No Equity!

Homeowners who are significantly underwater-meaning the mortgage balance is much higher than their home is currently worth-are reluctant to accept a Bank of America loan modification unless it also includes principal reduction.  Why keep making payments on a home that may never see any equity again?  The bank realized this attitude some time ago, and introduced an earned principal forgiveness option-but has anyone actually ever received help under this program?

A Bank of America loan modification with principal forgiveness is elusive, but the option offered under the National Homeownership Retention Program-the bank’s in house effort to help borrowers-has certain restrictions and requirements.  Here is some basic information on how this plan works and who may qualify:

1. Loans must be at least 60 days delinquent
2. The home must be 120% loan to value-meaning the loan balance is 20% higher than the current market value
3. Eligible loans are Option Arms (negative amortization) Sub-Prime and 2 year hybrid arm programs

Homeowners who currently have a negative amortization payment will lose

Principal Forgiveness Plan

that option, however the goal of the Bank of America loan modification with principal forgiveness will be to forgive all or part of the negative amortization amount to reduce the principal to as low as 95 percent loan to value.  This will re-establish an equity position and provide incentive for homeowners to keep making timely payments.

Borrowers who currently have other types of eligible loans could have their loan balance reduced to equal 100% of the current market value of their home.  Bank of America principal forgiveness is on an earned basis, and the reduction will be forgiven over a period of five years, as long as the homeowner continues to make timely payments.

The Bank of America loan modification method will consider reducing the loan balance first to reach the new target payment, then utilize the other HAMP methods, such as lower the interest rate and increase loan term.  The goal is to achieve a new target payment that equals 31% of the borrowers gross monthly income.

Powerful Financial Information!

Although this plan has not been implemented widely, the bank estimates that they will be able to offer principal reduction to 45,000 borrowers, which equates to about $3 billion in total reduced principal.  Borrowers who think they may fit the guidelines should request this option when speaking with the bank about loan modification options.

Make sure that you complete your Bank of America loan modification application correctly-find out if you qualify for principal forgiveness.  Use the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  This powerful tool provides the inside information you need-find out how much income you need to qualify, how to prepare your financial statement

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correctly and know exactly what to ask the bank for!  Visit MyLoanModificationCenter.com today for more information.

Help to Qualify

Desperate for a loan modification?  Well, without some basic knowledge about the process and understanding of the approval formula, you must be feeling very lucky-the vast majority of borrowers are turned down for a loan workout for one simple reason.  They simply do not know how to prepare their application and they do not understand what their lender needs to see from them in order to actually qualify.

When your home is on the line, you shouldn’t be guessing at how to get help, or relying on luck to pass your lender’s loan modification approval criteria.  Remember, this is an application for help-the information you provide to your bank will determine if you qualify for a loan mod program or not.  Just because you are in a financial hardship-however deserving-you will not be given a loan workout unless you prove in black and white that you fit right into the strict program guidelines.  This is where using a Loan Modification Guide can be a huge benefit-you get the help you need to understand and apply the inside approval formula that your bank uses.

Thousands of homeowners have used the best selling resource, The Complete

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Loan Modification Guide kit and Loan Modification Quick APP calculator to help them apply and qualify for a loan workout.  This easy to use system provides:

1. Easy to understand Handbook-details on loan mod programs, eligibility requirements, lender guidelines, step by step directions to prepare your application, submission & follow up, tips to use when speaking with your lender, what are the best loan mod terms, etc.
2. All required forms are provided, along with detailed directions on what they are, how to prepare them correctly-Hardship Letter templates, Contact Log, Rental Property Schedule, and more!
3. Loan Modification Calculator-EXCLUSIVE to the system, this powerful tool immediately calculates your monthly income, expense and asset
   

   Easy to Use Calculator

   requirements and displays if your budget is passing or failing the approval formula.  Allows you to fine tune your figures before submission, greatly increasing your chances for a fast approval.

4. Ongoing customer support-FREE email support with answers to your questions as you prepare your application and work with your lender
5. Monthly Newsletters and Program UPDATES mean that you are always up to speed with the latest in loan modification

It really just comes down to being able to prove to your lender in black and white, using simple math – that you are the perfect loan modification candidate.  There is only one way to do this-complete your loan mod

Perfect Application!

application correctly-show that your monthly income, expenses and assets are fit right into the approval guidelines.  If you don’t feel confident trying to figure this out all by yourself, then using The Complete Loan Modification Guide kit and Loan Modification Quick APP calculator is the solution you have been looking for.  Visit MyLoanModificationCenter.com for more information today.

How to Qualify

There is nothing more stressful-delinquent on your mortgage and trying to figure out a way to save your home can be one of the worst experiences you may ever face.  The worst part is not knowing what you are going to do, what your options are, and if you will be able to convince your lender to help you avoid foreclosure.  Although millions of homeowners are in the same boat, it can be overwhelming when you are trying to figure it out alone.

The good news is that there are government and lender programs designed to help you-loan modification plans are in place and being offered every day to qualified borrowers.  But that is the tricky part-how can you be certain that you qualify for a loan workout and how can you get your mortgage lender to modify the terms of your loan?  Sadly, the statistics show that most homeowners are not approved, and this is mainly due to the fact that they simply do not know how to apply correctly!

LOAN MODIFICATION GUIDE FOR HOMEOWNERS:  You can do what thousands of homeowners have done to get the inside edge and increase the chances of loan mod approval-use the #1 best selling resource for

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homeowners – The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator provide all the information, insider tips and detailed directions  you need to succeed.  Easy to follow, step by step directions take you through completing the required forms correctly, and the loan modification calculator automatically figures and instantly displays the 7 approval triggers you need to pass for HAMP and other plans.

Find out how much monthly income you need to qualify, know exactly how

Easy to Use Calculator

to fine tune your expenses and just how much money you are allowed to have in the bank.  Then use this valuable insider information to adjust your monthly budget figures before you submit them for final review.  Just one small mistake on your budget could mean denial-make certain that you take the time to double check your figures and run them through the loan modification calculator that is provided with The Complete Loan Modification Guide kit.

Perfect Application!

The only way to qualify for a loan modification is to prove in black and white on your application that you fit right into the program guidelines, it’s not luck or guessing that will work-it’s preparation and knowing the approval formula that will get you the results you need and deserve.  Visit MyLoanModificationCenter.com today for more free information.

Know the Process

Behind on your mortgage or turned down for a Bank of America loan modification?  Don’t give up hope-you still may be able to save your home because the bank is offering homeowners another shot at getting approved for a loan mod.  Although the process can be frustrating, over 731,000 homeowners have been given a permanent modification, and so can you can do it to!

Getting approved for a Bank of America loan modification can be tricky-and especially confusing if you do not understand the basic formula that the bank uses to determine who will qualify.  It is important to know know a few things about the program:

1. The approval guidelines are based on a standard mathematical formula that uses the homeowners income, expenses, assets and current
   

   Fine Tune your Figures to Pass

   mortgage information

2. The information provided by the homeowner on the RMA application form is carefully reviewed and this what the bank will use to determine if you qualify or not
3. Homeowners must be able to prove in black and white that they fit into this standard approval formula, and that modifying their home loan is the best option for the bank

How much Income?

The trickiest part of applying for a Bank of America loan modification program is trying to figure out how to prepare the monthly budget worksheet part of the application.  This is where you must write down your gross monthly income, your monthly expenses and your assets.  If you get this part wrong, you will be turned down.  You can verify that your own figures will work by running them through the Loan Mod Quick APP calculator to find out where you may need to make adjustments-before you submit your paperwork for review!

The most beneficial Bank of America loan modification program is the government HAMP plan.  The bank actually gets paid for every mod completed under this program, and the homeowner can get an interest rate as low as 2% for up to 40 years, as well as the possibility of principal reduction for underwater mortgages.

Avoid mistakes on your Bank of America loan modification-the easy to use

#1 selling resource provides you with the information, formula and instructions you need.  The Complete Loan Modification Guide

kit and Loan Mod Quick APP Calculator show you the required monthly income, expenses and assets and generate your very own sample monthly budget to follow.  Visit MyLoanModificationCenter.com today for more information.

Know the Guidelines

Confused about how to apply and qualify for an Indymac loan modification? Wondering how the whole loan workout process will work and whether you will be able to get a lower mortgage payment?  You are not alone-thousands of Indymac borrowers have been trying to get approved for a mortgage payment reduction so that they can avoid foreclosure and stay in their home.

Just how does an Indymac loan modification work?  Well, first of all there is not just one type of loan workout available.  There are 2 general categories of loan mods that may be available to struggling homeowners:

Indymac Loan Modification Option # 1:  HAMP or Home Affordable Modification Plan-this is  a government sponsored loan workout plan which is administered by the Treasury Department and Fannie Mae.  There are certain standard guidelines, procedures and methods for modifying borrowers under this program.  Indymac will be subsidized for each loan workout they complete successfully using HAMP.  Borrowers must be able to prove that that meet the strict approval guidelines as set forth under Making Home Affordable, part of the stimulus plan to rescue the housing market.

Indymac Loan Modification Option # 2:  In house or Proprietary loan workout plans are for those borrowers who do not meet the basic eligibility for HAMP.  These loan mods are basically offered to a homeowner who passes a cost-benefit analysis for the lender-meaning that if offering some type of loan mod is cheaper for Indymac than foreclosing on the home, new loan terms will be offered.  Sometimes an in-house loan workout can be very beneficial to the borrower, and sometimes it will not help enough to keep a borrower in their home.

Either way, learning the basics of how an Indymac loan modification works is crucial to successfully obtaining a loan workout that features a new, low, affordable mortgage payment.  There are basic debt ratio requirements that must be met-and the loan mod application and financial statement will be reviewed carefully to determine who qualifies.  Homeowners would do well to spend just a couple of hours preparing their application prior to contacting the lender-and making certain that all of their information is presented accurately and in an acceptable manner.  This really is the difference between approval and denial in most cases.

Does all the calculations for you!

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. Visit myloanmodificationcenter.com and order today-Immediate download!

Borrowers stuck with an unaffordable mortgage payment and owing a lot more than their home is worth may be eligible for an Indymac loan modification with principal reduction.  The federally subsidized loan workout program, HAMP, has been expanded to offer a new option that will provide loan balance reduction to those borrowers who can meet the approval criteria.

What does it take to apply and qualify for a HAMP Indymac loan modification?  Who will see their loan balance reduced and be offered low, affordable monthly payments?  The good news is that the federal plan has standard guidelines for approval-there is a formula that the Treasury Department has mandated to determine who will get help under the government program.

Unfortunately, borrowers must be able to meet those guidelines or they will not qualify.  However, since the approval formula for the HAMP Indymac loan modification program is published, borrowers can learn and use it when preparing their own application-and increase the chances of acceptance.

Federal Plan

A HAMP loan modification with principal reduction is the solution for those homeowners who find themselves with high payments and no equity due to the property value decrease across the country.  The goal is to provide an affordable monthly payment and to re-establish some equity so that homeowners will be motivated to stay in their home and continue making their mortgage payments.

Before applying for an Indymac loan modification, borrowers really need to spend an hour or so learning the basics of the program-while it can be confusing for people, there is a software program that is designed specifically to assist borrowers apply and qualify for HAMP.  This helpful tool will save hours of time and avoid mistakes that could mean denial of the application.

Does all the calculations for you!

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. Visit myloanmodificationcenter.com and order today-Immediate download!

Federal Plan

HAMP is being expanded again with a new option for loan modifications featuring principal reductions.  The federal loan workout plan has been updated several times in an effort to become more effective and reach more homeowners facing foreclosure. This latest program addition is aimed at restoring some equity to those borrowers who are not motivated to keep their home due to drastic home value reductions.

HAMP is the federally sponsored loan modification plan that has been up and running for almost 2 years now, but unfortunately has not seen the success that the Treasury Department had hoped for.  A few months ago, the application process was streamlined in order to make applying and qualifying much easier and faster.  Now borrowers only have to provide minimal documentation, and can expect an answer much quicker.  The goal is to provide a solution to those borrowers facing financial hardship within 30 days of applying.

Know the Guidelines

The latest HAMP loan modification program enhancement is called PRA-Principal Reduction Alternative.  This new option will provide lenders and servicers with a standard method of considering and offering loan balance reduction to their borrowers that meet certain criteria.  Participating lenders will be reimbursed for a portion of their loss fund the $75 billion stimulus fund.

Struggling homeowners need to take advantage of these government sponsored plans and learn just what it takes to apply and qualify for assistance.  HAMP features a standard approval formula, and borrowers can learn and use this very same formula to prepare and submit an accurate and acceptable application to their lenders-and have a much better chance of approval.

Does all the calculations for you!

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. Visit myloanmodificationcenter.com and order today-Immediate download!

Get started on applying and qualifying for a Bank of America loan modification by following these easy steps.  The HAMP process is easy now with the Federal streamline procedures-but you must be sure to provide the bank with everything they need to process your application.  If you follow these steps, it is possible to get a lower mortgage payment within just 30 days.

Bank of America Loan Modification Steps:

1. Contact the bank and request consideration for a loan workout under HAMP
2. The lender will send you an application package with 10 days of your request
3. Complete the financial statement accurately and correctly, provide an explanation of your financial hardship situation
4. Include 2 paychecks, hardship letter, most recent tax return and signed 4506T form
5. Return a COMPLETE package to Bank of America
6. Receive your answer-either approved or denied-within 30 days of receipt by the bank

What happens if you do not complete your financial statement correctly or do not supply all the required documents?  Well, you will be sent a Notice of Missing Documents, and your application will be delayed until those are sent in.  If you do not complete your financial statement correctly and prove that you meet the approval guidelines, you may be turned down and instead offered HAFA-a streamlined short sale program.

It is critical to follow these Bank of America loan modification steps so that you will have a good chance of approval and get your answer quickly.  Homeowners must be able to meet certain debt ratio requirements and fit into the modification formula used under HAMP.  If you are not sure exactly how to complete your application, you can use a software program designed just to help homeowners with HAMP.  The Loan Mod Quick APP software actually does all the figuring for you-your debt ratio, new target payment, asset ratio, etc are all figured immediately and automatically.  This gives you the information you need to fine tune your figures, and make any necessary adjustments so that your application is acceptable to the bank.

Does all the calculations for you!

Download immediately!

Get help to apply & qualify for a Bank of America 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!

Federal Plan

he federal loan modification plan, called HAMP, requires that you provide a hardship letter detailing why you can no longer afford your current mortgage payment.  This letter must include certain information in order to meet the approval guidelines.  When you sit down to write your own letter of explanation, be sure that you include everything your lender will need to see.  It is critical to explain what has happened to your finances so that you will be viewed as a good candidate for a loan modification.

Here is an easy to use outline that will help you to put your thoughts in order and then write an effective explanation of what your current financial situation is and why you need a loan workout.

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Use this outline to help you create your Hardship Letter.

Identify the cause of current payment hardship- check all that apply:

Unemployment Military Service

Separation Payment increase-Rate reset

Divorce Illness

Death of Spouse Incarceration

Death of a family member Damage to property

Too much debt Loss of income/overtime/etc

Medical Bills Other- specify

Job Relocation

Business Failure

We believe that our situation is Temporary Permanent

Use this area to provide answers to the following questions regarding your situation. This will help you to remember details when you write your letter

When did this difficulty first begin?

What caused this difficulty and what have you done to try to remedy it?

Why do you feel your situation has improved, and that you will be able to afford and stay current with your new mortgage payment?

A couple of more tips are to keep it short-don’t go on and on.  The bank reads thousands of letters a day.  They don’t have time to read a novel-one page long is plenty.  Use key phrases in your letter:

Using the phrase, “Imminent risk of default if we are not given help” and increased expenses, lower income and using up our savings to live are all important terminology which can help your case with your lender.  Your goal is to paint a picture for your bank that through no fault of yours it is no longer possible to afford your current mortgage payment.

The loan modification hardship letter is just one of forms required, in order to have the best chance of getting approved you need to prepare a financial statement that meets the federal guidelines.  You can get help to do this easily and correctly with the #1 resource for homeowners, The Complete Loan Modification Guide kit.  Don’t allow frustration and confusion to get in the way of saving your families home.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. 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! It couldn’t be easier! Visit myloanmodificationcenter.com and order today.

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