2012

What’s the latest updates for the government loan modification plan?  The HAMP guidelines for 2012 have not changed a lot, but some new revisions to how lenders implement the program and get reimbursed from the Treasury department are expected to result in more completed loan mods for borrowers.  Almost 1 million homeowners have been helped under HAMP, but this figure falls short of the stated goal of assisting 4 million struggling borrowers.  In fact, with just 1 in 4 applications being approved, something needs to drastically change before the program expires at the end of 2012.

The latest HAMP 2012 updates include:

1. More incentives for Principal Reductions;  one of the major issues facing the housing market is the $750 billion in lost equity-and most experts acknowledge that lenders need to aggressively modify loans to include reducing the principal balance so that homeowner can get closer to being equitable.  Now, HAMP increases the incentive to lenders for offering this loan modification option-63 cents on the dollar will be reimbursed to banks for every dollar forgiven.
2. Fannie and Freddie are also included in the new program guidelines, also as encouragement for banks and servicers to lower the loan balance on underwater borrowers.
3. Homeowner qualifications remain the same as before, with the guidelines mandating that the income, expenses and assets pass the strict underwriting criteria set up under HAMP.  The RMA form is still used for applying, and the financial worksheet must be completed showing an acceptable monthly budget for the
   

   Budget Requirements Displayed

   homeowner.

4. Timeframes have been shortened, the Fed now states that banks must respond to a request for HAMP modification within just 30 days of receiving a complete application package.
5. Single point of contact:  now each file will be assigned to one negotiator, and the borrower will only have to interact with a single person during the review and underwriting process.  Hopefully this will eliminate misinformation, lost paperwork and delays.

The HAMP 2012 guidelines are designed to reach more homeowners and find out if a loan modification is a possibility for their particular situation.  If not, then other options will be offered to help the borrower avoid foreclosure, such as deed in lieu and short sale.

Bottom line, homeowners must prove that they fit perfectly into the approval guidelines in order to be offered a HAMP loan mod.  Often the application paperwork is not completed correctly, and borrowers simply do not understand exactly what they need to report for their income, expenses and assets to qualify for a new lower mortgage payment.  Remember, that if you can provide a properly completed RMA form, you could have your HAMP loan modification approved within just 30 days under the new updates-so take the time to do it right.

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Do you qualify for a HAMP 2012 loan mod?  Find out how to complete your financial worksheet correctly-use the proven system that is the #1 seller for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own specific requirements for income, expenses and assets.  Make sure you pass the guidelines-this is information you need to know now!  Visit MyLoanModificationCenter.com today and get started right.

Do you know how to calculate your income to qualify for a HAMP loan modification?  This is tricky, but it is also one of the most important parts of the entire approval process.  The Federal Treasury Department mandates an official formula be used on each and every homeowner who applies for a loan workout-but if you don’t understand how this is calculated, chances are you will get it wrong.  In fact, this is the #1 reason for denials!

If only there were some way for homeowners to know ahead of time just how to calculate their income so they would be able to report the right amount on their application.  HAMP guidelines state that the Gross Monthly Income be used to determine the borrowers:

1. Debt to income Ratio
2. New Target Payment
3. Waterfall Method of Modification

The official formula that HAMP uses for loan modification qualifying takes into consideration your household gross monthly income, and the goal is to modify your current payment so that it will represent 31% of that income figure.  However, there are standard methods that must be used to change the terms-and so if you don’t report just the right amount of income you will fail the formula.  The Waterfall Method uses rate reduction, loan terms and principal reduction to try to arrive

Budget Requirements Displayed

at the new modified payment-so it is critical that your income pass the Waterfall.

This official formula is published by the federal Treasury Dept. and it is used on every application, so it makes sense to use this same formula on your own income.  This can be confusing to figure out for most borrowers, but you can use a program that mimics this same formula and that will automatically calculate your own specific income requirements.  The Loan Mod Calculator was specifically designed for homeowner use, and provides you with your own calculations for income, expenses, and assets and shows you PASS or FAIL, allowing you to make any necessary adjustments before you submit your application.

Get the real answers you need-including income requirements-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful program mimics the HAMP guidelines, and instantly computes your own specific budget requirements for you.  Avoid mistakes and frustration, get it right the first time.  Visit MyLoanModificationCenter.com

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today and get started NOW.

New Program

There is a new Freddie Mac loan modification plan for struggling homeowners that is slightly different than the government HAMP program.  While this program does not entirely replace the federal plan, it will offer help to some homeowners who might have been turned down previously.

The Freddie Mac loan modification plan is called the Standard Modification, and is effect January 1, 2012.  However, borrowers can be evaluated for eligibility sooner.

Key Features:

1. Helps borrowers who are at least 60 days or more delinquent.  Those not delinquent at the time of application must pass the Imminent Default trigger and must live in the home.
2. The current mortgage principal and interest payment will be reduced by at least 10%.
3. Services can reduce monthly payments by including arrearages, reducing the interest rate, extending the term, and if applicable, granting principal forbearance.
4. There is a trial period where borrowers must successfully pay the new payment before the Freddie Mac loan mod will be made permanent.
5. Owner and non-owner occupied homes are eligible, as well as vacant property as long as it is not condemned.

Borrowers must have previously been determined to not be eligible for HAMP, or have defaulted on their previous loan modification.  Homeowners must document a valid financial hardship situation, and provide the bank with a financial worksheet detailing their income, expenses and assets.  Borrowers must be able to prove that they can afford to pay and maintain the new reduced mortgage payment.

The Freddie Mac standard modification requires that the homeowner complete the Borrower Solicitation Package, which includes the certified financial information and reasons for hardship.  The financial worksheet

Exact Requirements

provided by the borrower will be used to determine eligibility, so it is critical to show the acceptable amount of monthly income, monthly expenses and assets.  The helpful loan modification calculator will automatically compute and display the specific figures needed to pass the guidelines.

The major differences between the new Freddie Mac loan modification and HAMP is that the servicer does not have to perform the dreaded NPV test-which is a common cause for loan mod denial.  In fact, homeowners can have up to 20% equity in their home and still qualify.

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Get help to apply and qualify for your loan modification-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 figure out the required monthly income, expenses and assets to pass the approval guidelines.  Visit MyLoanModificationCenter.com today.

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

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

Debt Ratio Calculation

Homeowners need to pass the HAMP debt ratio requirement in order to qualify for a Wells Fargo loan modification.  This calculation sometimes confuses borrowers, and since it is so important to understand, using a HAMP loan modification calculator can be a big help to make certain you have done it right.

What is debt ratio and how does it work with a Wells Fargo HAMP loan modification?  The simple explanation is that the bank needs to verify how much of your household gross monthly income is being spent each month on your housing costs.  Your financial worksheet must prove that the current mortgage is unaffordable, but it must also prove that you fit into the Waterfall Method of Modification and that your mortgage can be modified to an affordable monthly payment.

WELLS FARGO LOAN MODIFICATION DEBT TO INCOME CALCULATOR

Here is the simple and sure way to verify that your financial worksheet will

Debt Ratio Calcuated for You

pass the approval guidelines:

1. Use the Worksheet to itemize all of your monthly income, monthly expenses and assets.
2. Input that information into the Loan Mod Calculator in the corresponding fields
3. The calculator will instantly compute and display your debt ratio-showing you if you are passing or failing and where to make the required adjustments before submitting
4. The loan modification calculator also computes your asset ratio, loan to value, cash flow, Waterfall Modification, potential new loan terms including rate, term and principal reduction.
5. Use this critical information to fine tune your own budget until you are passing all the categories on the Calculator, then use this adjusted financial information on your final application form to send into Wells Fargo for review.

Perfect RMA Application!

Debt to Income ratio is just one of 7 approval triggers you must pass in order to qualify for a Wells Fargo loan modification.  Unless you know ahead of time just where and how to adjust your own financial worksheet, it is extremely difficult to know just what the bank needs to see from you to approve your application.  The HAMP calculator takes the guess work away, and provides the important information you need to know ahead of time.

Get the real help and real answers you need with the #1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  This proven system provides you with the information you need-the loan mod calculator instantly computes and

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displays your own specific income, expenses and asset requirements.  Get started now-visit MyLoanModificationCenter.com.

You will need to complete the HAMP RMA form when you apply for a Chase loan modification.  This 3 page official application is what the bank will use to determine if you qualify for a new lower mortgage payment.  Although this form may look simple, if you complete it incorrectly you will be immediately turned down for the help you need.  Here is some helpful information that you need to know before you apply.

2011 HAMP Guidelines

CHASE LOAN MODIFICATION-HAMP RMA FORM

FAQ’S:

1. Where do I get this application form?  Chase will send you an application packet or you can go online and download it.  Every lender will accept the generic RMA form – even if they have their own branded one because the Federal government requires this same information in order to be reviewed for HAMP.
2. What kind of information is Chase looking to see on this form?  The first page is just your personal information-date of birth, social security number, if you live in the property, and at the bottom is a Hardship Affidavit which briefly describes your situation.  The second page is a detailed breakdown of your financial situation, called the financial worksheet.  Page three is the disclosure and signature page.
3. What kind of hardship is acceptable?  There are four boxes to choose from on the Chase RMA form-loss or reduction in income, increased expenses, lack of reserves (savings), and high monthly debt obligations.  You can also write your own description on a separate piece of paper, be sure to sign this paper too.
4. How important is listing my income, expenses and assets on page 2 of the RMA?  This is the most critical part of the entire application process-keep in mind that in order to qualify for a Chase loan modification you must pass the approval formula-this means that
   

   Sample Budget Displayed

   your monthly budget figures fit right into the guidelines.

5. How do I know how much income I need to qualify and what to list on the RMA?  This is the tricky part-if you show too much or too little income you will be turned down.  You can verify just how much income you need to show by running your figures through the loan mod calculator first-this powerful program will automatically compute and display the exact amount you need to qualify.
6. My expenses are high-should I list them all on the Chase RMA form?  That depends, your financial worksheet must show to the bank that you cannot afford the current mortgage payment, but after the modification you will be able to pay all your bills and not default again.  Fine tune your expenses by running them through the easy to use loan modification calculator-double check where you need to
   

   Perfect RMA Application!

   make adjustments before submitting.

These are a few tips that will help you understand how important it is to complete the Chase loan modification RMA form correctly-you monthly financial worksheet information must prove to the bank that you are a good candidate.  This is not something to guess at-you need to know just what the bank requires so that you have a good chance of completing the application correctly.

Get the real help and real answers you need with the #1 best selling resource for homeowners.  The proven and trusted homeowner guide-The Complete Loan Modification Guide kit and Loan Mod Quick App Calculator

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provides the information you need to apply, qualify and get the lower mortgage payment you deserve.  This powerful tool instantly, automatically computes your own specific income, expense and asset requirements.  Get started right away-visit MyLoanModificationCenter.com today.

2011 HAMP Guidelines

Homeowners who apply for a Wells Fargo loan modification need to meet the 2011 guidelines for HAMP-Home Affordable Modification Program.  Otherwise, the application will be denied and the borrower will not be eligible for a lower mortgage payment under this beneficial government plan.  Here are some tips on how to pass the guidelines and increase the chances for approval:

2011 HAMP GUIDELINES

1. Property cannot be vacant or condemned
2. The borrower must have a documented financial hardship and represent that they do not have sufficient liquid assets to make the monthly mortgage payment
3. The current monthly mortgage payment (including interest, principal, monthly property taxes, monthly homeowners insurance and any HOA dues) is greater than 31% of the household monthly gross income
4. Homeowner must be willing to set up an escrow account for taxes and insurance if one does not currently exist
5. No good faith payments or up-front cash contribution can be asked for by Wells Fargo in order to qualify for HAMP
6. Borrowers with a back end debt ratio of 55% or higher may be required to attend credit counseling as a condition of receiving their
   

   7 Approval Triggers Computed

   permanent loan modification.

7. The financial worksheet supplied by the borrower must pass the approval guidelines, showing the acceptable amount of monthly income, monthly expenses and assets. To be certain that the monthly budget information you supply is acceptable, run your figures through the loan modification calculator.  Then make any necessary adjustments before you submit.
8. The homeowner must submit the Initial Package, including required forms: RMA, Dodd-Frank Certificate, 4506T, verification of income.
9. Wells Fargo must respond to the receipt of the initial package within 10 days, and within 30 days they must review the documentation for completeness and notify the homeowner.
10. Homeowner is allowed to re-apply for HAMP with new updated information.

It is critical to be able to pass the HAMP 2011 guidelines if you hope to qualify for a Wells Fargo loan modification.  The trickiest part of the application process if understanding how to complete the financial worksheet correctly-this is where the household monthly income, monthly expenses and assets are detailed.  Careful, if you show too much or too little income or expenses, you will be instantly denied.

Get the real help and real answers you need to have the best shot at qualifying for a Wells Fargo loan modification-use the #1 best selling

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resource for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator provide the information you to qualify-the loan mod calculator automatically computes and displays the required income, expenses and assets so that you can complete your paperwork correctly.  Get started right now-visit MyLoanModificationCenter.com.

Homeowners who apply for a Chase loan modification will need to provide a financial worksheet that details the household monthly income and expenses.  The program guidelines for acceptable income must be met in order to be approved for a loan workout-so it is important to know just what the bank will need to see on your budget.

CHASE LOAN MODIFICATION INCOME REQUIREMENTS

1. Pay stubs:  salaried borrowers will need to provide 30 days worth of pay stubs to verify their income, and co borrowers must also submit evidence of their income-the stubs cannot be older than 90 days and should show year to day earnings.  The gross monthly income will be used to determine debt ratio acceptability-the income cannot be too high or too low or the borrowers will not qualify.
2. Self Employed Income:  each self employed borrower must provide the most recent quarterly or year-to-date profit and loss statement.  Audited financial statements are not required.  Chase may also require up to 4 months of bank statements.
3. Other Earned Income: Bonuses, commissions, tips, housing allowance, overtime etc must be verified by providing a reliable third party documentation describing the nature of the income (employment contract or print outs of tip income for example)
4. Benefit Income:  Social security, disability, pension, adoption assistance, survivor benefits, food stamps are considered to be a source of allowable income.  Borrowers must provide evidence of the amount and frequency of these benefits with letters, statements, receipt of payment (2 months bank statements or deposit advices showing deposit amounts).
5. Rental Income: borrowers who receive rental income must provide evidence of the income with Schedule E of the tax return. When
   

   Income, Expense, Assets Computed for You

   Schedule E is not available because the property was not previously rented, Chase may accept a current lease agreement and bank statements or cancelled rent checks.  Rental income is calculated at 75% of the gross amount received-make sure you do this right, run your figures through the loan modification calculator to get the correct amount.

6. Alimony, Separation maintenance, Child Support Income:  Chase may not require borrowers to use this income to qualify for loan modification, however if the borrower chooses to provide this income, it must be documented with copies of the divorce decree, separation agreement or other legal written agreement filed with the court, or a court decree.
7. Non Borrower Household Income:  A non borrower who is not on the original note but whose income has been relied upon to support the mortgage payment my be considered for HAMP qualification.  This income must come from someone who lives in the residence and this income must be documented in the same manner as the borrower.

Perfect Application!

Meeting the Chase loan modification income requirements can be tricky-how do you know if your own monthly income, expenses and assets will meet the approval guidelines?  You can avoid mistakes and get the income requirements by running your own figures through the loan modification calculator.  This powerful program will instantly compute and display your specific budget and show pass or fail for your loan mod.  You can then fine tune your figures using the Calculator to make sure your budget is passing before submitting it for review.

Get the real answers and real help you need-use the # 1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  This easy to use but powerful system provides you

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with the critical information you need to know-the loan mod calculator instantly shows your specific income, expense and assets needed to qualify.  Get started right away-visit MyLoanModificationCenter.com today.

Stop Foreclosure

If you have a foreclosure sale pending, then applying for a Wells Fargo loan modification may suspend the action while your application is under review.  The federal guidelines for HAMP-Home Affordable Modification Program have strict guidelines that the bank must follow concerning pending foreclosure actions.  Here is some important information to know if you are in this situation.

WELLS FARGO LOAN MODIFICATION WITH FORECLOSURE SALE DATE

When a borrower submits a request for HAMP consideration after a foreclosure sale date has been scheduled and the request is received no later than midnight of the seventh business day prior to the foreclousre sale datges (deadline), Wells Fargo must suspend the sale as necessary to evaluate the borrower for HAMP.  The bank is not required to suspend a foreclosure sale date when:

1. A request for HAMP consideration is received after the deadline
   

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2. A borrower received a permanent modification and lost good standing (missed 2 or more payments)
3. A borrower received a Trial Payment modification and failed to make one or more payments under the plan by the last day of the month in which it was due
4. A borrower was evaluated based on an initial package and determined to be ineligible under HAMP requirements.

IF the borrower contacts Wells Fargo prior to the deadline, the bank must inform the borrower of the deadline and any document submission requirements.  This is when you must submit your RMA form with your current and updated financial worksheet for review.    Based on the monthly income, monthly expenses and assets you list, the bank will determine if you qualify for another shot at a loan modification or if your foreclosure will proceed.

Stopping foreclosure and getting approved for your Wells Fargo loan modification depends on proving in black and white that your financial worksheet information fits right into the program guidelines.  If you show

Pass or Fail-Calculated Automatically

too much income or too little income, you will be denied.  This is tricky-you can verify your own financial information ahead of time by running your numbers through the Loan Modification Calculator.  This program instantly computes the monthly income, monthly expenses and assets required and shows you pass or fail-giving you the chance to fine tune your figures before submitting.

Get the real answers you need to apply for a Wells Fargo loan modification correctly.  Use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator-this powerful tool provides you with the specific information you need to complete your financial

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worksheet correctly-the loan mod calculator will automatically compute and display the monthly income, monthly expense and asset requirements.  Avoid mistakes, get started right-visit MyLoanModificationCenter.com today.