenter.com today.