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.

CHASE Loan Mod INCOME REQUIREMENTS

  1. Gross Monthly income is used for qualifying and is used to determine your new monthly modified target payment and the Waterfall terms.

    Computes Your Income Requirement

  2. Non borrower contributions are accepted, but only for those who live in the property.  Non occupant contributors are NOT acceptable.
  3. 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.
  4. Unemployment income is not counted-if you are unemployed then you need to apply for a special loan mod program.
  5. 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!

How do you complete the Chase loan modification budget worksheet so that your application passes the strict approval guidelines?  Most borrowers get turned down simply because their financial worksheet did not show the acceptable amount of monthly income, monthly expenses and assets.  Here are some easy to follow tips and tricks that will really help you fine tune your figures before you submit for review.

Chase Loan Mod Budget Worksheet TIPS:

  1. Never disclose your financial information until you have had the chance to work on your budget and fine tune your figures!  Tell the bank that you are not prepared and need to call them back!  Then get to work-pull out your last two months bank statements, 2 most recent pay stubs, tax return, any rental agreements and most recent mortgage statements.
  2. Keep in mind that the amount of GROSS monthly household income you report to Chase will be used in a standard Waterfall Formula-this formula determines if your loan can be modified using standard methods to achieve an affordable monthly payment for you.  If you report TOO MUCH or TOO LITTLE income, you will FAIL the Waterfall-not good!  You can use the Loan Mod Calculator to compute and display the exact amount of income you need to PASS.

    Apply Correctly!

  3. Write down all of your monthly expenses-items like groceries, gasoline, utilities, medical bills, credit card payments, etc.  You may need to make some adjustments to these expenses-the goal is to show Chase that although you cannot make ends meet now, AFTER the loan mod you will have at least $250 left over each month after paying everything.  Use the Loan Mod Calculator to compute and display your Pre-MOD cash flow and POST-mod cash flow for you-and help you make the needed adjustments so that you achieve that $250 figure post mod.
  4. Make sure that your debt ratio, asset ratio and Waterfall categories all show a PASS on the Loan Mod Calculator-make any adjustments until you get a PASS on all categories,  then use those fine tuned figures on your Chase budget worksheet for final submission and review.

No matter how deserving your situation may be, unless you report the acceptable budget figures you will not be approved for a Chase Loan Modification.  Take some time to make certain that the information you send in will pass the strict guidelines.  For more free tips and information, visit MyLoanModificationCenter.com.

When you apply for a Chase loan modification, you will need to submit a monthly financial budget worksheet-this is part of the official application form.  This is where you list your household budget-gross income, monthly expenses and your assets.  But how do you know exactly HOW to report your income in order to pass the strict approval guidelines?  This is the the trickiest part of the entire process-show too much income or too little income and you will FAIL the approval formula.  Here are some helpful tips to clarify this process.

Chase Loan Modification-Monthly Income Requirements

  1. All household income may be counted-this means even someone who is not on the loan officially, but who resides in the home and contributes some money each month for the mortgage and expenses.

    Sample Budget Computed

  2. A non-borrower could be a spouse, a room mate or boarder.  You do NOT need a rental agreement BUT you will need to prove that you get the money each month.  Bank deposits, canceled checks, bank statements will be acceptable.
  3. You can find out HOW MUCH total income will be required to pass the loan mod approval guidelines-use the Loan Mod Calculator to compute and display your exact budget requirements for you.  The program will show a PASS or FAIL for the income, expenses and assets.
  4. Now, using the Loan Mod Calculator, add in as much non borrower gross income as needed to get a PASS on the Waterfall for Modification category.  Fine tune all your other budget figures-expenses, assets, etc-until the Calculator shows PASS for all 7 loan modification approval guidelines.
  5. You do NOT need to list the non borrower’s monthly expenses-JUST the amount of money they contribute each month will be added to your own income to qualify.
  6. Complete the Chase RMA form using your new budget figures, provide the needed income documentation along with a 4506T and send in for final review.

If you need more help or are not sure about how to complete the Chase loan modification application, visit MyLoanModificationCenter.com for more free tips in the blog section.

Chase Loan Modification-How the Loan To Value Affects Approval

Posted by admin On February - 14 - 2013

In order to qualify for a Chase loan modification, you must pass 7 approval triggers.  One of these is called the Loan To Value or LTV category.  Once you understand how and why this computation affects your chances of loan mod approval, you may be able to better prepare your application.

CHASE LOAN MODIFICATION LTV

  • Loan to Value is a basic calculation that tells Chase how much equity you have in your home.  This figure is based on the current market value as determined by an automated value method (AVM).  It is not uncommon for the bank to have an incorrect valuation for your home in their system!  This can cause denial of your loan mod application unless you are aware and know how to dispute it.
  • The higher LTV you have, the better your chances of approval!  Basically, the more underwater you are on your mortgage then the better the chances that Chase will modify instead of foreclose.  Remember they are trying to decide the CHEAPEST option for them-NOT what is best for you.

    LTV Displayed

  • The Loan To Value calculation is only for the first lien-it DOES NOT combine the first and second loans, even if both are owned by Chase!
  • You may need to provide your own valuation-a Comprehensive Market Analysis is a report generated by a local real estate agent for you, but you may also need to pay for an actual appraisal if Chase does not accept your CMA.
  • The Loan Mod Calculator will compute and display a PASS or FAIL for your own specific LTV-this is important information because then you can take steps to adjust your application before you submit for review.  Find out what the acceptable LTV figure is with the Loan Mod Calculator.

Get more free tips and information, visit MyLoanModificationCenter.com - blogs.

Chase Loan Modification RMA Form – Qualification Tips

Posted by admin On February - 14 - 2013

The Chase loan modification RMA form is required when you apply for a loan workout.  This official application is carefully reviewed by the bank to determine if the information you provided proves that you fit into the strict guidelines.  Here are some tips on what it takes to qualify for help.

CHASE LOAN MODIFICATION RMA FORM TIPS

  1. The new RMA is 7 pages long-but the most important part of the entire application is the Financial Worksheet page-so this is where you really need to know what you are doing.
  2. The bank will use the monthly budget figures that you supply on this form in something called the Waterfall Calculation.  This is a standard formula that tells the bank if your loan can be modified using standard terms to reach a new, affordable mortgage payment.
  3. The GROSS monthly household income is used in this approval formula, as well as the current mortgage terms and loan balance.  If you show too much or too little income your Chase loan modification will be turned down-so it helps to know ahead of time how you need to complete this page.  You can use the Loan Mod

    Required Income Computed

    Calculator to automatically compute and display what your income requirement will be.

  4. The RMA form also needs a breakdown of your monthly household expenses-items like groceries, utilities, insurance, medical, etc.  Your current cash flow will be reviewed as well as your POST mod cash flow.  You must report your expenses so that after a loan mod is offered, you prove that you will have at least $250 left over each month after paying all of your bills.  The Loan Mod Calculator will compute and display both cash flow figures for you, so you can make any needed adjustments ahead of time.
  5. Fine tune all of your budget figures, including the income, expenses and assets-make sure that the Loan Mod Calculator shows a PASS for all categories, then transpose the numbers onto your final RMA for submission and review.

Get more free tips and information, visit MyLoanModificationCenter.com – blogs.

Chase Loan Modification-How the Waterfall Calculation Works

Posted by admin On February - 14 - 2013

When you apply for a Chase Loan Modification, you must pass something called the Waterfall Calculation in order to be approved for a lower mortgage payment.  It helps to know ahead of time how this calculation works and what you need to show the bank on your application to pass.  Here are the basics:

CHASE WATERFALL CALCULATION FOR LOAN MODIFICATION

  1. It is called Waterfall because of the way Chase moves from one modification option, down to the next, then down to the next and so on- they do this until they can achieve your new target payment.
  2. The Waterfall modification options are:  interest rate reduction (down to 2% or even lower), extend the loan term out to 40 years, and finally reduce the principal balance.  See your own Waterfall results with the Loan Mod Calculator program-know your new terms ahead of time.
  3. If the budget figures you reported on the RMA application form result in the Chase Waterfall calculation showing that reducing the interest rate will reach your

    Required Income Computed

    new target payment then that is all they will offer you, if they need to reduce the rate and extend the term, then they will WATERFALL down to that option, and finally if all else fails then they will reduce the rate, extend the term AND lower your principal balance to reach that new payment.

  4. The Chase Waterfall Calculation uses the GROSS monthly income that you report to them on your RMA application, and also the current terms and balance on your existing mortgage.

Since you must pass this formula to qualify for help, it makes sense to know ahead of time exactly what you need to show on your application for monthly income, and also know ahead of time what the new modification terms could be based on the Waterfall calculation results.  The Loan Mod Calculator is a tool designed for homeowners, and this program will automatically compute and display your own Waterfall results, and show you the amount of income required to pass.

Visit MyLoanModificationCenter.com today for more free tips and information-BLOGS.

Homeowners who apply for a Chase loan modification will need to complete the financial worksheet.  The bank will review this form carefully, and determine if your budget figures pass the standard approval guidelines.  This is where it gets tricky, how do you know exactly how much income you need to report to pass?  Will your monthly expenses be acceptable-what items should you list on this form?  No matter how deserving you are, you won’t be approved unless you know the answers to these important questions.

CHASE LOAN MODIFICATION FINANCIAL WORKSHEET ANSWERS

  1. Gross Monthly Income Requirement:  You must report your household income-this can include salary, self employment income, non borrower contributions (as long as they live in the home), rental income, roommate income, social security, etc.  The total amount reported must pass the debt ratio requirement and also pass the Waterfall Method.  IF you report too much or too little you will be denied.  The gross monthly income you need to report can be learned ahead of time-allowing you to make the needed adjustments before you submit for review.
  2. Monthly Household Expenses:  How you list your monthly bills is important.  Chase will review this information to see if you are in a tight financial situation or if you can actually afford your mortgage.  The goal is to show that you are barely making it now, but if given the loan mod, you will have at least $200 in disposable income after paying all of your bills each month.
  3. Assets:  Be careful here, some borrowers think that the more money they have in reserves the better they look to the bank.  You are only allowed to have a certain amount in liquid accounts-checking, savings, etc.  You can find out beforehand how much is allowed.

    Approval Formula Displayed

Knowing how to complete the Chase loan modification financial worksheet correctly is critical-if you need help figuring out how to fine tune your income, expenses and assets to qualify for help, you may want to use the Loan Mod Calculator.  This program will automatically compute and display your budget figures and show a PASS or FAIL for the approval categories, you can then make the needed adjustments ahead of time to PASS all the guidelines.  Get more tips and helpful information at MyLoanModificationCenter.com

Chase Loan Modification-2012 UPDATES-Easier to Qualify?

Posted by admin On November - 9 - 2012

UPDATES

The new 2012 Chase loan modification updates are designed to make it easier for homeowners to qualify for help-but what are the new guidelines for approval and will they really make a difference?  In the last 4 years, the vast majority of applicants have NOT been approved for a loan mod, and so the bank is now trying to loosen the requirements in order to comply with the Treasury Department’s mandate for more approved loan workouts.

2012 CHASE LOAN MODIFICATION UPDATES

  1. Debt Ratio:  now instead of having to meet the strict 31% guideline for debt ratio and target payment, the bank can use a range from 22% – 42% to qualify a borrower.  This means more flexibility in offering the new modified terms, and that your new target payment may be higher or lower than the previous 31% requirement.  Find out if you pass this NEW guideline- use the Loan Mod Calculator.
  2. Non owner occupied properties:  investment and second homes may now be modified using the same guidelines as owner occupied properties.  There is a PROPERTY SCHEDULE form

    Your Budget-APPROVED!

    that you need to complete-get this in the Loan Mod Kit.

  3. Can be Current on Payments:  you do NOT have to be delinquent in order to qualify for a Chase loan mod, but you still need to pass the Imminent Risk of Default category.  This is mathematical formula that uses your income, assets and expenses.
  4. Active Bankruptcy:  you can be approved for a loan mod while in a BK, your attorney just needs to authorize CHASE to work with you by sending them a letter.

While the 2012 Chase loan mod approval requirements are a bit more lenient, it is still your job to prepare your RMA application form correctly, and report the acceptable amount of monthly income, expenses and assets for your household.  This is the information that the bank uses to determine if you PASS these new guidelines.

Make sure you apply correctly-use the #1 selling resource for homeowners to help you-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful program will

Calculator Incl-Download immediately!

automatically compute and display your own specific budget requirements-income, expense and assets, and show your Debt Ratio and Waterfall results instantly.  Use this information to adjust your figures so that the Calculator shows a PASS for all of the NEW guidelines.  Don’t apply until you KNOW your budget will meet the strict approval requirements-visit MyLoanModificationCenter.com today.

Chase Loan Modification-Self Employed Income Requirements

Posted by admin On October - 20 - 2012

Self Employed?

When a self employed borrower applies for a Chase loan modification, they will need to provide proof of their gross monthly income.  This can be tricky, because most business owners do not have a regular paycheck that shows gross and net income figures. However, in order to qualify for a loan workout, it is critical to be able to not only report the acceptable amount of income, but be able to document it in a way that the bank will accept.

CHASE LOAN MODIFICATION SELF EMPLOYED INCOME TIPS:

  1. 3 months recent bank statements will be required, possibly more to prove the acceptable amount of income.  Because your income can fluctuate from month to month, the lender will take an average of your bank deposits to determine your business gross income.
  2. A Profit & Loss statement must be provided-this does not need to be audited and a simple format is acceptable.  You can get an easy to use P & L  Template in the Loan Mod Kit.  Your total business bank deposits are the Gross Receipts for the period covered.  For example, you provide June-December bank statements, so your P & L dates would match those dates for period covered.
  3. Business expenses must be itemized on the P & L, items like marketing, postage, rent,

    Your Budget-APPROVED!

    commissions, telephone, etc.  For example, your monthly rent is $1000, and your period covered is June-December, your total rent expense for the P & L would be $6000.

  4. Business NET income is what is left over after you pay all of the expenses.  This amount is then what you have left to pay your own monthly personal bills.  So business net equals PERSONAL GROSS income for Chase loan modification qualifying purposes.
  5. Do NOT mix up your business expenses and your personal expenses.  Business costs go on the P & L, personal expenses go on the RMA application form.  This is a common mistake and it cause a lot of confusion and many times a denial for the help you need.
  6. Once you know how much personal gross income you need to report in order to pass the approval guidelines, you can go back and adjust your business P & L so that you achieve that figure as your business NET income.  Find out exactly how much monthly income you need to report-use the Loan Mod Calculator-it will compute and display a PASS or FAIL for your income, expenses and assets so that you can make any needed adjustments ahead of time.

In some ways, self employed borrowers have more flexibility than salaried-if you need to do any fine tuning to your business income & expenses, you can do so in order to arrive at the acceptable amount of your personal gross income.  The trick is to know ahead of time exactly how much income you need to report so that you will be approved for a Chase loan modification.

Calculator Incl-Download immediately!

Get the real help you need, use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program was designed specifically to help borrowers apply correctly-it will automatically compute and display your own budget requirements and show income, expenses and assets with a PASS or FAIL.  Avoid mistakes and get it done right-visit MyLoanModificationCenter.com today.

DENIED!

Why do most homeowners get turned down for a Chase loan modification?  The #1 reason for denial is found on the Financial Worksheet page of the application form.  This is where you must detail your monthly household budget figures-including your gross income, expenses and your assets.  Most borrowers simply do not understand how critical this part of the process actually is-this financial worksheet will make or break your loan mod approval!

Here are some important things to pay attention to when you complete the Chase loan modification financial worksheet:

  1. Gross Monthly Income:  this is a key figure used by the bank to determine your eligibility, so you have to know how much to report.  This figure can include income from anyone who reside in the home and contributes to the monthly expenses.  Also, rental income for other properties may be counted but there is a formula that must be used at 75% of the amount received.  You can verify exactly how much income  you need to report-use the Loan Mod Calculator, a program designed to mimic the approval guidelines.

  1. Monthly Household Expenses:  items like food, utilities, car payments, insurance, tuition, etc must be listed as well on the financial worksheet form.  Chase will use this information to determine your pre-mod cash flow and also your post-mod cash flow.  Make sure that your expenses meet the cash flow requirement-double check by using the Loan Mod Calculator-you may need to adjust your expenses up or down-find out before you submit!
  2. Assets:  you are only allowed to have a certain percentage of liquid assets or you will not qualify.  If you show too much then you will be denied, careful as it is a low figure that is the acceptable amount.
  3. Waterfall Method:  find out if your financial worksheet figures pass the important Waterfall – this shows Chase if your loan can be modified using the standard terms in order to achieve your new target payment.  If you fail the Waterfall you will NOT be approved.  Find out if you are passing, input your budget figures into the Loan Mod Calculator and find out what your new loan terms could be and if  you qualify for a balance reduction.

Most important, take you time when completing the financial worksheet portion of the Chase Loan Modification application.  Remember, all the information you

Your Budget-APPROVED!

provide will be used to determine your eligibility and your new modified loan terms.  It makes sense to find out ahead of time just what is required to pass the criteria for approval so that you can make any needed adjustments before submission and review.

Use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program was designed specifically to help homeowners prepare their financial worksheet correctly-it automatically computes and displays your very own income, expense and assets requirements.  See if you PASS or FAIL, and where to fine tune your figures ahead of time.  Visit MYLoanModificationCenter.com today.