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.
- 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.
- Monthly household expenses meet the banks guidelines for cash flow and financial hardship.
- Assets-do you pass the asset ratio test?
- 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
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
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.