Before you apply for an OCWEN loan modification, make certain that you understand how to apply and what it will take to actually qualify for a lower mortgage payment.  It is important to know what the bank is looking to see from, and also to know what you should be asking for, so that you get the very best loan workout you qualify for.  Here are some questions many homeowners have asked about the process:

OCWEN Loan Modification Questions:

1. What is the first step to apply?  You will need to call the bank and tell them that you can no longer afford your mortgage payment.  Acceptable hardship reasons include reduction or loss of income, increased expenses, lack of reserves or high debt.  You will be given a short interview over the phone, but do NOT disclose your financial information until you have had the chance to verify that your income, expenses and assets will pass the strict underwriting guidelines.
2. How do I know if I will qualify for a loan workout?  You will need to prepare and submit a financial worksheet for the bank, detailing your household monthly income, monthly expenses and your assets.  If you list too much or too little income you will not qualify, if your expenses are not acceptable you will not qualify.  Verify that your budget figures are acceptable with the Loan Mod Calculator, a system designed specifically to help borrowers with this step.
   

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3. What will I need to provide OCWEN?  You will be asked to prepare the official application form, called the RMA.  This includes a hardship affidavit and the Dodd Frank Certification.  There is also the financial worksheet page, and this is where you may need to fine tune your budget figures prior to submitting.  Double check your figures, make sure that the Loan Mod Calculator shows a PASS for all categories, make any needed adjustments so that the financial worksheet has the acceptable figures on it.
4. How do I prove my income?  Salaried borrowers will need to provide paychecks, W2′s, self employed borrowers need a P & L and bank statements.  Other types of income can be documented with award letters, canceled checks, rental agreements, etc.  Make sure that your financial worksheet income figures match what you are providing as proof!
5. How long does it take to get approved?  The most recent updates by the Treasury Department mandates that lenders get back to you within 30 days of receiving a complete application package.  You need to follow up with OCWEN every week to make sure that they have everything they need and that your file is moving forward.

When you apply for an OCWEN loan modification, it is critical to complete the application paperwork accurately and correctly.   This can be tricky unless you know ahead of time exactly how much income, expenses and assets you need to report.  No matter how deserving you are, you will not be approved unless you can pass the strict approval formula, so take your time and do it right!

Make sure you get the real answers you need-use the # 1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  The proven system is designed specifically for homeowner use, and will automatically compute and display your own specific requirements for income, expenses and

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assets.  This is critical information that you need to know-get started right, visit MyLoanModificationCenter.com today.

Apply Correctly

Trying to figure out how to qualify for a Chase loan modification?  The bank offers loan workouts to struggling homeowners-but ONLY if they can prove that they meet the strict approval guidelines.  It may be possible to lower your mortgage payment, and even qualify for a reduction to your loan balance-as long as you understand how to apply correctly, that is!  No matter how deserving you may be, the bank will only offer assistance to those homeowners who pass the criteria for monthly income, expenses and assets.

Here are the most common questions homeowners have about a Chase loan modification:

1. How do I know if I qualify for a loan mod program?  The bank participates in the government program called HAMP-and this plan has standard approval guidelines for every homeowner.  If you can pass these, then chances are good you will be offered a lower mortgage payment.  The trick is to know ahead of time exactly how to prepare your application.
2. What is the first step to apply?  You will be given a brief telephone interview and need to answer some basic questions about your financial situation.  Do NOT disclose your income, expenses and assets until you know that your budget figures fit into the guidelines.  Verify your budget using the Loan Mod Calculator, a
   

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   system designed specifically to help homeowners with this important step.

3. What paperwork do I need?  Once you pass the telephone interview, you will be sent an application packet that includes the standard application form, called the RMA.  This includes a Hardship Affidavit and Dodd Frank Certification.  You will also have to provide proof of any income you report with paycheck stubs, canceled checks, bank statements, award letters, etc.
4. What if my income is not sufficient?  Find out if your monthly gross income fits the Chase guidelines ahead of time-use the Loan Mod Calculator to find out if your income is a PASS or FAIL.  If needed, increase your income by renting a room, working overtime, etc.  The Calculator will show you how much income you need and so you will be able to make any needed adjustments before you apply-giving yourself the best shot at approval.
5. How do I qualify for a principal reduction?  If your home is significantly “underwater”-meaning you owe more than it is currently worth, you may be eligible for PRA-Principal Reduction Alternative.  The Loan Mod Calculator will display how much reduction you may be eligible for-just input your budget figures and the results will compute and display immediately.

Keep in mind that a Chase loan modification is not the solution for everyone-the bank will only offer this program to homeowners who can prove that their financial situation meets the underwriting guidelines.  This can be tricky to figure out and most homeowners are denied simply because they did not know or  understand how to complete their application correctly.  Take some time to learn and prepare-that way you will have the best chance at getting the help you need and deserve.

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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 specifically for homeowner use, and will automatically compute and display your very own budget requirements, showing you the income, expense and asset figures required to pass the standard approval guidelines.  Avoid mistakes, get started today, visit MyLoanModificationCenter.com today.

Financial Worksheet

Be very careful when you complete the official Wells Fargo loan modification financial worksheet-this application form is tricky.  Keep in mind that the information you provide to the bank on this form will be used to decide if you will be approved or turned down.  While it may look simple, the fact is that the #1 reason for denial is homeowners not preparing their budget information correctly.

Why will Wells Fargo turn you down for a loan mod?  There are many reasons, but the main issues to be aware of are:

1. Monthly Income is Too High or Too Low:  Your household gross monthly income is an important part of the overall approval criteria.  The bank uses this figure to determine your debt ratio, your new target payment and whether you pass the Waterfall Method of Modification.  How do you know exactly how much income you need to report?  You can verify the requirements by using the Loan Mod Calculator, as system designed specifically to help homeowners apply.
2. Monthly Expenses not acceptable:  You will need to itemize your household expenses on the financial worksheet, this gives Wells Fargo a snap shot of how much goes out each month, and if your current mortgage is truly a hardship.  Not only must your expenses be acceptable, but your net cash flow must pass as well.  Use
   

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   the Loan Mod Calculator to help you figure this part out-you may need to adjust your expenses up or down to get a PASS.

3. Assets:  Liquid assets-checking, savings, CD’s, etc (not retirement accounts) will be used in a formula called Asset Ratio-find out if you pass this critical guideline with the Loan Mod Calculator.  If you report the wrong amount, you could be turned down.
4. Rental Income:  if you have other properties, be sure your report the rental income correctly.  The guidelines will only allow for a percentage of the income to be counted-use the Worksheet and Calculator to help you figure out this part.

Once you know why the bank will turn you down, it will be easier to make the necessary adjustments to your financial worksheet so that your Wells Fargo loan modification has the best chance of being approved.  Remember, the financial information you provide will determine if you pass or not-make sure you prepare it right before you send in your application.

Learn how to complete your financial worksheet-use the #1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This proven system was designed specifically for homeowners, and automatically computes and displays

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your own specific income, expenses, assets, debt ratio, cash flow and more.  Use this information to fine tune your budget figures so that you PASS every guideline.  Get started right away-visit MyLoanModificationCenter.com today.

WHY?

If you are feeling like your Wachovia loan modification will never be approved, you are not alone.  Many borrowers hit a major obstacle when they try to get a loan workout with this lender, and they end up getting a DECLINE notice every time they apply-no matter how many times they complain.  While the loan mod approval process is tricky, it is not impossible-you just need to know ahead of time what the lender is looking for and how you need to present your own application.

Here are the major reasons that a Wachovia loan modification will be Denied:

1. NPV:  Net Present Value is often given as a reason for your loan mod denial.  This is a calculation that tells the bank if giving you a loan workout or foreclosing would be more cost effective for their bottom line.  The most common reasons for NPV failure are too much equity in the home OR not enough monthly income reported for the borrower.  If the income is too low, then the loan mod would have to be too aggressive and would not pencil out for Wachovia.
2. Monthly Budget Figures:  If your financial worksheet does not prove that your fianncial situation fits right into the approval guidelines, you will be turned down immediately.  Keep in mind that your household income, expenses and assets are all used by the bank in a standard approval formula.  The information you provide to them is critical-make sure that your budget figures PASS, verify with the Loan Mod Calculator.  This system was designed specifically for homeowner
   

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   use, and will show you where and how to adjust your income, expenses and assets to qualify.

3. Current Cash Flow:  You must show Wachovia that the current mortgage payment is not affordable, but if given a loan mod you WILL be able to afford to pay and maintain it.  How much money do you have left over each month after you pay all of your bills?  Ideally you should barely be breaking even or a slight negative.  AFTER the loan mod, you need to show at least a $250 positive cash flow.  This can be tricky, so use the Loan Mod Calculator to help you understand how to adjust your monthly expenses to get the right cash flow figures.

Don’t just complain about Wachovia, learn how to show them what they need to see in order to get approved for your loan modification.  Remember, the program guidelines require that your income, expenses and assets all fit perfectly-otherwise you will not be approved for the help you truly need and deserve.

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide and Loan Mod Calculator.  This system will instantly compute and display your own specific budget requirements-showing you a PASS or FAIL for income, expenses and assets.  Use this program to help you fine tune your figures, and then submit the perfect Wachovia loan mod application.  Get started right now-visit

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MyLoanModificationCenter.com.

2012 HAMP Guidelines

HAMP-Home Affordable Modification Plan-has been in effect for over 3 years now, and it has finally shown some improvement in the numbers of homeowners who are actually getting approved for a lower mortgage payment.  This government program is voluntary, but over 93% of all servicers and lenders signed on to participate due to incentive payments offered to them by the Treasury Department.  The program has standard guidelines for all borrowers, and in order to qualify for a loan workout a homeowner must be able to prove that their financial situation fits right into this strict criteria.

HAMP 2012 has been improved, and lenders are now required to ask for less documentation from borrowers-however there are still basic items that every homeowner must provide and be able to prove.

HAMP PROGRAM QUALIFICATIONS

1. Proof of income-salaried borrowers must show 30 days of paychecks, and self employed borrowers must provide a P & L and business bank statements that substantiate the income reported.  Tax returns are not mandatory, but you must sign a  4506T form, which allows the lender to order transcripts from the IRS.
2. RMA Application Form- this three page document must be completed and the information provided by the borrower will be used to determine if the they meet the standard approval guidelines.  You must itemize your monthly budget-including income, expenses and assets.  If you show too much or too little income you
   

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   will not pass-verify your own budget will pass by running it through the Loan Mod Calculator.  This tool is designed specifically to help borrowers complete the HAMP RMA form correctly.

3. Bank statements may be required to prove any additional income, and for self employed borrowers.
4. You no longer have to live in the home, as long as no more than 12 months has passed since you moved out

The HAMP guidelines for 2012 have been loosened up to allow more completed loan modifications, per the Treasury Department’s goal of helping over 2 million borrowers.  The program has been extended another year, until the end of 2013 to allow more homeowners to apply or re-apply if they were turned down initially.

The secret to HAMP approval and passing the guidelines is to prepare the RMA form correctly-the monthly budget information is the most important part of the entire application process.  No matter how deserving, if a homeowner does not submit the acceptable figures for their income, expenses and assets, they will NOT be offered a HAMP loan mod.

Get the real answers you need to complete the HAMP RMA application-use the #1 selling system designed specifically for homeowner use.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own budget requirements for you.  You can see if you PASS or FAIL,

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and then make the necessary adjustments so that you PASS every guideline before you submit your application.  Visit MyLoanModificationCenter.com today and get started now.

Do it Right

When you apply for a loan workout, the RMA form must be filled out so that Bank of America can determine if you qualify for a loan modification.  Keep in mind that the information you provide on this form will be used to determine if you meet the approval guidelines-so it is critical to understand just what to show the bank on your RMA form.

RMA FORM Bank of America-HOW TO FILL IT OUT:

1. The form is 3 pages long-each page will be carefully reviewed, so be sure to take your time and complete it legibly and do not leave any blank spaces.
2. Page 1 of the RMA includes your personal information – this is fairly self explanatory, just be sure to fill in all the blanks.  The bottom of page 1 is the Hardship Affidavit.  You can check as many boxes as needed if they apply to your situation, you can also attach a separate letter giving more detail about your circumstances.  Be sure to put your loan number on it and sign it too.
3. Page 2 of the RMA form is the really critical part of the entire application process-this is the breakdown of your monthly budget information.  This is where you will itemize your household budget-how much your gross income, household expenses and assets are.  These figures will then be used in a standard,
   

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   mathematical formula that tells Bank of America if you fit the approval guidelines.  Make certain that your figures pass-verify by running your budget through the Loan Mod Calculator, a program designed specifically to provide your income, expenses and asset requirements.

4. Be prepared to document any income you report-if the Calculator results show that you need more income, then you need to build a history of receiving this income.  The bank will usually need to see 30 days of income documentation-bank deposits, canceled checks, etc.

Completing the RMA form can be much simpler once you know exactly how much income, expenses and assets to report, and understand just how to fine tune your budget so that you fit perfectly into the Bank of America loan modification criteria.  Remember, it’s about the math-and no matter how deserving you are, unless you can prove to the bank that your financial situation passes the guidelines, you will not be offered a loan workout.

You can get help fill out the RMA form-use the #1 selling system designed specifically to help homeowners with this tricky application.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your own specific requirements for income, expenses and assets.  You will see a PASS or FAIL for the 7 approval triggers, and then be able to make the necessary adjustments ahead

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of time so that you PASS every guidelines.  Avoid mistakes-get a faster approval, visit MyLoanModificationCenter.com today and get started right away.

Apply Correctly

Do you understand how to prepare the RMA form correctly qualify for a Bank of America Loan Modification?  This budget worksheet application form is critical to the approval process, so you really need to know ahead of time just what the bank is looking for to qualify for a new lower mortgage payment.  In fact, the #1 reason for denial is unacceptable financial information provided by the borrower!   Before you apply, make sure you have the information you need-

BANK OF AMERICA RMA FORM-TIPS

1. Don’t disclose your monthly budget figures to the bank until you have had the chance to verify that your monthly income, expenses and assets will meet the standard approval formula.  How do you know if you have enough income or if your expenses are too high or too low?  You can verify your budget by using the Loan Mod Calculator, a system designed specifically to help borrowers prepare their RMA form.
2. Find out if your loan will possibly qualify for a Principal Reduction-called PRA-this option may be available if you are significantly underwater on your mortgage.  The Loan Mod Calculator will automatically calculate and display the possible principle reduction amount you could qualify for, and show you what your new loan terms could be.
3. One of the secrets to approval is to present your monthly budget figures clearly and simply-the harder you make it for Bank of America to understand your
   

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   situation the more likely you will be denied.  Fine tune your information and eliminate any confusion by simply stating your income, expenses and assets without going into a lot of detail.  Remember, the approval formula is based on a mathematical calculation using your gross income, monthly expenses and assets-if you pass this formula, you most likely will be approved.

4. Use the Loan Mod Calculator to help you with making any necessary adjustments ahead of time-for example, if the Calculator shows you need more income, then be prepared to rent a room or increase your income by some other method.  You will have to show a history of receiving this income, so the sooner you know this the better.  You may need to cut some household expenses, again the Loan Mod Calculator will display this for you, and then you will be able to adjust your figures before you submit.

Completing the RMA form for Bank of America loan modification does not have to be confusing-once you find out exactly what figures you need to report then you can make the necessary adjustments, and be confident that you fit perfectly into the approval guidelines.  This is not the time to just “guess” or hope for the best-you need a loan mod and in order to get a fast approval, be prepared and informed!

Get the real answers you need-use the system designed specifically to help homeowners apply and qualify-The Complete Loan Modification Guide kit and Loan Mod Calculator will show you the specific income, expense and asset requirements for you RMA form, and will help you fine tune your own budget figures.  The Kit also

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includes free customer support, to answer your questions and assist you as you prepare your own application.  Get started right away-visit MyLoanModificationCenter.com today.

Be Prepared

Your first telephone interview for a Chase loan modification can make or break your chances of approval.  Do you know what to say and what NOT to say?  Are you sure that your budget figures will pass the approval guidelines?  If not, then here are some negotiating tips that can help you qualify for a loan mod and lower mortgage payment.

CHASE LOAN MODIFICATION NEGOTIATING TIPS

1. Don’t disclose your financial information until you have verified that your income, expenses and assets will pass the standard approval formula used by the bank! This is critical-verify that your budget is acceptable, run your figures through the Loan Mod Calculator and
   

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   see if you PASS or FAIL

2. Fine tune your budget figures until the Loan Mod Calculator shows a PASS for all 7 categories.  You may need to increase your income, or decrease your expenses to achieve this-but you need to do this BEFORE your phone interview with Chase.
3. Be prepared to clearly and concisely explain your hardship, making sure to hit the 4 major acceptable reasons:  loss or reduction in income, increased expenses, lack of reserves or high monthly expenses.  Don’t go into great detail-just hit the main points.
4. Have your budget figures handy, it helps to print out the Loan Mod Calculator results so you will be able to easily provide Chase with your correct income, expenses and asset numbers.
5. Make sure that the negotiator has input your budget figures exactly as you have prepared-often an input error on the bank’s side will be the cause for denial.  Have them read it all back to you to be sure they have it right.

Success!

Many homeowners are afraid to make that first phone call-it can be scary but once you are prepared and confident that you  fit right into the approval guidelines, you will be ready and armed to get the help you need.  This is not something you want to just “guess” at, especially when you can get the help you need ahead of time so that your chances of approval will be much, much greater!

Get the real answers you need to negotiate a Chase loan mod-use the #1 selling resource for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator were developed specifically to help borrowers prepare their budget worksheet correctly.  Your own specific

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requirements for income, expenses and assets are automatically computed and displayed.  Get started right, avoid mistakes-visit MyLoanModificationCenter.com today and get stared now.

Do you have to be late?

Before you apply for a Wells Fargo loan modification, or even if you have already applied-there are a few really important tips you need to know that will definitely make the difference between approval and denial.   Most homeowners think that because they are facing a hardship the bank has to help them-unfortunately that is not the case.  In fact, unless you know just how to complete your budget worksheet and how to get the bank to input your income, expenses and assets correctly chances are good that you will be turned down.  Sad but true-homeowners need to be prepared and ready to fight for their rights under the federal loan mod programs.

Here are some tips for negotiating your Wells Fargo loan modification, as well as some budget secrets to help you prepare your application correctly:

1. Don’t call the bank until you are prepared-this means that you have already worked on your budget and have fine tuned the figures so you know that your income, expenses and assets all fit right into the program guidelines.  You can double check your budget by using a program designed specifically for homeowners, the Loan Mod Calculator will automatically compute and display your ideal budget.
2. Be prepared to clearly explain your circumstances, what has caused your hardship and how you have tried everything to afford the payment, but a loan mod is your only option.  Don’t go into too much detail-be concise but cover the main acceptable reasons: reduction or loss of income, high expenses, increased debts, lack of reserves.
3. Be aware that your initial phone interview will determine if you will be sent the official application package-this is the first hurdle you have to get over.  Don’t
   

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   quote your budget information until you have used the Loan Mod Calculator so you know you have the best shot at passing.

4. Be polite to the negotiator, but also be persistent and make sure that what you are telling them is being input on their side correctly.  Unless they input your income, expenses and assets accurately you may find yourself being turned down when you should be approved!
5. You will have to prove any income that you state, so make sure that you know ahead of time if you need more income so you can build a history of receiving it.  For example, if the Loan Mod Calculator shows that you may need to rent a room, then keep copies of the cancelled checks or be sure to deposit cash received for at least two months to prove that you actually receive this income.

Negotiating with Wells Fargo does not have to be scary or intimidating-once you have a good idea of just what to show them and how to present your budget, you will be able to confidently speak with the negotiator and prove that you are the perfect loan mod candidate.  Remember, it’s all about fitting into the approval formula-so take your time and learn how to adjust your budget before you contact the bank.

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful system was designed for homeowner use, and provides your with your own specific income, expenses and asset requirements so that you can complete your budget worksheet

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correctly.  Visit MyLoanModificationCenter.com today and get started immediately.

HAMP 2012

A Wells Fargo HAMP loan modification is available for homeowners who can prove that their financial situation meets the strict approval guidelines.  Most borrowers do not really know how to prepare their application correctly, and this will often result in a denial.  While this is discouraging, it is not the end of the process-you are allowed to re-apply with revised, updated financial information.  The trick is knowing exactly how to complete the financial worksheet correctly-and know just how much income, expenses and assets you need to list to qualify.

The HAMP guidelines require that a homeowner be facing a financial hardship situation, making their current mortgage payment unaffordable.  Wells Fargo will review your monthly budget to determine:

1. Debt to Income Ratio:  how much of your gross income goes towards your monthly housing expense
2. Asset Ratio:  how much do you have in liquid reserves
3. Cash Flow:  after you pay all your bills, how much money do you have left over
4. Waterfall Method:  can your loan be modified using the standard Waterfall method to achieve a new affordable payment

If you list too much or too little monthly income on your Wells Fargo financial worksheet, you will fail these guidelines.  If your expenses are too high or too low then you will also be denied.  Here are some helpful directions that may increase your chances for approval:

1. Find out HOW MUCH monthly income you need to report-you can use the Loan Mod Calculator to find this out.  This easy to use program will automatically compute and display all your specific budget requirements.
2. Double check that your expenses will pass the cash flow requirements-make any needed adjustments ahead of time
   

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3. Confirm that you are passing the Asset Ratio criteria-use the Loan Mod Calculator for this one.
4. Once you have fine tuned your income, expenses and assets and the Calculator shows a PASS for all categories, use these figures on your final HAMP financial worksheet.

Get the real answers you need-use the #1 selling resource developed specifically to help homeowners apply.  The Complete Loan Modification Guide kit and Loan Mod Calculator shows you exactly how to prepare your financial worksheet correctly-avoid mistakes and get it done the right way.  You need to know how much income, expenses and assets to report-visit MyLoanModificationCenter.com today.