Do it Right

When you apply for a loan workout, the RMA form must be filled out so that Bank of America can determine if you qualify for a loan modification.  Keep in mind that the information you provide on this form will be used to determine if you meet the approval guidelines-so it is critical to understand just what to show the bank on your RMA form.

RMA FORM Bank of America-HOW TO FILL IT OUT:

1. The form is 3 pages long-each page will be carefully reviewed, so be sure to take your time and complete it legibly and do not leave any blank spaces.
2. Page 1 of the RMA includes your personal information – this is fairly self explanatory, just be sure to fill in all the blanks.  The bottom of page 1 is the Hardship Affidavit.  You can check as many boxes as needed if they apply to your situation, you can also attach a separate letter giving more detail about your circumstances.  Be sure to put your loan number on it and sign it too.
3. Page 2 of the RMA form is the really critical part of the entire application process-this is the breakdown of your monthly budget information.  This is where you will itemize your household budget-how much your gross income, household expenses and assets are.  These figures will then be used in a standard,
   

   Income Requirements Displayed

   mathematical formula that tells Bank of America if you fit the approval guidelines.  Make certain that your figures pass-verify by running your budget through the Loan Mod Calculator, a program designed specifically to provide your income, expenses and asset requirements.

4. Be prepared to document any income you report-if the Calculator results show that you need more income, then you need to build a history of receiving this income.  The bank will usually need to see 30 days of income documentation-bank deposits, canceled checks, etc.

Completing the RMA form can be much simpler once you know exactly how much income, expenses and assets to report, and understand just how to fine tune your budget so that you fit perfectly into the Bank of America loan modification criteria.  Remember, it’s about the math-and no matter how deserving you are, unless you can prove to the bank that your financial situation passes the guidelines, you will not be offered a loan workout.

You can get help fill out the RMA form-use the #1 selling system designed specifically to help homeowners with this tricky application.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific requirements for income, expenses and assets.  You will see a PASS or FAIL for the 7 approval triggers, and then be able to make the necessary adjustments ahead

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of time so that you PASS every guidelines.  Avoid mistakes-get a faster approval, visit MyLoanModificationCenter.com today and get started right away.

Self Employed

How do self employed borrowers qualify for a Bank of America loan modification?  This can be tricky because proving your income is not as easy as it is for salaried borrowers.  However, the same guidelines apply for income requirements-if a self employed borrower reports too much or too little monthly gross income, they will be denied.  Here are some tips on how to calculate the acceptable amount of income.

BANK OF AMERICA LOAN MODIFICATION-INCOME CALCULATION FOR SELF EMPLOYED BORROWERS

1. Do NOT mix up your business income and expense with your personal income and expenses!  You must provide a P & L statement for your business earnings and expenses, and list your personal finances on the RMA application form.
2. Bank of America will generally ask for 3-6 months of business bank statements to verify your business deposits.  Your Profit & Loss Statement needs to match the total deposits which equal your business Gross Income.  Use a simple P & L TEMPLATE provided in the Loan Mod Kit.
   
3. Itemize your business expenses and deduct those from the Gross Business Income-be sure to include any annual expenses by prorating them on the P & L.
   

   Income Requirements Displayed

4. After subtracting your business expenses, you will have your NET business income.  This figure then becomes your PERSONAL gross income.
5. Verify that this amount will be acceptable for approval-you can run your figures through the Loan Mod Calculator to find out if you are a PASS or FAIL-if needed, adjust your business expenses until you reach the acceptable amount of income.
6. Once the Loan Mod Calculator shows PASS for the personal gross income, use that figure for the Bank of America RMA application form.

Self employed borrowers who apply for a Bank of America loan modification need to prove that their business income and personal income fit within the approval guidelines.  This can be tricky if you don’t know just how much is required to pass.  Sometimes adjusting just a few expenses can make the difference between denial and approval.  Be sure to work on your Profit and Loss ahead of time, verify your figures using the Loan Mod Calculator and then submit acceptable figures for final review.

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator. This system is designed specifically to help borrowers learn how much income, expenses and assets are required for their

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specific budget to pass the approval guidelines.  The Loan Mod Calculator automatically computes and displays a PASS or FAIL-showing you just where and how to fine tune your figures.  Visit MyLoanModificationCenter.com today and get started NOW.

Qualifications

How do self employed borrowers apply for a Bank of America loan modification?  Since there is usually no paycheck stub to send in, homeowners must prove their income to the bank in other ways.  The tricky part of qualifying for a loan mod when you are self employed is knowing how to put together your Profit and Loss statement, and understanding how much income you need to report in order to pass the guidelines.

How do you figure your personal income when you don’t get a pay check?  Self employed borrowers will be asked to provide business bank statements and a Profit and Loss Statement in order for Bank of America to verify their earnings.  In addition, borrowers must itemize their personal household income and expenses on the RMA form.  This information is then used to determine if the guidelines for income, expenses and assets have been met.  The total of your business bank deposits for the last 6 months will usually be used for your Gross Business Income.  The bank may ask for a Year to Date P & L, depending on the time of the year.  You must also deduct any business expenses from your Gross Business Income to arrival at the NET figure.

SELF EMPLOYED BORROWER BANK OF AMERICA LOAN MODIFICATION TIPS

1. Average out your business income by adding your last 6 months bank deposits to arrive at your total gross receipts
   

   Income Requirements Displayed

2. Deduct your business expenses for that same period-average out any annual expenses
3. What is left over is your BUSINESS NET income, that figure then becomes your PERSONAL GROSS income.
4. Input the personal gross income into the Loan Mod Calculator to find out if you are passing or failing the approval guideline
5. If needed, adjust your business expenses in order to achieve the acceptable amount of income

Self employed borrowers must prove to Bank of America that their income fits right into the loan modification program guidelines-but keep in mind that you must separate your business income and expenses from your personal income and expenses.  You can follow a simple P & L template provided in the Loan Mod Kit, and find out the best way to present your situation to the bank.  Once you have your business expenses itemized, the NET business income will then be your PERSONAL gross income for the loan mod purposes.

Self employed borrowers do have a slight advantage over salaried borrowers, because you can adjust your expenses in order to arrive at the acceptable amount of monthly personal gross income.  You can find out just how much income you should report by using the Loan Mod Calculator.  This program was designed specifically to help homeowners prepare their application correctly.  The Calculator will automatically compute and display PASS or FAIL for the 7 approval triggers, including income, expenses, assets, debt ratio, target payment, cash flow and Waterfall.

Get real answers and real help to prepare your loan modification application correctly.  Use the #1 selling resource for homeowners, The Complete Loan Modification

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Guide kit and Loan Mod Calculator.  This program was designed for homeowners and will provide you with your own specific budget requirements.  This is the critical information you need to know NOW-before you submit your application.  Visit MyLoanModificationCenter.com today.

"How TO" Sample

When you complete the RMA form for a Bank of America loan modification, be careful on you report your income, expenses and assets-these are three categories that you must pass in order to qualify for help.  The bank uses a standard underwriting formula that utilizes your financial worksheet information-so how you prepare this form is critical and will determine if you PASS or FAIL.  Here are some helpful tips to give you the information you need to know about what is required.

RMA Bank of America Loan Modification – 3 Categories

1. Monthly Gross Income:  The amount that you report for your household gross income is very important-this figure is used to determine your current debt ratio, the new modified Target Payment and the Waterfall Method.  If you list too much or too little income, you will be denied.  In fact, this is the #1 reason for denial, homeowners simply don’t know how much income they need to pass.  You can find out by using the Loan Mod Calculator, a program designed specifically to help borrowers with this calculation.  Find out your debt ratio, target payment and Waterfall Terms.
2. Household Expenses:  The RMA form requires a detailed accounting of your monthly expenses, items like utilities, insurance, car payments, groceries, tuition,
   

   Budget Requirements Displayed

   etc.  Bank of America wants to see where you spend your money each month, but they also need to verify a financial hardship by checking your Cash Flow.  You may need to adjust your budget to pass this category, your cash flow should be barely breaking even or negative before the loan mod, but a POSITIVE after the loan mod to show you won’t be delinquent again.  Use the Loan Mod Calculator to find out how to fine tune your expenses and double check your CASH FLOW for passing.

3. Asset Ratio:  You must list all of your bank accounts and other liquid assets on the RMA-Bank of America uses a formula that will determine if you pass this category.  Many borrowers think that the more money they show, the better-but in fact you are only allowed to have a certain percentage of money on hand.  Find out if you pass this category with the Loan Mod Calculator.

If all this sounds complicated, it is! Remember that the loan modification process is a strict underwriting procedure and that you must pass the guidelines to be approved.  Just because you are financially strapped and underwater on your mortgage does not automatically require Bank of America to help you.  Oh, and don’t expect them to tell you how much income, expenses or assets you need to qualify-that part they expect you to figure out for yourself!  No wonder only 25% of homeowners qualify for help.

You can get help to pass the underwriting guidelines-use the #1 selling resource for homeowners, The Complete Loan Modification Guide and Loan Mod Calculator.  This system was designed specifically to help homeowners prepare their RMA form and automatically generates your very own sample budget.  You see the income,

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expenses, cash flow, debt ratio, asset ratio, target payment and Waterfall computed and displayed for you.  You need to know just where and how to fine tune your budget, and the Loan Mod Calculator gives you the answers you need.  Visit MyLoanModificationCenter.com today and get started NOW.

Stumped on how to complete the RMA Bank of America loan modification form?  Well, before you make a mistake and report your income and expenses incorrectly, take the time to learn the requirements for approval.  Most borrowers do not realize that getting approved for a Bank of America loan mod is more about the MATH than anything else.  The bank uses an underwriting process that utilizes a standard formula-and the income, expenses and assets that you list on the RMA form will be used in this formula.  Either you pass and get approved, or you fail and get denied.

RMA Bank of America Loan Modification Guide

1. Page 2 of this form is where the rubber-meets-the-road, what you report here for your monthly budget figures will make or break your deal.  It is critical to complete this financial worksheet carefully, and verify ahead of time that your income, expenses and assets will pass the underwriting.
2. Debt Ratio:  the Gross Monthly Income your report on the RMA will be used for several different things-your current debt ratio will be calculated as well as your

   

   Budget Requirements Displayed

   future modified Target Payment.  A determination will be made if your mortgage can be modified to achieve the new target payment using the Waterfall Method.
   

3. Monthly Income:  because this figure is used in three of the Bank of America loan mod approval guidelines, it is one of the most critical figures to get right.  You can verify your own income requirement by using the Loan Mod Calculator-this program was specifically designed to help homeowners with the RMA form.
4. Expense Requirements: The RMA form asks for a detailed accounting of your household monthly expenses, so you must list items like insurance, utilities, car payments, medical, groceries, etc.  Bank of America wants to see how you spend your money each month, and also if your cash flow demonstrates a true financial hardship situation.  You may need to make some minor adjustments to your expenses to pass this category-confirm that your expenses are acceptable by using the Loan Mod Calculator.

Above all, take your time and verify your information before you submit the RMA Bank of America form, remember that the information YOU provide is used by the bank to determine your eligibility.  This is your chance to get the help you need and deserve-you really do have some control over the outcome if you understand just what you need to report on the RMA.

Need help completing your application forms?  Get the REAL answers and REAL information you need now-use the # selling resource designed

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just for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific requirements for income, expenses and assets and shows your debt ratio, new target payment and Waterfall Method terms.  Use this valuable information to fine tune your own budget before your submit for review.  Visit MyLoanModificationCenter.com today and get it done right.

RMA Form

Completing the Bank of America RMA form so that you get approved for a loan modification, it is critical to make the first step correctly so that you have a good shot at approval.  Most borrowers think that simply facing a financial hardship is enough to get the bank’s help-but it is much more complicated than that.

Keep in mind that the financial information you provide to Bank of America on the RMA form is used in a mathematical formula to determine if you fit into the tight approval criteria.  This formula is standard for everyone and uses your:

1. Gross household monthly income
2. Debt Ratio, which is how much of your income is spent each month for the mortgage expenses
3. Loan to value, meaning how much you owe as opposed to the current market value of your home
4. Cash flow, are you barely making it now or do you have money left over each month

The RMA Form tells Bank of America if your specific financial situation will

Budget Requirements Displayed

meet all of the strict guidelines.  If you show too much or too little income, you will be denied.  If your monthly expenses do not pass, you will be denied.

The first step to get approved for a Bank of America loan mod is to fine tune your own budget figures so that your final RMA form is perfect and proves that you are the perfect candidate.  This can be confusing if you do not understand the formula or know exactly what figures you should report.  You need to verify ahead of time that your own RMA form is completed correctly, and make any needed adjustments before you submit it for final review by the bank.

Get the real help and real answers you need-find out your own specific budget requirements, including how much income, expenses and assets you need to report.  Use the #1 selling resource for homeowners, The Complete

Calculator Incl-Download immediately!

Loan Modification Guide kit and Loan Mod Calculator.  The Calculator will automatically compute and display your own budget requirements for you, allowing you to know ahead of time just how to adjust your figures.  Visit MyLoanModificationCenter.com today.

Success

Getting approved for a Bank of America loan modification can be tricky-if you don’t know the specific guidelines for approval then you are probably not going to complete your application correctly.  There is standard criteria for every homeowner who applies, and most borrowers are simply lost when it comes to understanding exactly what they need to report on their financial worksheet application form.

The basic approval guidelines are easy enough, you must be facing a financial hardship situation and be able to prove that you have enough monthly income to support the new modified payment.  But where it gets tricky is knowing just how much monthly income you need-if you show too much or too little your application will be denied.  Here are the main things that Bank of America will be looking for on your loan mod application:

1. Gross monthly household income-cannot be too high or too low or you won’t pass the Waterfall Method of Modification
2. Loan to Value-how much do you owe on your home as opposed to its current market value
3. Debt to income ratio-how much of your income is spent each month on your mortgage expenses
4. Asset Ratio-how much money do you have in liquid assets
5. Current cash flow-do you have money left over each month after paying all your bills or are you barely making it
6. Do you pass the Waterfall Method to modify your current mortgage
7. What is your post mod cash-will the new modified payment be a solution for you or are you still unable to afford the new, lower payment

Basically, the Bank of America loan modification approval guidelines are a tiny box that you must fit into-that is very hard to do for most people who have no

Budget Requirements Displayed

experience with this process.  Your goal is to fine tune your own budget figures before you submit it for review and know ahead of time just what you need to report in order to pass the approval criteria.

There is a program designed specifically for homeowner use that will automatically compute and display your own specific income, expense and asset requirements.  The Loan Modification Calculator will show you all 7 of the above guidelines-and let you see where and how to adjust your own figures before you submit them for final approval.  Visit MyLoanModificationCenter.com to learn how this powerful system can help you.

What does it take to get approved for a Bank of America loan modification?  There is a lot of confusion and frustration from homeowners trying to figure out just what the bank needs to see on the RMA application form.  You can save a lot of time if you learn a bit about the actual formula the bank uses on every application they receive.

BANK OF AMERICA RMA TIPS AND TRICKS:

Tip:  Do Not disclose your financial information until you have had the chance to verify that your income, expenses and assets will all pass the guidelines.  Learn a head of time just how to complete this important application form correctly-otherwise you may be declined immediately.

Trick:  You can verify your own budget requirements-how much monthly income, monthly household expenses and assets-to show on your Bank of America RMA form by using the Loan Modification Calculator.  This system was designed specifically for homeowner use, and will compute and display your specific requirements for you automatically.

Tip:  Fine tune your budget figures using the Calculator results, then transpose your final figures onto the RMA form that you submit for review.  You may need to make some adjustments to your expenses or income, so make sure you complete the application using your perfected figures.

Exact Requirements

Trick:  After you submit your RMA, call the Bank of America and confirm that they received everything they need.  Most importantly, make sure that the financial information you submitted has been properly input into their system. Often they bank will have the wrong income, expenses or assets in their system, and this can cause denial.  Ask the negotiator to read back to you the figures they are using to qualify you-if they are off, then make sure the get corrected.

Unfortunately, Bank of America will not give you the specific information you need to know when preparing your RMA form.  Keep in mind that the figures you supply will be used to determine if you qualify-so make certain that your verify your budget before you submit it for review.

You can get the real answers you need, avoid mistakes and save time.  Use the #1 selling system for homeowners, The Complete Loan

Calculator Incl-Download immediately!

Modification Guide kit and Loan Mod Calculator.  This powerful program will compute and display your own specific budget requirements so that you can prepare your RMA correctly.  Visit MyLoanModificationCenter.com today for more information.

Apply Correctly

The secret to loan mod success is understanding the program requirements so that you can complete the Bank of America RMA form correctly.  Most homeowners don’t know or understand just what the bank needs to see, and so they end up getting it wrong and then getting turned down.  Here are some important key points to know when you complete your application:

1. Take your time completing the monthly budget financial worksheet part of the RMA form-this is on page 2 and is really the most critical part of the entire process.  Before you disclose any of your income, expenses or asset make certain that you have made any necessary adjustments so that you pass the guidelines.
2. The underwriting approval guidelines state that you must show enough monthly income to pass the Waterfall Method of Modification-this means that your new modified target payment can be achieved using the standard methods-reduce the interest rate, extend the loan term or reduce the principal balance.  Make certain your monthly income will pass the guidelines-verify it first by running your budget through the Loan Modification Calculator.  The Calculator will show you Pass or Fail.
3. Bank of America will also check your monthly household expenses-your goal is to show that you cannot make ends meet now but will be able to afford to pay and maintain the new modified mortgage payment.  Your current cash flow must evidence a hardship, and your cash flow after the loan mod must prove that you will be able to afford the loan.  The Loan Mod Calculator will instantly compute your cash flow for you, and show you how to make any necessary adjustments.
   

   Exact Requirements

4. There is also an Asset Ratio requirement-this has to do with your liquid assets and the program only allows you to have a certain amount of funds available.  Verify that you pass this before submitting your RMA form for review-the loan modification calculator will compute this for you.

It’s really pretty simple-complete your Bank of America RMA form so that it proves in black and white that you are the perfect loan modification candidate and you have a very good chance of getting approved.  Remember, the perfect RMA shows just the right amount of monthly income, monthly expenses and assets.

Get the real answers you need-use the #1 system designed specifically to help homeowners prepare their RMA form-The Complete Loan

Calculator Incl-Download immediately!

Modification Guide and Loan Mod Calculator.  The program will automatically compute and display your specific budget requirements for you.  Visit MyLoanModificationCenter.com today.

Apply Correctly

Watch out! Bank of America will be carefully reviewing your RMA form to determine if you pass the requirements for loan modification approval.  The financial information you provide on this form will in large part determine if your loan workout will be successful-it is critical to know the exact requirements for your specific situation in order to have the best shot at approval.

What are the Bank of America loan modification requirements?  The most important one is that your financial worksheet information be acceptable-this means that your monthly income, monthly expenses and assets all fit right into the program guidelines.  Most homeowners are confused by this part-just how much monthly income do you need to qualify?  What should your monthly expenses be?  How about your assets-how are they listed?

BANK OF AMERICA RMA TIPS

Tip of The Day

1. Make sure that your monthly income is acceptable-it cannot be too high or too low – otherwise you will be denied.  You can learn just how much income is required for your specific loan situation by running your figures through the loan modification calculator-a system designed specifically to assist you with preparing your monthly budget figures.
2. Fine tune your monthly expenses so that you prove to Bank of America that your current mortgage is not affordable-your cash flow before the loan mod must document a financial hardship.  But, just as important you must have a positive cash flow after the loan mod-otherwise you will be turned down.  Verify your expenses are acceptable with the loan modification calculator-you will see instantly if your cash flow is acceptable and where you may need to make adjustments before you submit your application.
3. Make certain the assets you list will not throw you out of the plan-your checking, savings, CD, money market accounts must be listed.  You must pass the Asset Ratio Test-the loan mod calculator displays this for you automatically.

Exact Requirements

You may be the most deserving borrower, but if you don’t complete your Bank of America RMA form correctly then a loan modification will not be offered.  Knowledge is the key-know and use the same formula the bank will use.  The loan modification calculator mimics this important formula, and gives you the specific budget information you need to know ahead of time.  It’s all about the math-and the more you know the better your shot at success.

You can get the real help you need-use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod

Calculator Incl-Download immediately!

Calculator.  This powerful system was designed to help borrowers learn how to prepare their financial worksheet correctly.  Avoid mistakes, save time and frustration.  Visit MyLoanModificationCenter.com today.