The official Bank of America loan modification application form is called the RMA-Request for Modification and Affidavit. This particular form is required for all homeowners who are trying to get a loan mod, and the bank actually uses the information on this form to determine if you qualify for help or not. Take your time filling this loan mod form out-if you do it right you will greatly increase your chances of approval!
TIPS on How to Fill Out the Bank of America RMA Loan Modification Application:
- Get familiar with the form, and understand why the bank is asking for certain information from you. Keep in mind that everything you write down on this form will be reviewed carefully, and then used in the standard approval formula to determine if you are eligible for a loan mod.
- The RMA is 3 pages long-the first page asks for your residence information, co borrower information, job history, if the home is listed for sale, bankruptcy info. You need to indicate that you wish to keep your home and want to apply for the HAMP loan modification.
- At the bottom of page 1 is the Affidavit of Hardship-this provides four
boxes to choose from with acceptable reasons for qualifying for a loan workout. There is also a small area where you can write more about your situation. You can use a separate sheet of paper, just be sure to write your loan number and sign that page when you attach it to the RMA. It is a good idea to explain briefly what has happened to you to cause the financial trouble, what you have done to try to correct it, express how much your family wants to stay in their home and that you will be able to pay and maintain the new modified mortgage.
- Page 2 of the Bank of America RMA application is the really important part-this is where you provide a detailed accounting of your monthly income, expenses and assets. The loan mod approval formula is really a mathematical formula that utilizes your financial information, property value and current mortgage information. Your monthly gross income, monthly expenses and bank balances are the most important part of this approval formula-so you must show the acceptable figures. If you are not sure what your budget worksheet should show, you can run your figures through the Loan Mod Quick APP calculator to verify if you are passing, and find out where you may need to fine tune your figures before submitting.
- Page three is the signature page and explains the basics of the loan mod process, you sign this form under penalty of perjury.
Make sure that you keep a photocopy of the completed form-you should have it in front of you when you speak with Bank of America about our loan mod application progress.
The reason most homeowners are turned down is because they did not understand just how important the Bank of America loan modification RMA application form really is. Simply slapping something together and guessing at how to property complete your monthly budget information is not the way to get approved. When you understand how much income you need to qualify, and how to fine tune your expenses to pass the guidelines then you will have a much better chance of success.
Find out how to complete the RMA application form correctly before you submit your Bank of America loan mod paperwork. Get the help you need with the #1 resource for homeowners, The Complete Loan Modification
Guide kit and Loan Mod Quick APP calculator. You get step by step directions to complete all of the required forms, and the calculator automatically figures your income, expenses and bank balance requirements to pass the approval formula. Avoid mistakes, visit MyLoanModificationCenter.com today.