Are you struggling with your mortgage payments and considering applying for a loan modification?  You might be surprised to find out that less than 25% of homeowners who apply actually get approved-and it’s not because they are not deserving or in many cases are actually good candidates.  The real reason for the majority of turn downs is because their application paperwork was not complete correctly.  This is definitely something you can do avoid by simply taking a few hours to learn the basics of the program requirements  before your contact your lender.

Important TIPS

Here are some important tips and instructions that will help you increase your chances of Loan Modification approval:

1. Every bank has standard underwriting guidelines that are used to determine which homeowners will be qualified-these guidelines mainly have to do with the borrowers current financial situation, but also are impacted by the particular programs and investor guidelines.
2. The government program is called HAMP-Home Affordable Modification Program-and the criteria for homeowners is very stringent.  In fact the Fed’s published the actual formula that is used on every homeowners application to determine eligibility.  You can use this same formula to make certain your financial worksheet is prepared right-the Loan Modification Calculator mimics this federal formula and shows you just how your monthly budget should look.
3. It’s best not to disclose your financial information to your lender until you have had the chance to really fine tune and verify that your income, expenses and assets will all pass the underwriting guidelines.  While you can re-apply if turned down, it’s much easier to get it right the first time.
4. The required paperwork has been reduced to make it easier for borrowers, but you will still need to complete the RMA form (including the detailed monthly financial worksheet), a 4506T form, a Dodd Frank Certification and usually 2 most recent paystubs (or other form of income verification) and two most recent
   

   Exact Requirements

   bank statements.

5. Keep in mind that your monthly income, monthly expenses and assets will be carefully reviewed and ONLY if the financial information you provide fits into the loan modification guidelines will you be approved!  This is really about math-so use the Loan Mod Calculator to do all the work for you and avoid mistakes.  Once you know exactly what your income, expenses and assets need to be to PASS, then use those fine tuned figures on your final application form.

Loan Modification is a solution for borrowers who simply can no longer afford their mortgage due to loss of income, increased debts, lack of reserves or other financial hardship.  However, unless your situation fits right into the program guidelines you don’t have much of a chance at approval.  Only those homeowners who can prove in black and white that they pass the criteria will be approved, and that means submitting the perfect application.

Get the real answers and real help you need to apply and qualify for a loan modification-use the #1 selling resource for homeowners, The

Complete Loan Modification Guide kit and Loan Mod Calculator. This system was designed specifically for homeowner use and provides you with the monthly income, expenses and asset requirements.  Visit MyLoanModificationCenter.com for more information on how to get started right.

Apply Correctly

When you apply for a loan modification, HSBC will ask you to complete the borrower financial form-this is really a detailed breakdown of your household budget.  You must list your monthly income, your household expenses and your liquid assets.  Be careful, this is trickier than it first appears.  Remember that the numbers you write down on the HSBC financial form will be used by the bank to determine if you meet the rules for approval-you don’t want to make a mistake that will cause denial.

What does the bank need to see on your application form?  Keep in mind that HSBC uses a standard approval formula-and depending on your specific situation, including your current mortgage payment and loan balance, you need to show them the right amount of monthly income.  If you show too much or too little, then you will not fit into the program.  You can use a system designed specifically to help you figure out how much income you need-the loan modification calculator shows you instantly if your budget is passing or failing.  Then you can make the necessary adjustments before you submit it for review.

Your HSBC financial form will also show the bank your monthly household expenses-items like your utilities, groceries, car payments, medical, insurance must be

Exact Requirements

shown.  The bank will use this information to determine if you are really in a financial hardship and also if a loan modification will be a big enough help for you.  You can double check your own expenses will be acceptable by running them through the loan mod calculator system.  Be sure you verify that you passing all these important categories!

The HSBC financial form also asks for your assets-only show liquid assets like checking and savings, retirement accounts are protected.  Furniture, jewelry, etc do not have to be listed.  You must pass the Asset Ratio approval category, so double check this before you send your paperwork in.

Unfortunately, almost 75% of homeowners who apply for an HSBC loan modification are denied-and the most common reason is that their financial form was not prepared correctly!  This is something you can avoid by taking just a bit of time to make sure that your figures are acceptable and fit the guidelines.  The final decision is always with the bank, but if you know ahead of time you fit the program criteria, you have a much better shot at success.

You can get the real answers you need-use the #1 selling resource for homeowners to help you get it right.  The Complete Loan Modification Guide kit and loan Mod

Calculator will automatically and instantly compute and display your very own specific budget requirements-income, expenses and assets.  You can avoid mistakes and save time and frustration-visit MyLoanModificationCenter.com today and get started right.

HELP!

Trying to figure out how the Chase loan modification process works and just what it takes to pass the approval guidelines?  Most homeowners do not realize that qualifying for a loan mod with Chase is a matter of math-not luck or how bad off you are financially.  There is a standard mathematical approval formula that is part of how the bank determines which homeowners get help and which ones will be turned down.

The Chase loan modification process can seem confusing, frustrating and without reason-however once you understand exactly what the bank is looking for on your application it will begin to make sense.  The fact is that most borrowers are turned down simply because they did not know how to prepare their application correctly-especially the monthly budget worksheet.  This is where the monthly income, monthly expenses and bank balances are all broken down by the borrower and this is the information that is used in that mathematical formula.

Spending just a couple of hours working on your Chase loan modification application, double checking your figures by running them through the Loan

Fine Tune your Figures to Pass

Mod Quick APP calculator will really give you a head start at qualifying for a loan mod.  If you knew ahead of time that your expenses needed to be trimmed a bit, you would certainly use that information on your application and know that you had a better chance of approval.  Just how much monthly income is required for you to qualify?  What should your bank balances be to pass?  These are all very important parts of that formula, and Chase will only approve your application if you prove in black and white that you are a qualified candidate.

The Chase loan modification process does not have to be so painful-but like anything else the more you know, the better the outcome.  Hoping or

Guidelines Met!

guessing that you got it right will not bring you the results you need.  You can fight the bank and win, but only if you are armed with knowledge and able to confidently prepare your application so that your financial information fits right into the program approval guidelines.  Homeowners who simply slap something together and think that Chase will help them because of a financial hardship are really kidding themselves-the only way to get a loan mod approved is to prepare and submit the application with the correct information-and that can be the tricky part for homeowners!

Learn how to prepare your Chase loan modification application correctly and understand how the approval formula works.  The best selling resource for homeowners gives you the information you need-The Complete

Download immediately!

Loan Modification Guide kit and Loan Mod Quick APP calculator provide step by step, easy to understand directions, required forms, and the calculator automatically generates your very own sample monthly budget worksheet showing income, expense, bank balance, new modification terms and more!  Visit MyLoanModificationCenter.com for more information and get started the right way.

Fight Back!

Homeowners who are having Bank of America loan modification problems usually find that the lender is not very helpful when it comes to explaining why the borrower does not qualify for a loan workout.  The reasons for being denied a loan mod are usually due to something called NPV – Net Present Value – or because the borrower put too much or too little monthly income on their application form.  There is a solution however that can change that denial into approval, but you need to understand just how the bank determines who will qualify in order to succeed.

Bank of America loan modification problems can be frustrating – but the best way to get an approval is to spend just a couple of hours learning the basics of the program and understand what the lender needs to see on the application form so that you will be able to complete the forms correctly.  Here are some possible solutions you can use:

1. Understand that the process for approval involves a standard mathematical formula-it’s not just luck or an arbitrary decision made by Bank of America.  Each loan modification application is run through a calculation using information provided on the monthly budget page-either your income, expenses and bank balances fit or they don’t.  You can double check your own figures by running them through the loan modification software calculator first.
   

   Sample Monthly Budget-Follow It

2. Fine tune your figures before you submit you application for review.  Once you use the loan mod calculator, you will see if your income is passing the formula or if you need to increase it or decrease it to pass the approval trigger.  You may need to get a room mate or second job, or you may need to lower your monthly expenses to fit the guidelines.  If you don’t know this ahead of time, then chances are you will not fit into the approval formula.
3. Bank of America may have the wrong current market value for your home in their system.  Ask them what they have for a value, if it is too high then you can provide them with proof of what it is really worth to fight back.  A local real estate agent can help you with this by providing a Comprehensive Market Analysis report proving the actual value.

Guidelines Met!

Most of the time Bank of America loan modification problems can be solved by asking the bank exactly why the application has been turned down, then revising your application so that it meets the guidelines that the bank needs to see.  However, if you don’t know just where and how to make those adjustments chances are that you will not be able to fit into the guidelines.

Get help to prepare your own Bank of America loan modification application correctly-use the #1 resource for homeowners.  The Complete Loan Modification Guide kit and loan modification software calculator provides

Download immediately!

you with the inside information you need-detailed step by step directions, required forms and the calculator automatically generates your very own sample monthly budget showing income & expense requirements.  Visit MyLoanModificationCenter.com today for more information.

Income Requirements

How do you know if your Indymac loan modification application is completed correctly?  Is your monthly income too high or too low to qualify for a loan workout – the tricky income requirement trips up most borrowers who try to apply for a loan mod.  The truth is that no matter how deserving you are or how drastic your financial hardship, you will not be approved for a loan modification unless your can prove that you fit right into the program guidelines.

The tricky monthly income requirements that Indymac loan modification follow include your debt ratio calculation and your disposable income.  One of the most important facts to know is that these income calculations are done on your gross – before taxes – monthly income, not the net as most people would assume.  Another part of the income requirements is that you earn enough income to be able to reach the new target payment by using the standard waterfall method of modification – reduce the interest rate, extend the loan term and finally reduce the principle balance.

All of these tricky income requirements confuse and frustrate homeowners who apply for an Indymac loan modification, in fact many borrowers simply give up because they cannot figure it all out.  However, you don’t have to try to figure this all out by yourself, you can use the loan modification software

Sample Budget-Automatically!

calculator that automatically figures your very own sample monthly budget so you can follow the income, expense and asset ratio calculations provided.  This easy to use program mimics that standard guidelines and all you do is input your own specific figures – income, expenses, bank balances, mortgage information – and the results are displayed instantly.  You see just what adjustments may need to be made in order to pass the tricky income requirements.

Remember, the financial information you provide on the Indymac loan modification application will be reviewed and used to determine if you qualify for a loan workout.  If you just guess at what is required, chances are you will not qualify – but if you can follow a sample monthly budget and use it ahead of time, your fine tuned figures will have a much greater chance of approval.  You can feel confident when speaking with Indymac because you know that your monthly income, expenses and bank balances all fit right into the standard program guidelines for approval.

Need help with your Indymac loan modification application? Use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Modification software calculator.  This easy to use kit includes step by step instructions, required forms and the calculator automatically generates your very own sample monthly budget, showing required income and other approval

Download immediately!

triggers you can follow.  Visit MyLoanModificationCenter.com for more information.

Apply Correctly

The Bank of America loan modification forms include an application which must be completed by homeowners who wish to apply for a loan workout.  This is a 3 page form called the RMA – Request for Modification and Affidavit.  The information provided on this form will be used by the bank to decide if the borrower qualifies for a loan mod, so it is important to take the time to complete it accurately and so that it is acceptable.

The required Bank of America loan modification forms also include a 4506T, and Hardship Letter and a Dodd Frank Certification.  Along with the RMA, these forms are provided in The Complete Loan Modification Guide kit and Loan Modification Software Calculator. Here are some tips on how to prepare the most important form correctly.

Bank of America Loan Modification Forms – Application:

1. The first page of the form includes personal information on the borrowers, job information, number of dependents, if you live in the home, have you filed Bankruptcy and do you wish to keep the home or sell it.
2. The bottom of the first page includes the Hardship Affidavit – there are 4 boxes that can be checked describing the acceptable financial hardship situations – loss or reduction in income, increased expenses, lack of savings or reserves and excessive debt obligations.  There are two extra lines to write an explanation, but it is recommended that you use a separate piece of paper to write a more detailed explanation.  This is your chance to gain Bank of America’s
   

   Work on your budget now

   cooperation, so compose a compelling description of what has happened to make the current payment unaffordable.  Be sure to date and sign this page, and include it with the application form.

3. The second page of the Bank of America loan modification application form is the most important part – this is the monthly budget or financial statement.  Here is where you will indicate the gross monthly income, monthly bills and expenses and current bank balances.  There is actually a standard formula that the bank uses this information in, and if the figures you provide fit the formula, you have a very good chance at approval.  Be sure your income, expenses and bank balances are correct by running them through the loan modification software
   

   Sample Budget-Automatically!

   calculator first – then you will know ahead of time if you need to increase or decrease any income or expenses to have the best chance at approval.

4. Provide copies of your 2 most recent paycheck stubs, a P & L if you are self employed, 2 months bank statements and any other type of income documentation – such are proof of room mate income, etc.
5. Make sure everything is legible, sign everywhere needed, write your loan number on top of each page.  Gather all of the Bank of America loan modification forms together, make a copy for your file, and then submit the entire package for review.  The process usually takes between 30-60 days.

If you need help preparing your Bank of America loan modification forms correctly, use the #1 resource for homeowners The Complete Loan Modification Guide kit and Loan Modification Software calculator.  This kit includes step by step directions, all required forms, and the software

Download immediately!

calculator will automatically provide your very own sample monthly budget to help you prepare your financial budget correctly.  Visit MyLoanModificationCenter.com for more information.

HELP!

Wells Fargo loan modification forms can be tricky – complete them incorrectly and there goes your chance for a lower mortgage payment.  The sad fact is that many homeowners are declined simply because they did not know how to properly prepare their application forms.  Remember that the information you provide on the financial statement will be reviewed and the decision to offer a loan workout will be made based on that information.  Here are some tips on the right way to apply for a Wells Fargo loan modification.

Tip #1:  Do not disclose your monthly income, monthly expenses and bank balances to the bank until you have had the chance to fine tune your figures and are confident that the information you are submitting will fit into the approval guidelines.  Is your income high enough to qualify?  If you are not certain, then you may want to use a loan mod software program that will do all these calculations for you automatically.

Tip #2:  Once you have double checked your loan modification application, and are certain that your monthly income, monthly expenses and bank balances are all within the standard approval guidelines, submit your application and all the required income documentation to Wells Fargo.  Be sure to provide everything they ask for the first time, pay check stubs, bank statements, etc.  A complete loan modification package will get an approval much faster.

Tip #3:  Follow up regularly on the progress of your loan mod application.  Do not wait until Wells Fargo calls you, get on the phone and check the status at least once a week.  This is one way to make sure your application stays on the top of the stack, and you will know sooner if anything is missing so you can send it in right away.

The right way to prepare your Wells Fargo loan modification application is to know ahead of time just what your monthly income, monthly expenses and bank balances need to be in order to fit right into the standard approval guidelines.  There actually is a mathematical formula that is used to qualify borrowers, and you can use this same formula on your application and increase your chances of approval greatly.

Uses Approval Formula!

If you are not sure how to complete your Wells Fargo loan modification application and need help to figure out how much income you need to qualify, you may want to use the loan modification software program designed specifically for homeowners.  This easy to use program will show you immediately if your budget is passing the approval triggers and where you may need to fine tune your figures in order to qualify.  This helpful tool is included in the best selling kit, The Complete Loan Modification Guide and Loan Modification Software Program.  Visit

Download immediately!

MyLoanModificationCenter.com for more important information.

HELP!

Why guess at what your lender is looking for on your loan modification application in order to approve you?  There is a standard mathematical formula that is used by over 90% of banks to determine which homeowners they will qualify for a loan workout – this is the information that you need to know if order to correctly prepare your application.  There is a loan mod software program designed specifically to mimic this standard formula, and you can use it to prepare your own application so that you have the best chance of approval.

Why do some borrowers get approved for their loan modification while other very deserving homeowners are denied?  It’s simple – in order to be approved your financial information must fit into the standard guidelines – and must pass the formula used for approval.  The Treasury Department set up this formula and it uses the homeowners gross income, current mortgage balance and a projected modified target payment to determine who qualifies.  It is critical that your monthly income, monthly expenses and other triggers prove that your loan can be modified under this formula.

Easy to Use-Avoid Mistakes!

When you use the loan mod software program, you will see instantly if you have enough income to qualify.  The results are displayed immediately, and show you where you may need to make adjustments to your figures in order to pass the standard guidelines.  You may need to fine tune your income or expenses, and the loan mod software program shows you exactly what is needed in order to pass the standard triggers.  The final decision is always with your lender, however one thing is certain – if you don’t pass the standard formula then your chances of success are pretty slim.

Remember, it is up to each borrower to prove that they qualify for a loan modification, and your bank will not give you this formula.  That is why it is so important to make certain that your application proves you fit right in before submitting it for review.  Make sure that you do everything you can to give yourself the best chance for approval.

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more.

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit & Software and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.

Download immediately!

The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a loan modification software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit http://www.myloanmodficationcenter.com for more information.

How Much Income??

When you apply for a Wells Fargo loan modification you must prove that you meet the income requirements for approval.  Based on the financial information you provide on the application, the bank will determine if you qualify or not using standard guidelines for income, expenses and cash on hand.  It is very important to understand just what you need to show in order to have the best chance of success.

What exactly is the income requirement for approval of your Wells Fargo loan modification?  That depends on your specific situation – including the current mortgage balance on your home and a few other factors.  There is actually a mathematical formula that is used to determine who qualifies.  Basically when you complete your monthly budget on page two of the official application you will need to show enough monthly gross income in order to fit into the approval guidelines.

The standard approval formula used to determine which homeowners will get approved for a Wells Fargo loan modification can be learned and used when you prepare your own application.  This is critical so that you have the best chance of approval, otherwise you are just guessing at what it will take.  To make it easier to do this, you can use a loan mod software program that was designed specifically to mimic the approval formula.  Instead of just guessing, you will see immediately just where you may need to adjust your monthly income or expenses in order to pass all the triggers for acceptance.

Re-Apply Correctly

The income requirements for approval on a Wells Fargo loan modification can be learned and used by a homeowner when they complete their application, and using the loan mod software program can help you to do this.  There are a few other qualifications as well which the software program shows too.  The simple truth is that unless you can prove on your application that you meet all of the triggers for approval, chances are very slim that you will be offered any type of a loan modification.  This is not the time to guess at how to apply, now is the time to use every tool you can to make certain that your Wells Fargo loan modification gets approved!

Easy to Use-Avoid Mistakes!

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more.

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit & Software and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.

Download immediately!

The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a loan modification software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit http://www.myloanmodficationcenter.com for more information.

The secret to getting approved on your Chase loan modification is to prepare your application correctly. What this means is that you have proven to the bank that you not only deserve assistance, but that you meet the guidelines for acceptance.
The guidelines for approval with a Chase loan modification is actually based on several factors, one of which is a legitimate hardship situation. This means that something has happened in your life that has made your current mortgage payment unaffordable. This could be due to loss of income, higher than normal expenses, divorce, illness, etc. You will be required to write a brief explanation of your situation and sign a Hardship Affidavit. Your hardship letter should contain the 3 critical phrases-you can learn what these are and be sure to include them in your letter.
The other secret to preparing your Chase loan modification application is based on a mathematical equation the shows the bank that your monthly gross income and monthly expenses qualify you for a loan workout. Your debt ratio, new target payment, asset ratio and other information will be carefully reviewed for eligibility. That is why it is so important to complete your forms correctly, make any necessary adjustments ahead of time, and increase your chances of success by fitting into the standard mathematical formula.
Many homeowners are confused by how to compute their debt ratio, and how to fine tune their budget. A software program has been developed specifically to assist borrowers who are applying for a loan workout. The Loan Mod Quick App calculator is simple to use, but is a powerful tool that will do all the critical calculations for you autmatically.
When you input your own monthly income and expenses, the debt ratio, new target payment, new possible loan terms, asset ratio and other figures are displayed immediately. You can then make any necessary adjustments to your budget before submitting your paperwork in order to be sure you are qualified. This is a simple, fast and effective way to give yourself the best chance of approval on your loan workout.
Not sure how to qualify for a Chase loan modification? Loan Mod Quick App software takes the confusion out of preparing your application. This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! You can save hours of time and avoid costly mistakes. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Know the 3 critical elements of a hardship letter