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.

Pass Guidelines

Before you submit your application paperwork for a Citimortgage loan modification, be sure that you understand the programs and guidelines.  If you don’t understand how to apply you may not qualify for the help you need and deserve.  The lender has more than one program available for struggling borrowers, and each plan has certain criteria that must be met in order to get approved.Unfortunately, Citimortgage will not give you the details of exactly what you need to show them, so it makes sense to find out as much as you can before you apply.

One of the Citimortgage loan modification programs is the government assistance plan called HAMP.  The federal Treasury Department has strict guidelines that homeowners must pass in order to be offered a lower mortgage payment.  The bank actually uses a standard formula on every applicant to determine if they meet the criteria. 

This formula includes:

1. Debt to Income Ratio:  Your current mortgage expenses must be greater than 31% of your gross household monthly income.  If you total up your mortgage payment, property taxes, insurance and any HOA dues and then divide that total by your gross monthly income, you will arrive at your own debt ratio.  If yours is lower than 31% then you will not qualify for help.
2. Asset Ratio:  You are only allowed to have 3 times your monthly housing expense in liquid accounts.  If you have more than this amount in the bank, then you will not pass.
3. Loan to Value:  How much you owe on your first mortgage as opposed to what your home is currently worth will determine if you pass this approval guideline.  Citimortgage uses this calculation to help them determine if a loan mod or foreclosure would be less expensive for them.
4. Waterfall Method of Modification:   Can you current mortgage be modified to achieve an affordable payment, using the standard methods of lowering the interest rate, extending the term or reducing the loan balance.  If your monthly gross income is too low, then you will not pass the important approval guideline.
5. Cash Flow:  Citimortgage will review your reported expenses to determine if your current cash flow demonstrates a hardship, but they will also review your Post
   

   Budget Requirements Displayed

   Mod cash flow to determine if a loan workout is a viable solution for you.  If you can show them that you are barely making it now, but after the loan modification you will have some disposable income left over after paying your bills each month, you are a good candidate.

There are also in house Citimortgage loan modification plans, and these can help borrowers who cannot meet the HAMP requirements.  The bank can offer many different terms, including interest only payments, lower interest rates, and repayment plans.  These proprietary loan mod plans also have similar income, expenses and asset requirements as above, but the difference is that they have more options available for the new loan terms.  In most cases, the HAMP plan will offer more beneficial terms for borrowers and should be requested as the first choice.

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How do you know if you qualify for a Citimortgage loan modification?  Find out with the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This system was designed specifically to help homeowners complete their application, and provides specific budget information including monthly income, expenses and assets needed to pass the guidelines.  Visit MyLoanModificationCenter.com for more information today.

6 Guidelines

Did you know that in order to qualify for a Wells Fargo loan modification there are 6 guidelines that you must pass?  This is a strict underwriting process, and every homeowner who hopes to get a loan workout and a lower mortgage payment must be able to prove to the bank that their specific situation fits right into the program criteria.

Here are the 6 Guidelines for Wells Fargo loan modification:

1. Loan To Value:  How much you owe on your first mortgage (any second lien is not included here) as opposed to the current market value.  If you have a lot of equity (more than 20%) then chances are you will not pass.  This is a case where the more underwater you, the better your shot at a loan workout.
2. Debt to Income Ratio:  Your current mortgage expenses (including your loan payment, monthly property taxes, homeowners insurance, HOA dues if applicable) must in total equal more than 31% of your Gross Household Monthly Income.  If your DTI is lower than that, then you will be denied immediately.
3. Asset Ratio:  How much money do you have in liquid assets? Retirement accounts are exempt from this ratio.  You are allowed to
   

   Budget Requirements Displayed

   have just 3 times your total monthly housing expense in liquid form (checking, savings, CD, money market, stocks) or you will fail this guideline.

4. Current Cash Flow:  How much money do you have left over each month after you pay all of your bills-including the current Wells Fargo mortgage and household expenses?  If you are barely making it or even negative each month, then you are in an acceptable financial hardship situation.
5. Waterfall Method of Modification:  Can you loan be modified using the standard methods (reduce rate to as low as 2%, increase term to 40 years or reduce principal) to achieve the new target payment?  If your income is too low, then you won’t pass this guideline and your loan cannot be modified.
6. Post Mod Cash Flow:  After the modification, does your budget show that you will be able to afford to pay and maintain the new payment each month?  If you are still barely making it, then you will be a risk for re-default and not a good candidate.  You may need to adjust your monthly expenses to pass this guideline-but you need to do it before you submit.

So, do you know if your financial situation fits into all of these strict guidelines for the Wells Fargo loan modification program?  Remember that the information you provide to the bank on your application will be used to determine your qualifications.  Your monthly gross income, net income, monthly expenses and assets must all fit perfectly into the guidelines or you will not be approved.

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You can find out ahead of time exactly what you need to show on your loan mod application-how much income, expenses and assets will be required.  Use the #1 selling resource designed specifically to help homeowners apply correctly.  The Complete Loan Modification Guide and Loan Mod Calculator will compute and display your very own specific budget requirements-use the Calculator to fine tune your figures so that you PASS these important guidelines.  Visit MyLoanModificationCenter.com today.

Before you apply for a Citimortgage loan modification, make sure you understand exactly what the bank needs to see from you.  If your application is not submitted correctly, and proves to them that you are the perfect candidate, chances are good you will be turned down.  In fact, the #1 reason for denial is because the homeowner did not prepare their application correctly and did not pass the approval guidelines.

Guidelines

Here are the 7 Most Important Guidelines for a Citimortgage Loan Modification

1. Debt Ratio-Your current mortgage expenses (house payment, property taxes, insurance and any HOA dues) must in total be greater than 31% of your gross household monthly income.  If that figure is lower, then you will be denied immediately.
2. Loan to Value-how much do you owe on your mortgage as opposed to the current market value?  If you have a lot of equity, then it will probably be cheaper for Citimortgage to foreclose than to modify.  This is one case where the lower the value, the better your chances are.
3. Asset Ratio-what are your current liquid assets?  Do you pass this guideline and demonstrate a real financial hardship?
4. Current Cash flow-after you pay all of your current bills, do you have money left over each month or are you barely making it; maybe even going negative each month? The bank looks at this to see if you pass the imminent risk of default category
5. Waterfall Method-can you mortgage be modified using this method to achieve a new target payment that equals 31% of your reported gross income?  This is where you need to know just how much income to report-too low and you will not pass this important guideline
6. Principal Reduction Alternative-does your loan qualify? If the bank has to defer or forgive too much of your loan to pass the Waterfall, then you will fail the NPV test.  Again you need to know how much monthly income will be required to pass this mitigation test
7. Post loan mod cash flow-is a loan mod really a solution for you?  If your cash flow shows that after your loan is modified that you still can’t make ends meet, you
   

   Budget Requirements Displayed

   will be denied because you will be a risk for re-default.

The Citimortgage loan modification guidelines may be confusing, but this is all part of the underwriting and loss mitigation that each borrower must go through.  Unless you can pass all the criteria, the application will be turned down.  This can be tricky to figure out on your own, and unfortunately the bank will not tell you specific information on your own budget requirements.  You need to know this information ahead of time so that your application can be prepared and submitted perfectly.

Get the real answers you need-avoid mistakes and frustration.  Use the #1 resource designed specifically for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This proven system will instantly compute and display your own specific budget requirements-showing monthly income, expense and assets needed to pass the Waterfall Method.  You can use this important tool to help

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you formulate the perfect budget figures when you submit your own application.  Visit MyLoanModificationCenter.com today.

Help

Do you know how low your new modified mortgage payment could be?  Make sure you know how to qualify for the lowest Wells Fargo loan modification terms-if you know the guidelines then you will be able to have a good chance at approval and get the very best terms available.  Not all loan mods are beneficial, in fact sometimes the mortgage payment offered may be higher than you are now paying.  In order to get the most benefit from a loan workout, you need to know how to qualify for the very lowest payment available.

A Wells Fargo loan modification is only offered to homeowners who prove the fit the guidelines, and based on the financial information provided on your application, a new modified mortgage payment will be determine by the bank.  If you don’t provide them with the right information, you could find that your new payment is not as low as you need, or worse yet-you could be denied outright.  Here are some tips on how to pass the guidelines, qualify for a modification and get the lowest payment available.

WELLS FARGO LOAN MODIFICATION GUIDELINES – HOW TO GET THE LOWEST PAYMENT

1. Your new modified payment is called the Target Payment, and this is determined using a standard formula that includes your household gross income, your current mortgage payment and current loan balance.  In order to pass this formula, you need to show the bank just the right amount of gross income on your financial statement-too high or too low will cause denial or a target payment that is not beneficial.
2. Wells Fargo uses the Waterfall Method of modification to achieve your new target payment-this includes lowering your interest rate, increasing the loan term or
   

   Exact Requirements

   in some cases, reducing the loan balance.  Make sure that you pass the Waterfall-verify that your gross income is acceptable by running your figures through the Loan Modification Calculator.  This system was designed specifically to help borrowers complete their application-it will automatically calculate and display your specific income requirements, new target payment and new loan terms.

3. In order to qualify for the lowest target payment, your monthly income needs to fit right into the Waterfall and also show a financial hardship.  This is tricky, if you use the Loan Mod Calculator, you can avoid mistakes and make sure that you are providing Wells Fargo with the acceptable financial information.  You may need to make adjustments to your budget so that the Calculator results pass all the guidelines, better to do this ahead of time than submit information that will cause denial.

A Wells Fargo loan modification should give you a low, affordable mortgage payment.  If you don’t know what to ask for, you may settle for a higher payment than you could actually qualify for.  The secret is to know just the right way to prepare your financial worksheet-the monthly income, expenses and assets must all fit right into the guidelines and prove that you qualify for the lowest modified payment available.

Calculator Incl-Download immediately!

Get the real answers you need-use the #1 selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program was designed to give you the specific information you need to complete your application correctly.  Visit MyLoanModificationCenter.com today and get started right.

Exact Requirements

Do you really understand how to complete a loan modification application so that you have the best shot at actually getting approved?  There are several important things to keep in mind before you submit your application form-remember that the information you provide your lender will be used to determine if you are  an eligible candidate for a lower mortgage payment.  This is not the time to “guess” at what needs to done-you need some real answers so that you do not make a costly mistake.

The loan modification application form is called the RMA-Request for Modification and Affidavit.  This is a three page form that details your specific mortgage information and current financial situation.  Your application information will be used to determine if you pass the bank’s guidelines-of course it helps to know what those guidelines are ahead of time.  You may need to make some adjustments to your monthly budget to fit the program, and if you can do this ahead of time then when your lender reviews your paperwork, you will have the confidence of knowing that you fit right into the program requirements.

Here are some basics to know about guidelines and how to complete your application so that you pass the underwriting for approval:

1. The basic eligibility requirements for most plans are that you live in the home, are facing a financial hardship, your loan amount is less than $729,750 and that your current mortgage payment exceeds 31% of your gross household monthly income.
   
2. Next, your current mortgage terms must be able to be modified using standard methods-reduce the interest rate, extend the loan term, or in some case forgive principal balances in order to reach the new target payment that will equal 31% of your gross income.  This is called the Waterfall Method of Modification.
   

   Exact Requirements

3. In order to pass the Waterfall, your income cannot be too high or too low-otherwise the bank will not be able to reach the target payment for your loan.  Understanding just how much income is required is tricky-this is a mathematical formula that most borrowers simply do not understand.  You can use a program designed just for homeowners that will automatically compute your specific income requirements, the loan modification calculator is an easy to use system that will help you determine what amount of income will be required.
   
4. The loan modification guidelines for your monthly household expenses is also important-how much you show on the application for your monthly bills and living expenses can make or break your deal.  You must show the bank that you cannot afford the current mortgage but that if given a loan mod you will be able to pay and maintain the new payment.  Double check your expenses by running them through the loan modification calculator-you will see instantly if you need to make any adjustments to your figures so that you can pass the guidelines.
5. Assets, such as bank balances will also be reviewed for acceptability.  This is part of the imminent risk of default category-make sure you pass by verifying on the loan mod calculator before you submit.

Success

What you don’t know about your bank’s loan modification guidelines could hurt you-it is critical to understand just what you need to show them in order to pass the underwriting for approval.  Make certain that you complete your application correctly-learn your own specific income, expenses and asset requirements before you submit your paperwork so that you can make the necessary adjustments ahead of time.

Get the REAL answers you need to prepare your application correctly-use the #1 resource for homeowners, The Complete Loan Modification

Calculator Incl-Download immediately!

Guide kit and loan mod calculator is designed specifically to help you understand the guidelines and put together you monthly budget correctly.  Avoid mistakes-know just what your bank needs to see from you.  Visit MyLoanModificationCenter.com today and get started immediately.

Why is getting a Wells Fargo loan modification so difficult?  This lender seems to really make it hard for homeowners to qualify for a loan workout and so many people just give up.  Why do some borrowers get approved while others who are just as deserving get denied?  Here is one sure way to increase your chances of approval.

WELLS FARGO LOAN MODIFICATION-BEAT THE BANK TO GET APPROVED

Success

There is one sure way to give yourself the very best shot at approval-and it’s not some BIG SECRET-in fact, this information is actually provided and published by the Treasury Department.  Why don’t you know this and use it yourself?  One simple reason-it seems to difficult to figure out by yourself.

MAKE IT EASY-this has all been figured out for you with a system designed specifically for homeowners to use.  Here is what you need to do in order to complete your Wells Fargo loan modification application so that you can actually get approved:

1. Know exactly how to complete your financial worksheet correctly-this means that the monthly income you show passes the approval guidelines, your monthly expenses meet the program criteria and your assets are acceptable.
2. Use the Loan Modification Calculator to compute and display your specific budget requirements-see instantly how to fine tune your own
   

   Guidelines Displayed

   income, expenses and assets so that you are passing the standard, published approval guidelines that Wells Fargo uses on every application.

3. Once you have adjusted your figures and the loan mod calculator shows you PASS, use those numbers on your final RMA form to submit to the bank for review.

The one sure way to beat the bank and get approved for a Wells Fargo loan modification is to show them exactly what they need to see on your application.  Remember, no matter how deserving you are if you do not pass the approval guidelines you will not be offered a loan workout.  Your job is to prove to the bank in black and white that you are the perfect candidate.

Get the real answers you need-use the best selling system designed just for homeowner use.  The Complete Loan Modification Guide kit includes the

Proven Results-Download immediately!

powerful loan modification calculator-used by thousands of homeowners to compute their specific budget requirements and pass the approval guidelines.  Visit MyLoanModificationCenter.com today for more information.

Apply Correctly

Put down that pen!  Before you complete the Wells Fargo loan modification application form, be certain that the information you are sending in will be enough to qualify you for a loan mod.  It’s true that less than 25% of homeowners who may be eligible for a loan workout will actually get approved-here is some information that may help you improve your chances of success.

WELLS FARGO LOAN MODIFICATION REQUIREMENTS

1. Understand that the bank uses a standard, mathematical formula for every homeowner that uses their monthly financial worksheet to determine if they qualify.  This means that the RMA application form information provided by YOU will be the biggest determining factor on whether you get approved or denied.  So, it makes sense to learn more about how this formula works so that you can utilize it yourself.
2. As long as you live in the home as your primary residence, your loan amount is under $729,750 and your current mortgage expenses exceed 31% of your total household gross income, you pass the basic eligibility guidelines for the government HAMP plan.  However, that is just the first step-next comes the really tricky part-passing the approval formula that uses your specific income, expenses and assets!
3. Most homeowners make the mistake of completing their Wells Fargo RMA form without really knowing what it will take to qualify-how do you know just how much monthly income you need to show?  Are your monthly household expenses going to be acceptable?  Remember, you
   

   Financial Worksheet Calculated!

   must pass that approval formula-this is just math, so if you can use the formula you will know the answers.

4. Take your time, work on your monthly budget figures ahead of time-if you are not sure just how to complete the RMA financial worksheet, you can use the loan modification calculator to assist you.  This system mimics the standard approval formula, and will automatically calculate and display your specific requirements for monthly income, monthly expenses and assets.  Instead of guessing, you can find out just what will be required so you will have the best chance of approval.
5. Once you have fine tuned all of your figures, use those on the final application that you send into Wells Fargo for review.  Be prepared to document any income that you list, paycheck stubs, bank statements, award letters, canceled checks, etc may be required.

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There is help available-get the real answers you need with the #1 selling resource for homeowners.  The Complete Loan Modification Guide kit includes the powerful loan mod calculator that gives you the information needed to complete the RMA form correctly.  Visit MyLoanModificationCenter.com today and get started right.

Learn More

How do you know if you are passing the approval guidelines for a HAMP loan mod or an in house mortgage modification?  This is not the time to be guessing at what your bank is looking to see on your application-use the loan modification calculator to compute and display the 7 categories the you must pass in order to have a really good shot at approval.

This is not a TOP SECRET calculator-it was designed specifically for homeowners to give them the real information needed in order to qualify for a HAMP loan modification or an in-house lender program.

Here is what the loan mod calculator will compute and display automatically:

1. Loan to Value: How much do you owe as opposed to the current
   

   Financial Worksheet Calculated!

   market value? This is part of the NPV test that you must pass!

2. Debt to Income Ratio:  The calculator instantly computes two percentages for you-the front DTI and back DTI.  Your gross monthly household income is critical to pass this approval category-make sure you know ahead of time if you need to fine tune your figures
3. Imminent Risk Of Default:  This calculation uses your net income, your liquid reserves and your total monthly expenses-make sure that you show the right information to the bank to pass this one.
4. Asset Ratio:  Do you have  money in the bank? Careful as you do not want to fail this approval guideline!  The loan modification calculator shows Pass or Fail for this HAMP trigger.
5. Current Cash Flow:  This is critical to show that you are in a legitimate financial hardship situation.  The calculator uses your total monthly household expenses to demonstrate either a positive or negative cash flow-you need to prove to the bank that the current mortgage is not affordable-fine tune your figures if needed!
6. Waterfall Method of Modification:  You must pass either the 30 or 40 year method, interest rate reduction to 2% or you may be eligible for a principal reduction-the loan mod calculator will show you the new terms of your modification and the new lower target payment so you know what to ask for!
7. New Cash Flow:  After the loan workout, you should have a positive monthly cash flow-this will prove to your lender that you can really afford to keep your home!

Perfect RMA!

It is very important to really fine tune your budget figures on the financial worksheet before you submit it for review-the loan modification calculator will instantly compute and display all of the information you need to know so that you can make any necessary adjustments ahead of time.  Be sure you double check your budget to make certain it will have the very best chance of passing for HAMP approval!

Use the #1 selling, proven resource for homeowners, The Complete Loan Modification Guide kit includes the powerful loan mod calculator.  Get the

Proven Results-Download immediately!

real answers you need-avoid mistakes and save frustration with your lender.  Visit MyLoanModificationCenter.com today and get started right.

There are some slight changes to the GMAC loan modification process-these updates for 2011 are important to know for homeowners trying to get approved for a lower mortgage payment.  Here are the basics regarding the guidelines and procedures.

2011 Updates

GMAC LOAN MODIFICATION 2011 UPDATES

1. Faster Turnaround Times: The bank will acknowledge receipt of the initial package within 10 business days to let the borrower know that their application has been received.  GMAC will notify the homeowner within 30 business days of any missing documentation and request additional documents.  Upon receipt of a complete initial package, the homeowner will be notified of approval for a Trial Payment plan or advised of the denial of their application within 30 business days.

2. Less Paperwork Required: The initial GMAC loan modification package will consist of only the RMA form, Dodd Frank Certification, 4506T form, and proof of the household income-30 days of paycheck stubs.  (self employed borrowers need to supply a P & L and bank statements)

3. Assigned a Single Point of Contact Person: Each file will be assigned to one specialist, and this is the person you will speak to as your file is worked on.  This will hopefully eliminate the miscommunication, lost documents and conflicting information that many homeowners have complained about and speed up the underwriting process.

4. Income, Expense & Asset Requirements: The guidelines for qualifying for a GMAC loan modification include the homeowner proving that their financial situation fits into

   

   Specific Income Required

   the underwriting approval formula.  Homeowners cannot show too much income or too little income, and the household monthly expenses must pass as well.  The best way to verify that your financial worksheet is going to meet the guidelines is to run your figures through the loan modification calculator before submitting for review.  Then you can make any necessary adjustments ahead of time and increase the chances of approval.

When you know and understand the GMAC loan modification guidelines you will be much better equipped to complete your application correctly, and have a better shot at passing the underwriting.  Most homeowners simply guess at what the bank is looking for, and end up getting denied the help they need and deserve.  The entire procedure can be much simpler once you know exactly how to complete your application and are able to show GMAC the acceptable financial information.

Do you need help figuring out how to qualify for a GMAC loan modification?  Get the real information you need-use the #1 selling

Proven Results-Download immediately!

resource for homeowners.  The Complete Loan Modification Guide kit includes the powerful loan modification calculator-this powerful system automatically computes and displays your specific income, expense and asset requirements so that you can prepare your application correctly the first time.  Get started today-visit MyLoanModificationCenter.com.