The RMA form with the Bank of America loan modification must be completed and submitted by a homeowner who is facing a financial hardship and can no longer afford their monthly mortgage payment. It is extremely important to understand just what the bank is looking to see on this form if you hope to have a good chance at meeting the approval guidelines.
The Request for Modification and Affidavit Bank of America loan modification form is the standard application that must be completed, in addition to two other standard forms. The RMA is three pages long and includes:
- Borrower information regarding employment, residency, type of financial hardship situation. The Affidavit of Hardship is signed under penalty of perjury by all borrowers, this is at the bottom of page 1.
- Detailed accounting of the monthly budget-this worksheet breaks down the gross monthly income, monthly expenses and bank balances for the borrowers. Keep in mind that the information provided here
will be used by Bank of America to determine if you fit into the standard approval guidelines, if your income is too high or too low you will be turned down.
- Be sure to double check your figures and be sure that you are fitting right into the standard formula for loan mod approval. You can avoid mistakes by running your figures through the Loan Mod Quick APP software calculator to find out if you are passing or failing. Then make the necessary adjustments before you send in your final application. The loan modification software calculator automatically displays debt ratio, asset ratio, loan to value, and shows the new target mortgage payment and new loan terms.
Unfortunately, even deserving homeowners will not be approved for a Bank of America loan modification unless they complete the RMA correctly. In fact, this is the number one reason most borrowers are denied-they simply did not understand how to prepare this form correctly! It is not a matter of luck or chance, it is simple math and either you fit or you don’t.
Get help to complete your RMA correctly for a Bank of America loan modification. The Complete Loan Modification Guide kit and Loan Mod Quick APP software calculator will give you the help you need-all the required
forms, step by step directions and a sample monthly budget you can follow to avoid mistakes. Don’t guess-avoid mistakes and increase your chances of loan mod approval. Visit MyLoanModificationCenter.com today.