5 Important TIPS

Do you know the correct way to prepare your OCWEN loan modification application?  Be careful because the information that you provide on the paperwork will be used to determine if you pass the guidelines for approval or get denied.  Here are 5 simple, but important steps you can take to be sure you prepare it correctly.

OCWEN LOAN MODIFICATION APPLICATION-5 SIMPLE STEPS

Step 1:  Take your time working on your monthly budget figures, the bank will want to see a detailed breakdown of your monthly income, monthly expenses and assets.  This is critical information that the bank uses in their approval formula-do NOT disclose your financial info until you know it is perfect

Step 2:  Verify that your gross monthly household income is not too high or too low-remember that your loan must be able to be modified to an affordable payment using standard methods of modification. OCWEN will review your income to determine a new target payment, and they calculate how much of an interest rate reduction is required to reach the new lower payment.  They may also lengthen the loan term or consider reducing the principal balance to arrive at the modified payment.  If your income is not acceptable, they won’t be able to achieve the required payment.  Double check that your monthly income will work by running it through the loan modification calculator-a program designed for homeowners use.

Step 3:  Now work on your monthly expenses and your asset-these must also pass the OCWEN loan mod guidelines.  The goal is to prove to the bank that the current mortgage payment is not affordable, but that after the loan workout you will be able to pay and maintain the mortgage.  You may need to adjust your expenses to show the right amount of cash flow each month-verify how to adjust the figures with the loan modification calculator-it will instantly display your debt ratio, cash flow and new target payment.

Step 4:  Now that you know the right amount of income, expenses, and assets required, use those figures on your final application form.  You must be able to prove whatever income you write down, so be prepared with check stubs, bank statements, canceled checks, etc.  You will also need to sign a 4506T form, and possibly a Dodd Frank Certification form.  Write a brief explanation of your financial hardship situation, explaining a loss or reduction in your income, increased expenses or lack of

Exact Requirements

financial reserves.

Step5:  Make a complete copy package for your records before you send it all in to OCWEN-be sure to sign everywhere required, and write your loan number on each page.  Be sure to follow up one week later to verify that OCWEN received your loan modification package and ask them if they have everything they need from you.  Call once a week and keep a telephone contact log where you write down everything you do on the file.
Most homeowners simply don’t understand what the bank needs to see from them in order to get a loan mod approval-once you know exactly how to prepare your application then you will have a much better chance at getting the help you need and deserve.  Don’t just guess and don’t expect the bank to help you out-it’s up to you to get it done right.

Get the real answers you need-use the system designed specifically for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will instantly and

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automatically compute and display your own specific budget requirements.  Avoid mistakes, save time and get it right the first time.  Visit MyLoanModificationCenter.com today.

Pass Guidelines

Most homeowners are confused when it comes to applying for a Chase loan modification, and the entire process seems like a big mystery.  Why do some borrowers get approved while others are denied?  The most important thing to remember is that the bank uses a standard mathematical formula on every homeowner who applies-and this formula uses the financial information you provide on your application form.

What you need are REAL answers on how to apply and qualify for a Chase loan modification.  If you don’t understand what the bank is looking for on your paperwork, you don’t stand much of a chance of completing it correctly.  Here are some helpful answers to the most common loan mod questions:

1. What is the first step to apply for a Chase mortgage modification?  Contact the bank and tell them that you are facing financial difficulties and can no longer afford your current payment.  They may give you a brief telephone interview to determine if you meet the basic guidelines.
2. What are the basic guidelines?  You must live in the home, your current mortgage payment expense is greater than 31% of your household gross income, your loan balance is less than $729,750 and your loan was taken out prior to January 1, 2009.  If you don’t meet this criteria, you may still be eligible for a different type of loan workout.
3. How do I apply?  Chase will send you out an application package that includes the official RMA form.  Be sure to take your time when you prepare this form-remember that the bank will use the information you provide to determine if your specific financial situation passes the guidelines for approval.
4. What is an RMA form?  This is a three page application that includes your personal information, a Hardship Affidavit and a financial worksheet.
   
5. What about a Hardship Letter? The Hardship Affidavit gives you four different options to choose from:  loss or reduction in income, lack of reserves, increased expenses, high monthly debt.  You can check one or more of the boxes, and you can also include a more detailed explanation about your specific situation.
   

   Exact Requirements

6. How do I know what monthly income I need to list on the financial worksheet?  This is critical-if you show Chase too much income or too little income you will not pass the approval guidelines.  You can verify the required amount by running your budget through the loan modification calculator first-this system was designed specifically to help homeowners apply for a loan workout.
7. Are there certain monthly expenses that I need to list?  Yes, you need to break down our housing expenses, your living expenses such as utilities, groceries, insurance, medical, auto.  Your budget must prove in black and white that you are a good candidate for a Chase mortgage modification.  Your current cash flow must prove you are in a financial hardship, but they must also prove that after your mortgage payment is reduced you will be able to afford to pay and maintain all of your bills.  Verify your expenses by double checking them on the loan mod calculator, then make any necessary adjustments before you submit it.
8. Do I need to disclose my assets?  Just your liquid assets are checked, items like checking, savings, CD’s, money markets.  Retirement accounts are protected and personal items like furniture, jewelry, clothing are not counted.  The loan modification calculator will show you if you are passing the important Asset Ratio that Chase reviews.

Make sure that you get the REAL answers you need to apply for a Chase loan modification correctly-otherwise you run the risk of being turned down for the help you need and deserve.  The real secret is to know just what your specific budget requirements are-how much income, expenses and assets you need to show in order to pass the approval guidelines.  Work on the application ahead of time, fine tune your figures and then submit the perfect Chase loan mod application.

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Real HELP and REAL ANSWERS are available-use the #1 resource for homeowners, designed specifically to assist borrowers apply for a loan mod.  The Complete Loan Modification Guide kit includes the Loan Mod Calculator-this powerful system automatically computes and displays your specific budget requirements for monthly income, monthly expenses and assets.  Avoid mistakes and save time, get it right the first time.  Visit MyLoanModificationCenter.com today.

Confused about the correct way to complete your RMA loan modification Form?  There are certain things that your lender will be carefully reviewing on your application, so you need to sure that you have completed it correctly so that you have the best shot at approval.  Here are some tips on the best way to list your monthly household expenses when you prepare the financial worksheet.

RMA LOAN MODIFICATION FORM-WHAT EXPENSES YOU NEED TO LIST

Apply Correctly

1. The current mortgage payment-whether it is a fully amortized (principal and interest) or an interest only payment-show whatever the base monthly payment that you are required to pay
2. Do you have a second mortgage on the property?  If so, list that monthly payment amount.
3. Property taxes-even if they are currently impounded as part of the amount you pay each month, take your annual tax bill and divide it by 12, then list that amount as your monthly tax obligation.
4. Homeowners insurance, again take the annual premium divided by 12 months, equals your monthly obligation for this.
5. Credit card or installment payments-only list the minimum payment due, even if you sometimes pay more.  The bank will only budget you for the amount you are required to pay.
6. Alimony, child support payments should be listed on your RMA form financial worksheet page.
7. Rental Expenses-do you own rental properties? If so then list the mortgage, maintenance, etc expenses.
8. HOA Dues for the property you are applying for the loan modification need to be listed as an expense
9. Car Payment-only list those that you are responsible for and actually paying
10. Misc. expenses such as groceries, utilities, tuition, gasoline, transportation, health insurance, prescriptions can all be listed

Exact Requirements

The RMA loan modification form when completed correctly shows your lender that you are in a financial hardship situation, meaning that your current payment is not affordable.  Your monthly expenses are so high that you are barely making ends meet each month, and if they do not help you then you will be at risk of defaulting on the mortgage.  However, just as important is to show them that a loan mod will be a solution for your particular situation.  You need to make sure that the total expenses you list prove this-you can verify your current and proposed cash flow by running you figures through the loan modification calculator.  This program is designed specifically for homeowner use and it will instantly compute and display your own specific budget requirements.

Most homeowners do not understand how to complete their RMA form and so they get turned down for a loan workout.  Remember, it is up to you to prove to your bank in black and white that you are a good candidate for a loan mod.  The only way to do is to prepare and submit your monthly budget figures-income, expenses and assets-correctly and so that they pass all of your lender guidelines for acceptance.

Get the REAL help you need to succeed-use the #1 selling resource for homeowners-The Complete Loan Modification Guide Kit and Loan Mod Calculator.  This powerful system will automatically compute and display your own requirements for income, expenses and assets so that you can avoid mistakes and get it

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done right the first time.  Visit MyLoanModificationCenter.com today and get started now.

RMA Loan Mod Form

Be careful when completing your RMA form-unless you know the requirements for Bank of America loan modification approval,  chances are that you will not know just what the bank needs to see to approve your application.   Since this is so important, do not just slap something together and hope for the best-you must know what the bank is looking to see so that you have a good shot at proving you are eligible.

TIPS FOR BANK OF AMERICA RMA FORM

1. Be sure to complete every space on this 3 page form, and sign where needed.  Any missing information will cause a delay and put your application at the bottom of a very big stack!  Make a copy for yourself before sending it to the bank for review-you may have to refer to this during the process of review and approval.
2. Complete the Hardship Affidavit on the bottom of page 1, and if needed you can write a more detailed description of your financial hardship on a separate sheet of paper.  Note “please see attached”, be sure to put your loan # and sign this separate sheet.  Try to keep it to one page long-maximum.
3. Page 2 is the “meat and potatoes” of the entire Bank of America loan modification process-this is where you break down your monthly income, expenses and your assets.  This financial sheet provides the
   

   Powerful Budget Information!

   bank with a snapshot of your current situation, and also gives them the information they need to find out if you fit into the standard approval formula.  This is a mathematical equation that uses your gross monthly income, monthly expenses, assets and current mortgage information.  Too much or too little income will mean immediate denial-verify your budget by running your numbers through the loan modification calculator first-then make the necessary adjustments before sending it in.

The RMA form can be tricky and hard to figure out if you don’t know what Bank of America needs to see-your income can be off by just a couple of hundred dollars but unless you know this ahead of time you will not be able to correct it.  The key to loan mod approval is proving in black and white that you are a good candidate and that your financial information fits right into the program guidelines.  It’s really just math-either your income, expenses and assets fit or they don’t-and only those borrowers who complete their RMA form correctly will be approved-it’s that simple.  Even the most deserving homeowner will be denied unless they get this part right.

Get help to prepare your RMA Bank of America loan modification form-use the #1 best selling resource for homeowners-The Complete Loan

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Modification Guide kit and Loan Mod Quick APP calculator. This easy to use, but powerful tool instantly shows you the income, expense and assets required so that you can complete your monthly budget correctly.  Avoid mistakes-get it right the first time.  Visit MyLoanModificationCenter.com today and get started immediately.

Use the Approval formula

Wait! Before you send in your Chase loan modification application, learn what your financial sheet should show for monthly income, expenses and assets.  This is critical information that must be done right or you will be turned down immediately for  the loan workout you need.  Many homeowners make the mistake of assuming that just because they are facing a financial hardship they will qualify-the fact is that unless you can prove in black and white that your monthly budget fits right into the approval formula, you will not be approved.

The Chase loan modification approval process uses a standard mathematical approval formula that includes using your:

1. Gross monthly income-this can include non-borrower income as well-such as a child, spouse or boarder.  You must be able to document any income you put on the application, and boarder rents have a specific calculation.  You can verify if your monthly income will be acceptable by running your figures through the loan modification calculator first-you will see instantly if you are passing or failing.
   

   Powerful Information!

2. Monthly expenses-items such as groceries, utilities, car payments, insurance, etc must be itemized on the Chase loan mod application.  If your expenses are too high or too low, you will not qualify.  Make sure you fine tune your budget before submitting it to be certain that you fit the guidelines.
3. Assets-you are allowed to have a certain amount of liquid reserves in checking, savings, CD’s, money markets, stocks.  Retirement accounts are protected, but if you have money sitting in the bank you will not pass the imminent risk of default category.

Help to Qualify

Obviously, there is a lot to know about completing your Chase loan modification financial sheet correctly-and the fact is that this is exactly why most borrowers are turned down.  If you just guess at what to show for your income, expenses and assets then you are taking a big chance-this is not the best way to have the best shot at approval.  Since there is an actual mathematical formula that Chase uses on each and every loan mod applicant, why not use this very same formula to help you fine tune your own budget before you submit it?  The information is available, you just have to use it!

Find out what your Chase loan modification financial sheet should show-use the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP software calculator.  This easy to use but power tool will show you how much monthly income,

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expenses and assets you need to pass the guidelines, and then you use this critical information to fine tune your own budget before submitting it for final review.  Visit MyLoanModificationCenter.com and get started today!

WHY?

So, your Wells Fargo loan modification has been turned down-and the bank won’t explain to you exactly WHY you don’t qualify.  Why won’t they tell you exactly what part of your loan mod application is not acceptable?  If you can get this little bit of information, then you at least have a fighting chance at making the necessary adjustments and then re-apply.  Here is some helpful information that you can use to fight back.

Reasons for Denial of a Wells Fargo Loan Modification:

1. Monthly income not sufficient-if your income as listed on the application is too low, then your mortgage will not be able to be modified to reach an affordable monthly payment using the Waterfall Method of modification.  This is a formula the bank uses that uses
   

   Instantly Figures Budget

   interest rate reduction, longer loan term or principal balance reduction to achieve a new target payment.  The bank won’t tell you exactly how far off you are-but you can run your figures through the Loan Modification Calculator to verify just how much income you need.

2. Monthly income too high-although not as common, you can be denied if you earn too much income relative to your current mortgage payment.  Your current housing expense must be greater than 31% of the household gross monthly income to qualify.  Double check your debt ratio percentage with the loan mod calculator first.
3. Monthly expenses not acceptable-you must itemize your monthly bills, things like groceries, utilities, car payments, insurance, etc.  If your expenses are too high then you may not fit into the Wells Fargo loan mod approval formula.  If they are too low, then they may not deem you to be in a financial hardship situation.  You can verify your monthly expenses and see immediately if you are passing or failing when you use the loan modification calculator.
4. 

   Approval formula

   Asset ratio-you are allowed to only have a certain amount of money available in your checking, savings, money market accounts, CD’s, or stocks.  Retirement accounts are protected-but make sure you pass this guideline or you will be denied.

Since you cannot get a specific reason for your Wells Fargo loan modification denial from the bank, you need to find out for yourself where to fine tune your application so that you can re-submit a new request with updated information.  It is critical that you understand just what the bank is looking for to approve you-otherwise you will just be turned down again.

Make sure you complete your Wells Fargo loan modification application correctly-learn how to fine tune your budget so that you have a good chance of approval!  Use the #1 best selling resource for homeowners, The Complete

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Loan Modification Guide kit and Loan Mod Quick APP calculator.  Get immediately income, expense and asset requirements for your specific budget-then use that information to apply correctly.  Visit MyloanmodificationCenter.com today to get started.

Fight Back!

Getting the run around on your Chase loan modification?  That is the most frustrating part of the entire experience, day after day waiting for the bank to answer your loan workout request-having to re=submit the same paperwork over and over again.  Is there anything that you can do in order to get the approval faster so that you can get on with your life again?  Here are what some successful homeowners have done that helped them succeed:

Chase Loan Modification Tips

1. Make sure that you have fine tuned your monthly budget figures before submitting your application-how do  you know if your gross household income will be sufficient?  Are your monthly expenses too high or too low?  These are critical parts of getting a loan mod approval fast-prove that you are the perfect candidate and you will get an
   

   Instantly Figures Budget

   answer much quicker.  You can double check your own budget by running your figures through the loan modification calculator to verify if you need to make any adjustments-this helpful tool will show you instantly if your income is passing or failing.

2. Do not piece meal your Chase loan mod-put together a complete, accurate, legible and acceptable application package the first time.  If you are missing something, then wait until you have everything required before you send it in.  Make sure that your proof of income, bank statements are the most current because they are only valid for a short time.
3. Double check all the forms to make sure that you have signed everywhere required and completed all the blanks.  The forms you will need to include are the RMA, 4506T, Dodd Frank Certification.
4. Make a complete copy package for yourself before sending it to Chase, and put together a folder where you will keep track of all correspondence-a Contact Log should be stapled to the front and you will write down every time you speak with someone, get mail or faxes.
5. Call every week to make sure that your package has been received and input into the system.  Most importantly, verify that your financial information has been input correctly-oftentimes the income or expenses are mistakenly and erroneously noted at Chase and this alone can be a cause for denial-make them read back to you what they have on file for income, expenses, assets, home value.

Apply Correctly!

If you don’t know exactly what to ask for on your Chase loan modification and understand how the process works, you will get the run around and spend days, weeks, months in frustration-this whole process is not for the weak!  This is definitely a case of where the more you know the better your chances of success will be!  Take the time to learn, prepare and have confidence that the Chase loan modification application you are submitting is perfect and proves that you are the perfect candidate!

Avoid mistakes, get results-use the #1 best selling resource for homeowners-thousands of borrowers have been helped-The Complete Loan Modification

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Guide kit and Loan Mod Quick APP calculator provide the inside info, detailed directions and everything you need to know to have a good chance at qualifying fast.  The loan modification calculator is an incredible tool that will automatically figure and display for you the monthly income, expense and asset required for your loan mod.  Visit MyLoanModificationCenter.com today for more information.

Complete Correctly!

When you apply for a Wells Fargo loan modification, you will be required to complete an application-this form is called the RMA and is 3 pages long.  This information is what the bank will use to determine if you qualify for a loan mod or not-so it is critical that you understand how the bank will calculator your income, expenses and assets so that you can submit your application correctly.

One of the key elements to qualifying for a Wells Fargo loan modification is the borrowers gross monthly income.  This is the total of all income coming into the household, and it can include rental income from other properties.  There is a standard formula that the bank uses to calculate how much of the rental income received will be allowed to count towards the household gross income.

Here is how to figure rental income on your Wells Fargo loan modification:

Gross Rents MINUS all expenses-items like any mortgage payments,

Approval Formula-Calculator for Homeowners

property taxes, homeowner insurance and HOA dues are expenses.  The net rental income is then multiplied times 75% to arrive at the allowable monthly rental income.  Wells Fargo reduces the amount received by 25% to allow for vacancy factors to provide a more conservative and realistic monthly income from any rentals.

If you have more than one property or if some of your rental properties provide a negative cash flow, then the net amount would be either a positive – which will go towards your household income – or a negative amount which be deducted as another expense on your budget.  Rental properties that break even each month would be a wash and not affect your monthly budget worksheet.

Wells Fargo will also allow room rents-you may rent out a room in your home to a boarder to earn more income.  However, they will only use 75% of the amount of the rents received, and you must be able to prove that you actually receive the money with canceled checks or bank deposits.  They may also ask for a rental agreement in addition to proof of rents received.

Easy to Use Calculator

Knowing how to complete your Wells Fargo loan modification application includes being able to prepare your monthly budget worksheet so that your income, expenses and assets all fit perfectly into the approval formula.  Too much or too little income or expenses will cause your loan mod to be turned down and there goes your chances.  It’s just math-so make sure you do the math and prepare your application correctly!

Get help with your Wells Fargo loan modification application-use the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  This easy to use kit includes detailed step by step directions, required forms and the loan modification calculator

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automatically figures and displays the income, expense and assets required to pass-and instantly shows you where you may need to adjust your figures before you submit it for review.  Visit MyLoanModificationCenter.com for more information today.

There are several pitfalls that trip up homeowners trying to get a Wachovia loan modification and cause the bank to turn the application down.  It’s important to know what NOT do so that you won’t find yourself kicked out of the loan mod programs.  Here is some important information to know before you send in your own application.

Know the Process

Wachovia Loan Modification Pitfalls

1. Contacting the lender before you have worked on your application and fine tuned your budget is an invitation to denial!  If you don’t know what the bank needs to see from you in order to qualify, then you are just guessing and that is not the best way to get approved!  Spend a couple of hours working on your application before you ever contact Wachovia and ask for loan mod help.
2. Many homeowners think that the bank has to help them because they are facing a financial hardship-but the loan mod programs will only be offered if you can prove you fit into the standard mathematical approval formula-even the most deserving borrower will be turned down if their income, expenses and assets do not fit this formula.  It’s about math-nothing more!
3. Not being able to prove your income as shown on the Wachovia loan modification application will mean that the bank cannot count it.  Everything must be documented-carefully review how much income
   

   Easy to Use Calculator

   you need, then be able to prove it with paychecks, award letters, bank statements, etc.  Double check the income required by running your budget through the loan modification calculator to see if you are passing before sending it in for review.

4. Dropping the ball by missing time deadlines, missing documents or not following up to be sure that Wachovia received your application, and that the information you submitted has been correctly input into their system.  Don’t rely on the bank to be proactive-this has to be your responsibility or you could find yourself lost in the shuffle.

Perfect Application!

You can learn how to avoid these pitfalls and really have a good shot at getting a lower mortgage payment with a Wachovia loan mod-but it takes a basic knowledge of the process, preparation and a lot of persistence.  It may not be easy, but the results are worth your effort when you get that final loan mod!

Get help to apply and qualify for a Wachovia loan modification with the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  This step by step program gives you the inside formula for approval-the loan modification calculator

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automatically generates income, expense and asset requirements showing you how to fine tune your monthly budget to qualify.  Visit MyLoanModificationCenter.com for more information and get started today.

Loan Mod Questions?

Why does it have to be so dang hard to get approved for a Wachovia loan modification?  The whole loan mod process is so confusing and frustrating that it seems the goal is to discourage as many homeowners as possible so they won’t even keep trying to get approved.  Wachovia was the inventor of the Pick a Pay mortgage, a negative amortization nightmare that is still affecting thousands of struggling borrowers.  Isn’t it time they did something to help those homeowners stuck in their toxic mortgages?

The Wachovia loan modification process is tricky on several levels-and any one of these can trip up a deserving homeowner and that can result in a turn down, instead of the approval they deserve.  Here are some good inside tips on how to increase your chances of qualifying for a loan workout:

Wachovia Loan Modification Process Tips:

Application Tips

1. Never disclose your financial information to the bank until you have had the chance to work on your monthly budget worksheet-it is critical that your income, expenses and assets show that you are the perfect candidate!
2. Realize that the approval formula Wachovia uses is based on a mathematical equation that uses information you provide on your application, don’t just slap something together and hope it will pass.  This formula is used by the bank on each and every application and is mandated and published by the federal government.  You can use this same formula to help you fine tune your own application before you send it in for final review.
3. Verify that  you monthly income, monthly expenses and assets are all passing by running your figures through the loan modification calculator-you will then be able to see where to fine tune your figures
   

   Easy to Use Calculator

   to pass, make the necessary adjustments and then use those figures on your final application and have confidence that you fit right into the program guidelines.

4. The Wachovia loan modification process is a four step process-there are no shortcuts.  First contact the bank, second complete the application, third complete trial modification period, and fourth receive the permanent loan modification.
5. If your loan modification application is denied, do not just give up!  Many times this is due to the bank having incorrect financial information in their system.  Ask them specifically why you were declined and have them read back to you what they have for your income, expenses and assets.
6. You can re-apply for a Wachovia loan modification even if you have been turned down-many borrowers have had to try over  6 times before they were finally approved.  Why should it be so hard?  They do not make it easy, but don’t take no for an answer, keep applying and soon you will succeed!

Give yourself the best chance of Wachovia loan modification approval-use

Download immediately!

the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  The detailed step by step directions help you complete the forms correctly, and the worksheet walks you through inputting your financial information into the calculator to show you the income, expense and asset requirements to qualify.  Use the sample monthly budget to avoid mistakes-generated automatically for you with the calculator!  Visit MyLoanModificationCenter.com today for more information.