A new tool for financially strapped homeowners offers a simple way to apply and qualify for a loan modification on their mortgage.  The Loan Mod Quick App software program makes it easy to complete the modification application and prepare an accurate and acceptable financial statement.

Any homeowner applying for a loan workout with their lender will be asked to prepare and submit a financial statement-this is a detailed accounting of the monthly income and expenses for the borrower.  This information is then reviewed and used to determine if the approval guidelines have been met.  So, it is very important to be sure and provide the lender with accurate and acceptable information.

Lower your payments

What are the approval guidelines and how do you know if your application is acceptable?  Here are the 7 calculations that the Loan Mod Quick App software will do 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.

Does all the calculations for you!

It just makes sense to use a software program to help you prepare your loan modification application-why take the risk of making a mistake on your application and possibly being declined the loan workout you need?  This software program was designed specifically to assist homeowners with no experience to prepare an accurate and acceptable application so that they will have the best chance of success.

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!