Getting approved for a Chase loan modification requires that you show enough income and that you have acceptable sources of income to qualify for help. This can be tricky, because if you show too much or too little monthly income on the RMA financial worksheet, you will not be approved. Also, the bank will not accept all source of income so you need to know ahead of time exactly how to report your budget figures.
- Gross Monthly income is used for qualifying and is used to determine your new monthly modified target payment and the Waterfall terms.
- Non borrower contributions are accepted, but only for those who live in the property. Non occupant contributors are NOT acceptable.
- Rental income can be used-either from other rental properties or from room mates. However, only 75% of the NET rental income will be counted towards your total monthly income.
- Unemployment income is not counted-if you are unemployed then you need to apply for a special loan mod program.
- Social security, pension, retirement, investment income is allowed-this type of income is increase by 25% for the Gross income calculation.
Remember, that you must be able to PROVE any income that you report on the Chase loan modification application form. Bank statements, bank deposits, canceled checks, tax returns, award letters, etc are acceptable forms of verification.
Most importantly, you need to know HOW MUCH the income requirement for your loan mod actually is-if you report too much or too little income you will not pass the Chase guidelines for approval. Use the Loan Mod Calculator to compute exactly HOW much income you need to pass the Waterfall. This program will automatically figure the 7 approval triggers for you-debt ratio, gross income requirement, asset ratio, Cash flow, loan to value, Waterfall terms and monthly expenses.
Visit MyLoanModificationCenter.com for more free tips and other information-apply correctly so that you PASS the first time!