Know the Guidelines

Homeowners who want to apply for a loan modification under HAMP can greatly improve their chances of qualifying by using a software program that actually mimics the federal guidelines.  Since the federal loan workout plan uses a standard formula for determining which borrowers will qualify, it is important for homeowners to prepare their application so that it fits within the approval guidelines.

The HAMP loan modification software program is designed to make it easier for borrowers to figure out if their financial statement will pass through the qualifying process.  There are 7 triggers for HAMP that an applicant must pass.  The Loan Mod Quick App software program will figure these for you automatically:

1. Loan to Value Ratio- the difference between what you owe on your home and what it’s current market value is
2. Current Debt to income Ratio (DTI): this is the percentage of your income that is being spend currently on your housing expenses-you must pass this critical trigger in order to be eligible
3. Asset Ratio- How much money do you have in the bank in liquid reserves?  Too much and you fail!
4. DCR- Debt Coverage Ratio is showing the lender that you are at imminent risk of default and need a loan workout now!
5. Current Cash Flow-this shows the bank whether you have enough money each month to pay your bills-if you have alot of money left over each month then you may not qualify
6. New Target Payment-the Loan Mod Quick App shows you immediately what your new monthly mortgage payment could be under HAMP.  This new payment is figured off your gross income-learn if your new modified payment will be affordable for you.
7. Waterfall Method of Modification-see what your new interest rate, term or loan amount will be under the HAMP formula.

Download immediately!

While the HAMP process may seem complicated, when you use the loan modification software program you will be able to take all the guess workout out of your application.  Just imagine how many hours you can save when all you need to do is input your income and expenses, and instantly all the figures are displayed for you.  You can then use this valuable information to make any necessary adjustments to your financial statement and application before you submit it to your lender.

The Loan Mod Quick App software program can definitely be the inside edge you need to have the best chance of qualifying for HAMP or other loan workout plans with your bank.  You do not have to just “take a shot” at applying-you can be sure that your figures are accurate and meet the guidelines with this easy-to-use software program.

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!