Apply Correctly

Ask any struggling homeowner how they are doing on their Indymac loan modification, and they will undoubtedly tell you how difficult it is to pass the approval guidelines. Although the bank does offer the HAMP government program, most borrowers do not really understand exactly what they need to show the bank in order to get approved for a new lower mortgage payment.  The only way to get the help you need an deserve is to prepare your application correctly-and prove to the bank in black and white that you are a perfect candidate for loan mod help.

Indymac loan modifications have been difficult to get from the very beginning, and although the process has been streamlined over the last year, the approval guidelines are still the same.  In order to get approved, the bank will be looking at your application very carefully to determine if you pass the criteria.

INDYMAC LOAN MODIFICATION APPROVAL GUIDELINES-QUICK CHECKLIST

  1. Right amount of monthly income-this is critical because if you show too much or too little gross income, you will not pass the Waterfall Method of modification and your loan mod will not be approved, and your debt ratio may not be acceptable.
  2. Monthly household expenses meet the banks guidelines for cash flow and financial hardship.
  3. Assets-do you pass the asset ratio test?
  4. Can you current loan be modified to achieve your target payment and still be cost effective for Indymac?  This is called loss mitigation, which means that the bank

    Budget Requirements Displayed

    will determine if modifying or foreclosing is cheaper for their bottom line.

When you apply for an Indymac loan modification, you must complete the 3 page RMA form.  Page two of this form is the financial worksheet-this is where you must break down your household budget.  Your gross monthly income, monthly expenses and assets will be carefully reviewed and checked to see if they pass the approval guidelines.  Before you send this in for review, you can verify that your budget will be acceptable by running it through the Loan Modification Calculator.  This powerful tool will instantly show you if you are passing or failing, and where you may need to make adjustments to your budget before you send it in for final review.

Make sure that you pass the approval guidelines, use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit

Calculator Incl-Download immediately!

and Loan Mod Calculator.  This proven system will instantly compute and display your own specific budget requirements-allowing you to know ahead of time just how much income, expenses and assets to show on your RMA form.  Visit MyLoanModificationCenter.com today.

Confused about how to prepare your Indymac loan modification application?  Well, don’t feel to bad, the majority of borrowers needing a loan workout are in the same boat-and unless you know just what the bank is looking for on your paperwork, chances are you won’t be able to meet the approval requirements.  Unfortunately, the bank will not give up this information and so you are left trying to figure it out by yourself.

Budget Requirements

If you are having a tough time trying to figure out how to complete your Indymac forms, then you will be glad to know of a system that has been designed specifically for this purpose.  The Loan Modification Calculator is a powerful tool that shows homeowners just how to prepare their financial worksheet, by computing and displaying automatically:

  1. Gross Monthly Income required
  2. Debt Ratio-pass or fail
  3. Asset requirement-pass or fail
  4. Expense and cash flow requirement
  5. New modification terms-target payment amount, new interest rate and loan term
  6. Principal Reduction eligibility
  7. Loan to Value requirement

These are all the approval triggers that Indymac will look for on you application-if you don’t pass these then chances are very slim that you will qualify.  That is why using the Loan Mod Calculator is so important and helpful-you will know ahead of time just where you need to adjust your monthly budget figures so that you fit right into the program guidelines.  Instead  of guessing or hoping you qualify, you will be armed with the specific information you need to prove you are the perfect loan workout candidate.

The number one reason for loan mod denial is the borrower did not provide an acceptable financial worksheet-and did not meet the income, expense and asset

Success

guidelines.  The Loan Modification Calculator will automatically compute this all for you, and then all you have to do is use these figures on your application in order to have the very best chance at loan mod approval.  Visit MyLoanModificationCenter.com now to learn how this program can help you succeed.

2011 Guidelines

If you are expecting the bank to explain how to apply and qualify for an Indymac loan modification, think again.  They will provide you with the basic application, but from there you are on your own!  It’s no wonder that such small percentage of borrowers succeed-without knowing how the approval formula works you are set up for failure.  The real secret to success is understanding the exact requirements needed so that you can complete your RMA financial worksheet properly-here are some important tips to help you figure this all out.

INDYMAC LOAN MODIFICATION TIPS FOR APPROVAL-BEAT THE BANK

Tip:  Understand and use the same formula that the bank does-once you figure out just what is required for your financial worksheet, you will have the secret.  In fact, this formula is standard and actually published on the federal website.  Unfortunately the bank will not explain it to you, and most borrowers have no idea how to compute their own budget figures.

Tip:  Work on your monthly budget figures ahead of time, do NOT disclose your financial information until you have verified that you will pass the standard formula.  If you have already applied and been denied, you can re-apply with new updated information.  This is your chance to get it right-verify your income, expenses and assets will pass by running them through the Loan Modification Calculator.  This program was designed specifically for homeowner use, and automatically computes your own

Exact Requirements

budget figures.

Tip:  Once you know the exact numbers you need to show for income, expenses and assets you will be able to adjust your financial worksheet ahead of time.  The Loan Mod Calculator will display how to pass all of the 7 triggers for approval-including your debt ratio, asset ratio, cash flow, new target payment and modification terms.  Use this critical information to prepare your RMA form correctly.

Tip:   You may need to adjust your expenses or income to achieve a PASS-but at least you know this ahead of time and will be able to make the necessary changes before Indymac reviews it.  Play around with the loan mod calculator, adjusting until you see that you are fitting perfectly into the program formula for approval.

Tip:  Now submit your fine tuned budget figures, and provide the required proof of income, a signed 4506T form, 2 months bank statements.  Keep a copy package for yourself.  Call Indymac to make sure they received your complete loan modification package.  Call in once a week to make sure that your file is being reviewed and nothing is holding it up.

Calculator Incl-Download immediately!

The bank may not tell you the formula for approval, but you can find out how to complete your Indymac application-use the #1 system for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program will instantly compute and display your own specific budget requirements-income, expenses and assets, in order to PASS the guidelines.  Visit MyLoanModificationCenter.com today.

Indymac Loan Modification Application 2011 Guidelines

Posted by admin On December - 16 - 2011

2011 Guidelines

Homeowners who want to apply for an Indymac loan modification need to understand the 2011 guidelines in order to prepare their application correctly.  Here is a quick checklist of important items:

INDYMAC LOAN MODIFICATION-2011 CHECKLIST

  1. RMA form must be carefully completed, including the financial worksheet on page two.  Your monthly budget figures will be carefully reviewed for acceptability.
  2. Verify that your household monthly income will pass the guidelines-you cannot show too much or too little income in order to qualify.  Confirm that your budget will pass by running your figures

    Exact Requirements

    through the loan modification calculator before submission.

  3. Itemize your monthly household expenses, items such as utilities, groceries, insurance, car expenses-these must all demonstrate that you cannot afford the current mortgage payment.  Your current cash flow will be analyzed by Indymac – make sure you pass this guideline by using the loan mod calculator to compute and display the requirements for you.
  4. List your assets-checking, savings, CD -all accounts except retirement accounts will be reviewed.  DO you pass the asset requirements?
  5. Provide proof of all income noted on the Indymac RMA form-check stubs, bank statements, award letters, canceled checks will be required for any income that you report on the RMA.

The Indymac loan modification 2011 guidelines are very strict-your household budget must be exactly right if you are going to qualify for help.  The monthly income, household expenses and assets must all be submitted correctly and prove in black and white that you are the perfect candidate.

Calculator Incl-Download immediately!

Learn how to prepare your financial worksheet correctly-use the #1 selling resource for homeowners to help you.  The Complete Loan Modification Guide kit and Loan Mod Calculator automatically and instantly computes and displays your own specific budget requirements.  Visit MyLoanModificationCenter.com today and get started now.

It’s a sad fact that the majority of struggling homeowners who really need an Indymac loan modification will not be approved.  This is not because they are not deserving, but because they simply don’t understand the approval guidelines and how to complete their RMA form so that they prove to the lender that they are perfect candidates.  Let’s fact it-if you just slap your application together and hope it works, chances are that you will be denied.

Help

The frustration for most homeowners is that Indymac will not explain exactly what it takes to qualify for their loan modification plan.  The basic requirements are simple-live in the home, have a loan amount less than $729,750, be facing a financial hardship and have a current debt ratio of more than 31% for your housing expenses.  When it comes to the rest of the requirements however, most borrowers will get it all wrong.

Here are the meat and potatoes of the Indymac loan modification approval requirements:

  1. Show the bank the acceptable amount of monthly income-it cannot be too high or too low or you will not pass the guidelines.  There is a specific formula that the bank uses to determine how much money you need to earn each month-you can find out this amount by running your own figures through the loan modification calculator-a system specifically designed for homeowner use.
  2. Make sure your monthly household expenses are acceptable to Indymac-you must itemize these on the RMA form, and present your budget so that it proves the current mortgage is not affordable, but after a loan mod you will be able to afford to pay and maintain the new lower mortgage payment.  Check your cash flow to be sure you meet this requirement by using the loan mod calculator-it will instantly calculate and display where you may need to make some

    Exact Requirements

    adjustments.

  3. Your Assets are checked as well-Indymac will ask you how much money you have in checking, savings, retirement accounts, etc.  Basically any non-retirement account is up for grabs.  You must pass the Asset Ratio Test-the loan modification calculator computes this automatically for you.

You can save a lot of time and frustration when you know ahead of time just what Indymac is looking for to approve your loan modification.    Once you understand the approval requirements for your income, expenses and assets you will have a much better shot at presenting a budget that passes the guidelines and greatly increase your chances of success.

Know the Indymac loan modification requirements-get help with the #1 selling resource for homeowners.  The Complete Loan Modification Guide kit and loan mod calculator is a system designed specifically to help borrowers apply and qualify.  The income, expenses

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and asset requirements are all instantly calculated for you-find out how to fine tune your budget ahead of time.  Visit MyLoanModificationCenter.com today and get started right away.

Indymac Loan Modification-OWB Gets Paid Either Way

Posted by admin On November - 2 - 2011

Pass Guidelines

Struggling homeowners trying to get an Indymac loan modification face an up hill battle for several reasons.  The bank was taken over by the FDIC and then their portfolio sold to OWB for a deeply discounted package deal.  In addition, the Feds gave OWB a sweet deal including incentives to modify mortgages for qualified homeowners.  The bank receives money for losses incurred on the Indymac defaults, and they get this whether they modify or foreclose.

How does a homeowner stand a chance of getting an Indymac loan modification under these guidelines?  Since OWB gets paid either way, there is really no big incentive for them to help borrowers.  Although the bank has promised to make a real effort, the way to get approved for a loan mod is to be able to prove in black and white that you fit right into the approval guidelines.  Don’t expect Indymac to go out of their way to help you qualify-it is up to you to show them in black and white that a loan workout is the best choice.

So, how can you prove that you are indeed a good candidate for an Indymac loan modification and increase our chances with OWB?  Here are some guidelines that you need to prove you pass:

  1. Your mortgage must be able to be modified using the Waterfall Method-meaning that the new terms of the loan can be achieved by reducing the interest rate down to as low as 2%, lengthening the loan term to 40 years or reducing the principal balance by a reasonable amount.
  2. You must pass the NPV test-this is the Net Present Value calculation that Indymac uses to determine if modifying your loan is cheaper for them than foreclosing on your home.  The most common reason for failing this trigger is the amount of equity you have in your home or due to a monthly income reported that is too low.
  3. Your financial worksheet must show the acceptable amount of

    Pass or Fail?

    monthly income, monthly expenses and assets to pass the guidelines.  Verify your budget is acceptable by running it through the loan modification calculator-you will see if you are passing or failing and where to make any needed adjustments.

  4. Once you have fine tunes your figures using the loan mod calculator and are passing all the guidelines, then use those numbers on your final application for review by Indymac-OWB.

Be prepared to show the bank exactly what they need to see from you with acceptable financial information-otherwise the chances of loan modification approval are going to be slim.  Since Indymac is not very motivated to help you, it must be your job to prove to them that modifying your loan is the best option for everyone.

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Learn how to prepare your Indymac loan modification application correctly-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and loan mod calculator.  This proven system gives you the real answers you need and generates your specific income, expense and assets requirements to pass the guidelines.  Visit MyLoanModificationCenter.com today for more information.

Indymac Loan Modification Tip of the Day-RMA Form Directions

Posted by admin On October - 19 - 2011

Struggling with your Indymac loan modification?  It can be frustrating and confusing figuring out exactly what they are looking for-here is some helpful information that may make the process a bit easier!

Tip of the Day

INDYMAC LOAN MODIFICATION-TIP OF THE DAY

RMA FORM DIRECTIONS:
  1. This is the official application form-Request for Modification and Affidavit.  It is 3 pages long and includes your detailed, financial budget information.
  2. The first page is fairly straight-forward, your personal information and a Hardship Affidavit with 4 choices: Loss or reduction of income, increased expenses, high monthly debts and Lack of Reserves.  You can also write a separate explanation if you wish, just be sure to sign this extra page too.
  3. Now, page 3 of the RMA form is the meat-and-potatoes, this is the most critical part of the entire application process and the part that you want to get right!  Indymac needs to see a detailed accounting of your household monthly income, household expenses and your assets.  This information is then used in a standard formula to determine if you eligible for loan mod assistance.  If you show too

    Financial Worksheet Calculated!

    much or too little income you will not pass, if your expenses do not fit then you will fail too.  Verify your own budget by running your figures through the loan modification calculator first-you will instantly see where you may need to make adjustments.

  4. Fine tune your figures before submitting-if you need more income, then add a room mate or a second job.  You are allowed to use non-borrower income for someone who lives in the home.  You can also use 75% if rental income-find out exactly what you need when you use the loan mod calculator.
  5. Once you have your budget figures adjusted, then submit your final RMA form – be sure to sign it, keep a copy for your records.  Be prepared to provide documentation for any income you list on this form.

The RMA form is a critical part of the Indymac loan modification process-if you can get this done correctly then you have a good chance of approval.  Remember, you must prove to the bank in black and white that you are a good candidate-and the information you provide on this form can make or break your deal.

Proven Results-Download immediately!

TIP OF THE DAY is provided by The Complete Loan Modification Guide kit-the #1 selling resource designed specifically for homeowners.  The kit includes the powerful loan modification calculator, and thousands of homeowners have used this system to apply for a loan workout.  Get the real answers and real information you need-visit MyLoanModificationCenter.com today.

Indymac Loan Modification Help-Debt Ratio Calculation Tips

Posted by admin On September - 29 - 2011

Getting approved for an Indymac loan modification can be tricky-your application forms must be completed correctly and your financial worksheet must prove to the bank that you fit the approval guidelines.  One of the first things Indymac looks at is your debt ratio-here are some tips on how this calculation works and how to make sure you pass this guideline for approval.

How much income?

Debt Ratio Calculation

INDYMAC LOAN MODIFICATION-DEBT TO INCOME RATIO TIPS

  1. Debt ratio is a calculation used by the bank to determine how much of your household gross monthly income is being used on your mortgage expense.  This is a percentage that shows Indymac that your current mortgage is not affordable, and that you are a good loan mod candidate.  Your must pass this criteria in order to be approved-so it is very important to know how to figure your own ratio.
  2. Here is the basic calculation- add up all of your mortgage payment, monthly property taxes, monthly homeowners insurance and any HOA dues.  Now divide that total amount by your total gross monthly income-the result is your debt ratio.  EXAMPLE:  $3000 total mortgage expense divided by $5200 total Gross Monthly income = 57% debt ratio.
  3. Your current debt ratio must exceed 31% to be eligible for the government loan mod program-if your own ratio is lower than this figure then your mortgage is not the cause of your hardship.  You may still be offered some type of loan workout, but not under the federal program.
  4. There are actually 2 debt ratio calculations that Indymac looks at-the first and most important is the one explained above-this is called the front end ratio.  The second calculation is called the back-end ratio, and this figure represents all of your monthly obligations, including the mortgage payment.  Many borrowers who are struggling will have a very high back end debt ratio-sometimes over 100%, because they have more bills than money at the end of the month.  If your back end debt ratio exceeds 55%, you may be required to attend a consumer credit counseling class before your loan modification will be made

    Budget Requirements Computed

    permanent.

  5. TIP! Work on your monthly budget ahead of time-do not submit your financial worksheet until you have run your figures through the loan modification calculator.  This easy to use program will instantly compute and display passing or failing for the debt ratio, loan to value, asset ratio, expenses, Waterfall Method and the other approval triggers.  Then use this information to fine tune your figures before you submit them for review.

TIP! You must be able to pass all of the Indymac loan modification approval guidelines in order to qualify for help.  Debt to income ratio is just one of the triggers-most homeowners really have no idea what they need to show the bank to qualify and so most are turned down.  Don’t let this happen to you-the more you know the better your chances of approval!

Get real answers and real help-you don’t have to guess at how to prepare your Indymac loan modification application.  Use the #1 selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod

Proven Results-Download immediately!

Quick APP Calculator.  This powerful tool has helped thousands of homeowners by providing specific income, expense and asset requirements for the approval formula-the loan mod calculator instantly and automatically computes and displays your own sample budget that you can follow.  Visit MyLoanModificationCenter.com today to get the answers you need.

Turned Down?

When an Indymac loan modification gets turned down, it is usually due to the monthly budget worksheet that the homeowner submitted.  This is the part of the RMA application form where you have to detail your monthly income, monthly expenses and bank balances and other assets.  If you get any part of this wrong, you could find yourself turned down immediately and unable to qualify for a loan workout.

Homeowners don’t realize how important this part of the RMA form really is- it literally can make or break your chances of getting an Indymac loan modification!  Keep in mind that the bank uses a mathematical formula to determine if your loan can be modified-and the numbers used in this formula are your income, expenses, bank balances and current mortgage information.  If you have too little or too much income or expenses, you will not fit into that formula and therefore you will find that your chances of getting an Indymac loan mod are extremely slim.

You can revise your monthly budget worksheet and resubmit it for review again, but you need to make certain that the information you provide this time will pass that approval formula.  This is the tricky part for homeowners-it’s a pretty narrow box you need to fit into, and guessing at

Can you ReApply?

how to complete the monthly budget worksheet will not usually work.  You can avoid mistakes and save time by running your numbers through the Loan Mod Quick APP calculator to verify that your income, expenses and bank balances are all passing.  That way, you will know ahead of time just where and how to fine tune your figures so that you have a much better chance at success.

The sad truth is that most borrowers are turned down

Fine Tune your Figures to Pass

because they simply did not complete the monthly budget worksheet correctly-and even the most deserving person will not be approved unless the information they supply proves that they fit right into the program criteria.  Once you know exactly what it takes to qualify, you will be able to make the adjustments and submit your application with a much higher chance of approval.

Learn how to prepare your monthly budget worksheet and apply for an Indymac loan modification.  Use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator give you the information you need-monthly income & monthly expense requirements are calculated automatically and show you just where to fine tune your own

Download immediately!

budget.  Visit MyLoanModificationCenter.com for more information today.

Requirements

How much monthly income do you need to qualify for an Indymac  loan modification?  This is one of the most important qualifications and yet most homeowners have no idea if they earn too much or too little in order to be approved for a loan mod.  It is critical to prove to the bank that you fit right into the standard federal guidelines in order to be approved -so taking the time to fine tune your own application makes sense if you want to really have the best chance at approval.

The #1 reason for Indymac  loan modification denial is because the information provided by the homeowner on the application form did not fit into the criteria for approval-this is really too bad because many deserving borrowers could have been helped if they only knew ahead of time how to fine tune their monthly budget to fit into the guidelines.  The Loan Mod Quick APP calculator mimics the standard approval guidelines for income, expenses and bank balances and shows you instantly just where you may need to make adjustments to your budget to qualify.  Instead of guessing at how to prepare your monthly budget worksheet, you can follow the sample provided and have the information you need to fine tune your figures ahead of time.

Budget Requirements – Loan Mod Quick APP Calculator figures:

Fine Tune your Figures to Pass

  1. Monthly Income Required-Debt Ratio
  2. Asset Ratio-Bank Balance requirements
  3. Loan To Value Ratio-Market value vs. loan balance
  4. Imminent Risk of Default Category
  5. New Target Payment Amount
  6. New Loan Modification Terms
  7. Cash flow-before and after loan mod

The Loan Mod Quick APP calculator is easy to use-but provides critical information about how much monthly income you need, how to structure your monthly expenses and how much should be in your bank balances and other budget

Guidelines Met!

requirements.  The Indymac loan modification process can be made a lot less stressful, confusing and frustrating when you know the inside formula-instead of guessing at how to complete your application you can follow the sample monthly budget and feel confident that you have increased your chances of approval.

Save time and avoid mistakes on your Indymac  loan modification application-use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  You receive

Download immediately!

detailed directions, required forms and the calculator automatically and instantly displays passing or failing for income, expenses, bank balances and much more information that you need to know!  Visit MyLoanModificationCenter.com for more information today.