Apply Correctly

Trying to figure out how to qualify for a Chase loan modification?  The bank offers loan workouts to struggling homeowners-but ONLY if they can prove that they meet the strict approval guidelines.  It may be possible to lower your mortgage payment, and even qualify for a reduction to your loan balance-as long as you understand how to apply correctly, that is!  No matter how deserving you may be, the bank will only offer assistance to those homeowners who pass the criteria for monthly income, expenses and assets.

Here are the most common questions homeowners have about a Chase loan modification:

1. How do I know if I qualify for a loan mod program?  The bank participates in the government program called HAMP-and this plan has standard approval guidelines for every homeowner.  If you can pass these, then chances are good you will be offered a lower mortgage payment.  The trick is to know ahead of time exactly how to prepare your application.
2. What is the first step to apply?  You will be given a brief telephone interview and need to answer some basic questions about your financial situation.  Do NOT disclose your income, expenses and assets until you know that your budget figures fit into the guidelines.  Verify your budget using the Loan Mod Calculator, a
   

   Income Requirements Displayed

   system designed specifically to help homeowners with this important step.

3. What paperwork do I need?  Once you pass the telephone interview, you will be sent an application packet that includes the standard application form, called the RMA.  This includes a Hardship Affidavit and Dodd Frank Certification.  You will also have to provide proof of any income you report with paycheck stubs, canceled checks, bank statements, award letters, etc.
4. What if my income is not sufficient?  Find out if your monthly gross income fits the Chase guidelines ahead of time-use the Loan Mod Calculator to find out if your income is a PASS or FAIL.  If needed, increase your income by renting a room, working overtime, etc.  The Calculator will show you how much income you need and so you will be able to make any needed adjustments before you apply-giving yourself the best shot at approval.
5. How do I qualify for a principal reduction?  If your home is significantly “underwater”-meaning you owe more than it is currently worth, you may be eligible for PRA-Principal Reduction Alternative.  The Loan Mod Calculator will display how much reduction you may be eligible for-just input your budget figures and the results will compute and display immediately.

Keep in mind that a Chase loan modification is not the solution for everyone-the bank will only offer this program to homeowners who can prove that their financial situation meets the underwriting guidelines.  This can be tricky to figure out and most homeowners are denied simply because they did not know or  understand how to complete their application correctly.  Take some time to learn and prepare-that way you will have the best chance at getting the help you need and deserve.

Calculator Incl-Download immediately!

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 specifically for homeowner use, and will automatically compute and display your very own budget requirements, showing you the income, expense and asset figures required to pass the standard approval guidelines.  Avoid mistakes, get started today, visit MyLoanModificationCenter.com today.

Be Prepared

Your first telephone interview for a Chase loan modification can make or break your chances of approval.  Do you know what to say and what NOT to say?  Are you sure that your budget figures will pass the approval guidelines?  If not, then here are some negotiating tips that can help you qualify for a loan mod and lower mortgage payment.

CHASE LOAN MODIFICATION NEGOTIATING TIPS

1. Don’t disclose your financial information until you have verified that your income, expenses and assets will pass the standard approval formula used by the bank! This is critical-verify that your budget is acceptable, run your figures through the Loan Mod Calculator and
   

   Income Requirements Displayed

   see if you PASS or FAIL

2. Fine tune your budget figures until the Loan Mod Calculator shows a PASS for all 7 categories.  You may need to increase your income, or decrease your expenses to achieve this-but you need to do this BEFORE your phone interview with Chase.
3. Be prepared to clearly and concisely explain your hardship, making sure to hit the 4 major acceptable reasons:  loss or reduction in income, increased expenses, lack of reserves or high monthly expenses.  Don’t go into great detail-just hit the main points.
4. Have your budget figures handy, it helps to print out the Loan Mod Calculator results so you will be able to easily provide Chase with your correct income, expenses and asset numbers.
5. Make sure that the negotiator has input your budget figures exactly as you have prepared-often an input error on the bank’s side will be the cause for denial.  Have them read it all back to you to be sure they have it right.

Success!

Many homeowners are afraid to make that first phone call-it can be scary but once you are prepared and confident that you  fit right into the approval guidelines, you will be ready and armed to get the help you need.  This is not something you want to just “guess” at, especially when you can get the help you need ahead of time so that your chances of approval will be much, much greater!

Get the real answers you need to negotiate a Chase loan mod-use the #1 selling resource for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator were developed specifically to help borrowers prepare their budget worksheet correctly.  Your own specific

Calculator Incl-Download immediately!

requirements for income, expenses and assets are automatically computed and displayed.  Get started right, avoid mistakes-visit MyLoanModificationCenter.com today and get stared now.

Before you complete the Chase loan modification financial worksheet, be sure that you know just what the bank will need to see for your income, expenses and assets.  Most homeowners don’t realize that the loan mod approval process is based on a mathematical formula that uses the information provided on the financial worksheet-and not matter how deserving you are, you will NOT be approved unless you pass this formula for approval.

Chase Loan Modification-Do’s and Don’ts:

Financial Worksheet Don’ts:

1. Don’t Rush-take your time when preparing your budget figures, don’t just slap something together and HOPE it will work.
   
2. Don’t Guess-learn ahead of time exactly how much your specific income, expense and asset requirements are, you can use the Loan Mod Calculator to help you-this program will automatically compute your own budget requirements
3. Don’t Submit-until you have fine tuned your budget and made any necessary adjustments to your income, expenses and assets as shown on the Loan Mod Calculator

Financial Worksheet Do’s:

1. Do Take Your Time-make sure you learn ahead of time exactly what Chase is looking to see on your application, remember that the information you provide will be used to determine if you meet the standard approval formula
2. Do make Adjustments:  fine tune your budget figures before you prepare the final application paperwork.  The figures you submit need to fit perfectly-it is your job to make sure you prove to Chase that you are the perfect loan mod candidate if you hope to be approved.
3. Do Document:  be prepared to provide documentation for any income you report.  If the Loan Mod Calculator showed that you needed more income, you can rent a room out, but you must show proof that you get this extra money.

A Chase loan modification could be the solution you need to keep your home-but don’t count on the bank to help you out UNLESS you can show them that your financial situation meets their strict approval guidelines.   Many deserving homeowners are turned down because they did not know how much income, expenses or assets they needed to report to the lender.  Sometimes even a small adjustment can make the difference-but unless you know ahead of time just how to fine tune your budget, chances are slim that you will be able to get it right.

Apply Correctly

Be very careful when you apply for a Chase loan modification-you must be able to prove in black and white that you pass the guidelines for approval.  The bank has standard requirements for you income, expenses and assets and your monthly budget must prove that you meet these perfectly.  Unfortunately, the bank won’t tell you exactly how to complete your budget form, so it is up to you to know where and how to fine tune your figures before you submit it for review.

The good news is that the guidelines are the same for everyone-a standard formula is used for every borrower who applies-so all you need to know is how this formula works and then make sure your budget figures pass.  This can be tricky though, because unless you have help to figure out just how this formula works, most homeowners simply cannot get the help they need.

CHASE LOAN MODIFICATION GUIDELINES-INCOME & EXPENSE REQUIREMENTS

1. INCOME:  Your household gross monthly income is used by Chase to determine if you qualify for a loan workout.  If you report too much or too little income, you will be denied.  Your debt ratio is computed from this figure, so you must get this part right.  Find out how much you need, run your figures through a program designed for homeowner use-the Loan  Mod Calculator shows PASS or FAIL, and shows how and where to adjust your income.
2. EXPENSES:  Chase will ask for an itemized monthly expense statement, items like groceries, utilities, car payments, insurance, etc.  This will be analyzed to determine your current cash flow and also to determine if a loan modification will be a solution for you.  Your pre-mod and post-mod cash flow must PASS, the
   

   Income Requirements Displayed

   Loan Mod Calculator will help you to fine tune your expenses for the best chance of approval.

3. GUIDELINES:  Your budget must pass the Waterfall Method-this is the standard way of modifying loans to achieve a new target payment.  Your income and expenses and assets will all be carefully reviewed-make sure you are a PASS-verify with the Loan Mod Calculator-then make any adjustments to your income, expenses and assets before you submit it all for review.

Keep in mind that this process is all about the MATH-your budget figures must pass the guidelines-your income, expenses and assets must all be reported correctly or you will not be approved.  Even the most deserving homeowners will be denied unless they get this part right!

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 homeowners apply and qualify for a loan mod.  The Loan Mod Calculator will automatically compute and display your own specific requirements for income, expenses and assets.  Visit

MyLoanModificationCenter.com and get started right now.

Self Employed?

If you are self employed, your Chase loan modification application must include your monthly income, but since you don’t receive a paycheck how do you calculate your personal Gross Income?  This is tricky to figure out, but it is critical to be able to prove to Chase that you earn the acceptable amount of  income each month.

Self employed borrowers who need a Chase loan modification will be asked to provide 3-6 months business bank statements and a Profit and Loss Statement to prove their income.  But how do you know how if your business and personal income will fit into the approval guidelines?

SELF EMPLOYED BORROWER INCOME TIPS

1. Total your business bank deposits for the period of 3-6 months.  This total will be your Business Gross Income.
2. Itemize just your business expenses and deduct from the total deposit.  Be sure to include any prorated annual expenses.  You can
   

   Income Requirements Displayed

   use a simple P & L Template provided in the Loan Mod Kit to show you how to do this easily.

3. The result will be your NET business income-this figure is now your own PERSONAL GROSS income.
4. Verify that this personal gross income figure will pass the Chase loan modification guidelines by running it through the Loan Mod Calculator.
   
5. Make any necessary adjustments to your P & L so that your final income figure shows a PASS on all categories on the Loan Mod Calculator.

Self employed borrowers may actually have a better shot at loan mod approval because they can adjust their expenses if needed to achieve the acceptable amount of monthly gross income for themselves.  However, unless you know just how much income is required you may not hit the right amount.

Remember that your Business Net Income equals your Personal Gross Income for the purpose of Chase Loan Modification.  Be sure that you work on your P & L before you submit it for review, make any needed adjustments and verify with the Loan Mod Calculator that you pass the income requirement.

Get the real help and real answers you need-use the #1 selling resource for

Calculator Incl-Download immediately!

homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific income, expense and asset requirements.  Find out if you PASS or FAIL-and where to adjust your figures before you submit!  Visit MyLoanModificationCenter.com today and get started now.

WHY?Re-Apply!

Don’t give up yet!  If your Chase loan modification has been turned down, you can get a second chance by revising your financial worksheet and re-applying.  You are allowed to re-submit your application, but this time make sure that your monthly income, expenses and assets all pass the approval guidelines.  Many times just a slight adjustment to your budget figures will make the difference between a denial and an APPROVAL!

Here is what you need to know NOW in order to prepare your revised financial statement and be sure that it will have the very best chance at passing the Chase loan mod guidelines:

1. Monthly Gross Income:  This is critical, because the amount of income you report to Chase is used to determine your current debt ratio, your new target payment and whether you pass the Waterfall or not.  If you report too much or too little income, your application will be denied.  You can use a program designed specifically for homeowner use, verify how much income you need to report with the Loan Mod Calculator.
2. Monthly Household Expenses:  Your financial worksheet must itemize how you spend your money each month, items like car payments, insurance, utilities, tuition, groceries, auto expenses, etc will be reviewed by Chase.  Your current cash flow must demonstrate a hardship, BUT you must also show that if given a loan modification your cash flow will be a positive to prove that you won’t default in the future.  Double check if you need to adjust your expenses and your cash
   

   Budget Requirements Displayed

   flow with the Loan Mod Calculator-it will compute and display what changes need to be made-before you submit the new paperwork!

3. Assets:  Did you pass the asset ratio guideline? Many homeowners think that the more money they can show Chase the better they look-WRONG.  You are only allowed to have a certain amount of liquid assets on hand.  Double check yours with the Loan Mod Calculator.

The secret to getting approved for your Chase loan modification is to know how the approval guidelines work and exactly what you need to report on your financial worksheet to pass those guidelines.  Unfortunately, the bank won’t tell you this information.  What you need to know is just how much income, expenses and assets you should show in order to fit into the strict underwriting guidelines.  Once you understand what you need to show them, you will be able to make the necessary adjustments and re-submit your financial worksheet with confidence.

You can get the REAL answers you need NOW-use the #1 selling resource designed specifically for homeowners.  The Complete Loan Modification Guide kit and Loan

Calculator Incl-Download immediately!

Mod Calculator will automatically compute and display your own specific budget requirements.  Find out how to fine tune your figures-monthly income, expenses and assets are displayed immediately for you.  Get it done right-visit MyLoanModificationCenter.com today.

Do you pass the strict guidelines for the Chase Loan Modification debt ratio, asset ratio and monthly income?  If you don’t know, then you run the risk of being declined for the help you need.  Most borrowers do not understand that the underwriting process involves using the financial information provided on the application form, and that a standard formula is used on each and every homeowner who applies.  If you submit the wrong information, there goes your chances of loan mod approval.

The Chase loan modification guidelines include a careful examination of  your monthly budget-the bank wants to know how much money is coming into your household each month and how much is going out.  This helps them to determine your financial hardship and mortgage affordability.  But how do you know if your specific budget figures will meet these requirements?  Here are some important things to be aware of:

1. Debt Ratio: this calculation is used to determine if your current mortgage payment is too high, and also to determine what the NEW modified target payment will be.  Your GROSS monthly income is used in the formula, not the net income.  Your total housing expense-combine the monthly payment, monthly property taxes, monthly insurance and any HOA dues and divide that total figure by your GROSS income to arrive at your own debt ratio percentage.  Find out if you pass this guidelines by running your budget through the system designed for homeowners, The Loan Mod Calculator program.
   
2. Asset Ratio: the Chase guidelines mandate that you only have a certain percentage of liquid assets on hand-this determines your risk of default and confirms
   

   Budget Requirements Displayed

   your financial hardship situation.  If you show too much in your accounts, you will FAIL this category.  Double check your own asset ratio with the Loan Mod Calculator.

3. Income: this is the MOST important guideline of all-your Gross Household Monthly Income is used by Chase to determine if you pass the debt ratio category and also used to determine your new target payment using the Waterfall Method.  If you report too much or too little income, you will be denied.  This is one of the most common areas where borrowers get it wrong-but if you don’t know ahead of time just how to adjust your income figures, you won’t understand what you need to report.  Verify your own specific income requirements by using the Loan Mod Calculator-this program will instantly and automatically compute and display your own budget figures and show PASS or FAIL.    Use this critical information to fine tune your figures before you submit.

Once you know if you are  a PASS or a FAIL for your debt ratio, asset ratio and income you will be armed with the information you need to make the necessary adjustments.  Your goal is to prepare your financial worksheet perfectly, so that you prove to CHASE that you fit right into the approval guidelines.  This is the only way that you can really have a good shot at passing the underwriting criteria.

Get the REAL answers you need now-use the #1 selling resource designed specifically to help homeowners prepare their application correctly.  The Complete Loan

Calculator Incl-Download immediately!

Modification Guide kit and Loan Mod Calculator will automatically compute your very own specific budget-including the debt ratio, asset ratio, income, expenses, target payment and Waterfall.  Find out if you pass or if you need to fine tune your figures-visit MyLoanModificationCenter.com today and get started NOW.

2012

There are some new updates to the Chase Loan Modification HAMP plan, and 2012 may just be the year for Principal Reduction-something that many underwater borrowers really need.  The Federal Treasury Department has revised the way that lenders are reimbursed for completed loan mods, and $20 billion has been allocated to help homeowners who owe more than their home is worth.  Will this new plan be the answer that millions of borrowers have been waiting for?

Here are some brief points to remember about the Chase loan modification HAMP updates:

1. Principal Reduction Alternative (PRA):  incentives to lenders who reduce the mortgage balance for qualified borrowers will now be reimbursed at 63 cents on the dollar instead of the previous incentive of 22 cents on the dollar.  The Fed is hoping that this new increased bonus money will entire lenders to help underwater borrowers with a meaningful balance reduction.
2. Investor Properties:  The Fed has opened the program to investor owned properties as long as they are rented and a tenant is living in the property.
3. Fannie & Freddie:  loans owned by these two entities are now eligible for principal reduction under the new updated HAMP plan.
4. Borrowers must still meet the existing debt ratio, income, expense and asset guidelines in order to be eligible for a loan modification-with or without a principal
   

   Budget Requirements Displayed

   reduction.

Although the Fed has approved the new revisions, it may take a few months before Chase begins to implement these updates.  Hopefully, borrowers who prepare their application correctly will now be considered for an affordable mortgage payment and also a lower mortgage balance.  The secret to getting approved is to prove that your financial situation-your income, expenses and assets all fit perfectly into the approval guidelines.  This can be tricky if you do not understand how the bank reviews your financial information and just what you need to show them in order to pass the underwriting.

Learn just what you need to show for income, expenses and assets and whether you are a good candidate for Principal Reduction-use the system designed specifically to help homeowners apply and qualify for a loan mod.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific income, expense and asset requirements.  You will also

Calculator Incl-Download immediately!

find out if a balance reduction is a good possibility and just where and how to fine tune your budget figures to have the very best shot at approval.  Visit MyLoanModificationCenter.com today.

2012 Guidelines

Do you know the latest Chase loan modification Guidelines for 2012?  The government is still offering incentives to borrowers who can pass the strict criteria for program approval, but only if you can prove to the bank that you a good candidate.  Here is some helpful information that will bring you up to speed on the loan mod process.

CHASE LOAN MODIFICATION GUIDELINES 2012

1. Debt to Income Ratio:  this is still set at 31% which is used to determine your new modified target payment, and is also used to decide if your current mortgage is truly unaffordable.  Learn how to figure your own DTI so you can pass this one.
2. Loan to Value:  how much do you owe on your home in comparison to how much it is currently worth?  You must be at least 115% underwater to be eligible for PRA-Principal Reduction Alternative, where your loan balance may be reduced to equal 100% of the
   

   Budget Requirements Displayed

   current market value.

3. Asset Ratio:  How much money do you have in the bank?  Not counting retirement accounts, you are only allowed to have 3 times your current housing expense or you will fail this guideline.
4. Waterfall Method:  2012 guidelines use this calculation to determine if your current loan can be modified to reach an affordable payment that equals 31% of your reported monthly gross income.  Most homeowners fail this because they don’t know exactly how much income is required for their specific situation.
5. Cash Flow:  both pre-mod and post- mod cash flow is analyzed to determine current affordability and also to demonstrate that a loan mod will actually be the answer.  Check your cash flow to make sure that your monthly expenses are reported correctly.

CHASE LOAN MODIFICATION FAQs

1. How do I know if I qualify for a 2012 loan mod?  You need to find out if your specific budget figures will pass these strict guidelines-run your figures through the Loan Modification Calculator to see if you PASS OR FAIL.
2. What will my new interest rate and modified payment actually be?  You can see immediately what to expect and what to ask for-the Loan Mod Calculator will compute and display your new loan mod terms, including rate, payment and term.
3. What do I have to show Chase in order to apply and qualify for a loan mod?  You will need to complete the official form, called the RMA.  This includes a detailed breakdown of your monthly income, expenses and assets.  You will also need to sign a 4506t form, a Dodd Frank Certification and provide proof of any income that you report.

Success

The Chase loan modification guidelines for 2012 are strict, but you can pass them if you know ahead of time just what the bank needs to see on your application.  Be careful about how you report your income, expenses and assets, and make sure that you prove in black and white that you fit right into these tight guidelines.

Get the real answers you need NOW-use the #1 selling resource designed specifically to help homeowners apply and qualify.  The Complete Loan Modification Guide kit and Loan Mod Calculator provide you with your own specific budget requirements-

Calculator Incl-Download immediately!

instantly computing and displaying the income, expenses and assets needed.  Includes one on one customer service assistance too! Visit MyLoanModificationCenter.com today.

WHY?

Ever get the feeling that no one actually qualifies for a Chase loan modification?  It may seem like a big scam-the process is so long and confusing, and the bank seems to lose documents almost on purpose just to delay it even further.  Well, it’s true that the majority of borrowers do not qualify for a loan workout, the fact is that some actually do receive a new, affordable mortgage payment.  So why is it that so many deserving homeowners fail to get the help they need?

The Chase loan modification process can be confusing and frustrating, but if you know the basic guidelines and can show the bank exactly what they need to see, then you will have a pretty good shot at approval.  What they need to see from you is a completed application that includes a detailed breakdown of your monthly household income, monthly expenses and your assets.  This is called the financial worksheet, and while it may sound easy enough, this is actually where most homeowners blow it.

Here are the basic criteria that Chase will be looking for on your loan mod application:

1. Gross monthly income-they use this to determine your current Debt to Income ratio and also to determine what your new target, modified payment could be
2. Monthly Expenses-are you in a financial hardship situation or do you have money left over each month after paying all of your bills
3. Asset Ratio-how much money do you have in liquid assets (checking, savings, money market-anything non-retirement)
4. Waterfall Method-do you pass this standard method of modifying your current loan to reach the target payment-too much or too little income will cause it to fail
5. Post mod cash flow-if your loan is modified, will you be able to afford to pay and maintain this new mortgage

The reason some homeowners get a Chase loan modification is because their application proved to the bank that their financial situation fit right into the program guidelines.   You need to know ahead of time just how much monthly income you need to report to pass the criteria, and also if your monthly expenses need to be adjusted to qualify.  Since most borrowers don’t understand all of these guidelines, they submit their paperwork showing information that does not prove they are good candidates.

Success

You can get the real help you need-find out just how much income, expenses and assets you need to qualify-use the #1 selling resource for homeowners, The Complete

Budget Requirements Displayed

Loan Modification Guide kit and Loan Mod Calculator.  The Calculator will instantly compute and display your own specific budget requirements-allowing you to fine tune your figures before you submit them for final review.  Visit MyLoanModificationCenter.com today.