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

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.

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.

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.

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.

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.

Tip of the Day

INDYMAC LOAN MODIFICATION-TIP OF THE DAY

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.

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.

Re-Apply Now!

Was your Indymac loan modification denied?  This can be very discouraging and frustrating-especially if you do not understand why the bank will not approve your loan mod application.  The good news is that you don’t have to give up – you can fight the denial and turn it into an approval – but you need to know the 3 critical steps to get the bank’s cooperation.

Indymac Loan Modification Steps to Fight Denial

1. Make sure you understand why your loan mod application was denied, there are usually two main reasons for being turned down.  The first one is not enough or too much monthly gross income, and the other is that the bank thinks your home is worth more than it is.  Ask Indymac to tell you specifically why you do not pass the guidelines-once you know that then you will know what the next step is.
2. If you Indymac loan mod was denied due to monthly income, then you need to find out just how much will be required in order to pass the guidelines for approval.  The easiest way to do this is to run your
   

   Sample Monthly Budget-Follow It

   figures thru the Loan Mod Quick APP calculator-you will see immediately if you are passing or not, and can adjust your figures until you meet the requirement.  Then use this information on you new updated application form-remember you must be able to prove your income so be prepared to supply documentation.

3. Determine what value Indymac has for your home in their system.  Very often the bank overstates the current market value and this will cause an NPV failure-meaning the bank will lose less money by taking your home back and re-selling it themselves. You can fight the value by providing a market analysis to prove what homes in your area are actually selling for-your local agent can help with this.

Guidelines Met!

The most important thing to remember is that you do not have to accept the Indymac loan modification denial-you are allowed to re-apply with revised information or contest the findings of the lender.  You just must be prepared and be able to provide the right information this time-it won’t do any good to keep submitting the same application-find out exactly how to fine tune your information so that it proves you fit right into the standard approval guidelines.  Many homeowners have been turned down numerous times before they finally get it right, however you can save time and frustration by learning how to correct your application to get it approved sooner.

Turn your Indymac loan modification denial into an approval-get the help you need with the #1 resource-The Complete Loan Modification Guide kit and

Download immediately!

Loan Mod Quick APP software calculator.  The kit provides everything you need to apply correctly, and the calculator automatically figures income, debt ratio, loan to value and other important qualification requirements.  Don’t guess at how to qualify-get it right the first time.  Visit MyLoanModificationCenter.com today for more information.