Loan Mod Forms

Homeowners who apply for a Citimortgage loan modification will need to complete the 3 required loan mod forms – but be careful because the information provided on these forms will be used by the bank to determine if you qualify or not.  In order to have the best chance of success and avoid the common pitfalls that cause denial, learn what these loan mod forms are and how you should prepare them.

Citimortgage Loan Modification Forms:

1. 4506T – This form must be signed by all borrowers and is used by the bank to get a copy of your federal tax return.
2. RMA – The official application form is the Request for Modification and Affidavit.  This 3 page form includes your employment and residence information, the nature of your financial hardship, and most important a detailed accounting of your monthly income, expenses and bank
   

   Sample Monthly Budget-Follow It

   balances.  Your income cannot be too high or too low or you will not fit into the loan mod guidelines for approval.  To make certain that your information is passing the guidelines, run your budget through the Quick App Loan Modification software Calculator to see where you may need to make adjustments prior to submitting it for review.

3. Dodd Frank Certification:  Signed under penalty of perjury you are stating that you have not been convicted of a felony involving mortgage related fraud in the last 10 years.

Remember, Citimortgage will carefully review your loan modification forms and use the information you provide to determine if you pass the approval

Guidelines Met!

guidelines.  The most common reason for loan mod denial is because homeowners did not know exactly how much monthly income they should show, or their monthly expenses were not acceptable.  You can save time and avoid mistakes by using the Quick App Loan Mod Calculator to double check you figures and make certain that you have the best chance of approval.

Get help to complete the Citimortgage loan modification forms.  Use the #1 kit that has helped thousands of homeowners, The Complete Loan

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Modification Guide kit and Loan Mod Quick APP loan modification software calculator.   You get step by step directions, all the required forms, and a sample monthly budget is automatically generated for you to follow.  Visit MyLoanModificationCenter.com for more information today.

Loan Mod Forms Tips

When you apply for a Wells Fargo loan modification, you will be asked to submit an application that includes required forms.  These must be completed correctly and sent back to the bank along with your income documentation for review and eligibility determination.  Keep in mind that the information provided on these loan mod forms will be the deciding factor on whether you qualify or not, so it makes sense to learn just what these forms are and how you should complete them.

Wells Fargo Loan Modification Forms;

1. RMA – Request for Modification and Affidavit is a 3 page form that provides the lender with you residence, employment and monthly budget information.  You also must explain what type of financial hardship situation you are facing, and sign it under penalty of perjury.  The monthly budget information is a detailed accounting of your income, expenses and bank balances.  This information is put through the standard approval formula to determine if you fit into the guidelines.  Too much or too little income will be cause for denial-to be sure you are completing your RMA correctly, run your figures
   

   Sample Monthly Budget-Follow It

   through the loan modification software calculator to see if you are passing and where you may need to make adjustments.

2. 4506T – This form allows Wells Fargo to get copies of your federal tax returns to verify your income and other information.  All borrowers must sign this form, and if a spouse is on the tax return then they must sign it as well.
3. Dodd Frank Certification:  You sign this form stating that you have not been convicted of a mortgage related felony in the last 10 years.

Guidelines Met!

The secret to getting approved for a Wells Fargo loan modification is to complete the application forms so that they prove you fit into the approval guidelines.  This means that your hardship, your income and expenses and your bank balances are meet the standard criteria for acceptance.  This is really a mathematical formula that is used on every loan mod application, and you can use this very same formula with the loan mod calculator to find out ahead of time just where and how to fine tune your application so that you are confident you fit right into the approval guidelines.

Need help with you Wells Fargo loan modification forms?  Use the #1 resource for homeowners, The Complete Loan Modification Guide kit and loan modification software calculator.   Thousands of homeowners have been

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helped using this easy, step by step kit.  You receive all the required forms, and the loan mod calculator automatically calculates your very own sample monthly budget that you can follow for income, expenses and bank balances.  Visit MyLoanModificationCenter.com for more information today.

Financial Statement Tips

The real secret to getting approved for a Wells Fargo Loan Modification is to prove in black and white that you fit right into the program guidelines.  The way to accomplish this is to submit your financial statement correctly-this means that your monthly gross income, your monthly expenses and current bank balances are all within the acceptable guidelines.  But this is the trickiest and most difficult part of the entire Wells Fargo loan mod process-how do you know just how to complete this important form correctly?  This is where most homeowners stumble, and the #1 reason for being denied for a loan workout.

The good news is that all you have to do is figure out exactly the right amount of monthly income, expenses and bank balances  required, then show those figures on your Wells Fargo financial worksheet, and BAM – you are approved.  Well, good luck with that because the bank will not actually tell you just what you should put on this form.  Although the standard formula used is mandated by the federal government and is used on every application to determine eligibility, homeowners who don’t take the time to learn and understand more about this formula stand a very small chance of fitting into the narrow approval guidelines.

Completing the Wells Fargo loan modification financial worksheet does not have to be so complicated, confusing and frustrating.  Once you know exactly how much monthly income you need to qualify, and how much your monthly expenses should be, you can use this critical information to fine

Sample Monthly Budget-Follow It

tune your budget-before the bank has the chance to review it.  The best way to avoid mistakes and make certain that you have the best chance of qualifying is to run your figures through the loan modification software calculator to find out whether you need to make any adjustments, and just where to fine tune your figures.  Don’t count on the bank to help you, this is something that you need to know yourself and work on ahead of time if you hope to have the best chance of loan mod approval.

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Need help preparing your financial worksheet for a Wells Fargo loan modification?  Use the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and loan modification software calculator.  You receive everything you need, including a sample monthly financial statement that shows you how much income, expenses, bank balances are required to pass the standard approval guidelines.  Thousands of borrowers have already been helped, you can too!  Visit MyLoanModificationCenter.com for more information today.

Re-Apply Now!

If your Wachovia loan modification is denied it could be due to wrong financial information being input by the bank.  Even though you send in your loan mod application with all of your monthly income, expenses and bank balances showing with the accurate amounts, very often the information actually put in the banks system is quite different.  Why does this happen so frequently and how can you avoid this happening to you?

There is only one way to get approved for a Wachovia loan modification and that is to prove on your application that you fit into the program guidelines.  This means that your monthly income, monthly expenses and bank balances are prove that you are a good candidate for a loan workout.  However, when you application arrives at the bank someone has to then input all that information into their system.  This is where the problem occurs-often the way your income is calculated and then put in their system differs from what is actually correct!  So, when the bank reviews this information they see something different than you sent in, and you may never know this is the problem unless you know to ask.

Why would Wachovia show something completely different in their system

Verify information

from what you wrote down on your monthly budget?  Remember that a human being has to review your loan modification application form, and very often they may incorrectly calculate your pay dates, gross year to day income, part time income, etc.  Many homeowners have been told they don’t qualify when in fact they would have if only their information had been reviewed and corrected by the bank.

What can you do if your Wachovia loan modification is

Sample Monthly Budget-Follow It

denied due to incorrect financial information?  First of all, you need to get a straight answer as to the specific reason for the denial.  Not enough income?  Too much income?  Monthly expenses too high?  Once you know the reason, then you need to have them read back to you the budget figures they have for you in their system.  This is your chance to clarify any mistakes, explain your income and expenses and make sure that the figures are corrected while you are on the telephone.

Wachovia loan modification denied?  You can re-apply-but your monthly budget information must be updated and corrected.  Learn how to complete your application correctly with the #1 resource for homeowners, The Complete Loan Modification Guide kit and loan modification calculator.  Not

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sure how much income you need?  The calculator automatically generates a sample monthly budget showing you just how much income, expenses and bank balances you need to qualify.  Visit MyLoanModificationCenter.com for more information today.

AFfordable Payments

Struggling homeowners trying to get some relief with an Indymac loan modification and a lower mortgage payment will be required to contact the lender and submit application paperwork.  However, the loan mod process can be confusing, frustrating and overwhelming for borrowers who are not familiar with Indymac loan modification guidelines, procedures and application steps. Here is a brief breakdown and what will be required and how to get started.

GUIDELINES:  An Indymac loan modification is a possible option if you are facing a financial hardship situation due to one of the following reasons:

1. Income reduced due to underemployed, reduce pay or hours, decline in business earning, death, disability or divorce of a borrower or co borrower
2. Increased expenses, monthly mortgage payment reset, high medical or health care costs, uninsured losses, increased utilities or property taxes
3. Monthly debt payments are excessive and overextended with creditors
4. Cash reserves are insufficient to maintain current mortgage payment and cover basic living expenses

PROCEDURES:

1. Contact Indymac and explain that you are having difficulty making
   

   Approval Formula

   your mortgage payment

2. Receive application package-includes the official application form called the RMA-Request for Modification and Affidavit
3. Complete the 3 page RMA with your monthly budget information, providing income, expenses and asset information
4. Provide income documentation such as paycheck stubs, bank statements, award letters, tax returns

INDYMAC LOAN MODIFICATION APPLICATION STEPS:

1. Do NOT send in your application until you have double checked your application for accuracy and acceptability.  Your monthly income, expenses and bank balances must all fit into the standard approval guidelines in order to qualify for a loan mod.
2. Verify your figures by running them through the Loan Modification

   

   Sample Monthly Budget-Follow It

   software calculator-if you are not passing, then make the necessary adjustments to your figures so that your final RMA form is prepared correctly.

3. Complete the application form using your fine tuned budget figures, making certain that the monthly income, expenses and bank balances have all passed the guidelines on the Loan Mod software calculator.
4. Make a copy package for your records, and send the originals into Indymac for review.  It usually takes approximately 30 days to receive an answer.

Homeowners need to understand that getting approved for an Indymac Loan Modification is not a matter of luck, it is simply a matter of passing the standard approval guidelines.  The only way to do this is to make certain that your monthly income, expenses and bank balances all fit right into the standard program guidelines.

Get help to prepare your Indymac loan mod application-the #1 resource for homeowners provides the tools you need to succeed.  The Complete Loan

Modification Guide kit and loan mod software calculator give you step by step directions, required forms and a sample monthly budget is generated automatically that you can follow to avoid mistakes.  Visit MyLoanModificationCenter.com for more information.

AFfordable Payments

Homeowners must pass the Wachovia loan modification waterfall method in order to qualify for a loan workout.  This standard method of modifying home loans for Wachovia borrowers includes three options:

1. Lower interest rate to as low as 2%
2. Increase loan term to as long a 40 years
3. Reduce the principal balance (the loan balance can only be reduced to equal the current market value of the home-never less)

The goal of the Wachovia loan modification Waterfall Method is to achieve an affordable and sustainable mortgage payment so that the homeowner can avoid foreclosure and keep their home.  This new payment is called a Target Payment and is a predetermined amount that is based on the borrower’s gross monthly income.  The new target payment will always:

1. Equal 31% of the borrowers gross monthly income
   

   Debt Ratio Formula

2. Include principal, interest, property taxes, homeowners insurance and any HOA dues
3. Mandate a Trial period of 3 months, where the borrower must make target payment on time and at the end of this successful payment period, the loan mod will be made permanent.

When a homeowner can no longer afford their mortgage payment, they can request consideration for a Wachovia loan modification.  An application must be completed by the borrower, detailing their current financial situation and breaking out their monthly income, monthly expenses and current bank balances.  Wachovia uses this financial information in the Waterfall Method of Modification to determine if the new target payment can be reached using only the three standard methods of modification, listed above.

Sample Monthly Budget-Follow It

Many times homeowners are denied a Wachovia loan modification because they did not indicate enough monthly income, or their expenses or bank balances were not acceptable.  If the loan cannot be modified to reach the 31% target payment, the loan mod will be turned down.  Homeowners can find out ahead of time how much income will be required by running their monthly budget through the loan modification software calculator-this helpful tool automatically displays passing or failing and shows just where to make adjustments to the numbers in order to pass the standard guidelines.

Make sure you pass the Wachovia loan modification Waterfall method-get help to apply correctly with the #1 resource for homeowners The

Completes-Loan Modification Guide kit and loan mod software calculator.  Follow thestep by step directions, and the sample monthly budget that is automatically generated for you to follow-avoid mistakes and pass every guideline!  Visit MyLoanModificationCenter.com for more information today.

How to Apply correctly

Find out how to do a loan modification the right way so that you have the very best chance of getting approved.  Just because you are facing a tough financial hardship does not mean that your lender will be ready to help you.  In fact, the only way you will be considered for a loan mod and a lower mortgage payment is to prove in black and white that you fit right into the program guidelines for acceptance.  Loan workouts are offered to those homeowners who fit into a standard mathematical formula-knowing and using this formula on your application is the secret to approval.

How to do a loan modification on your own and actually get approved is a confusing and frustrating process when you don’t understand just what your lender is looking to see on your application form.  Most borrowers are turned down simply because they completed the forms incorrectly.  Remember that based on the information you provide to your mortgage lender – financial information such as monthly income, monthly expenses, current bank balances, etc. – will all be used by the bank to determine if you fit the approval guidelines.  That is why it is so critical to prepare your loan mod application form correctly.

Loan Modification Application Form Guide

Sample Monthly Budget-Follow It

You can learn how to do a loan modification yourself, in fact when you spend just a couple of hours learning the basics and with the help of the loan modification calculator, you can prepare your application so that it proves you fit right into the loan mod program criteria.  Remember, this is a mathematical formula, so the calculator is an important tool that will automatically calculate important approval triggers like:

1. Debt to income ratio
2. Loan to Value Ratio
3. Asset Ratio
4. Disposable Income
5. New modified target payment
6. New loan terms-interest rate, principal reduction

Inside Formula

All of these are loan modification approval triggers that you must pass-and it can be almost impossible to figure it all out by yourself.  However you can avoid mistakes and get it done the right way with the help of the loan modification calculator and follow the step by step directions to fill out your application form.   Don’t just guess at what you need to do – learn how to do a loan modification by using a resource guide for homeowners so you can have the best chance of approval.

Confused about how to do a loan modification and need help?  Use the #1 resource for homeowners, The Complete Loan Modification Guide kit and loan modification software calculator.  This best selling program provides an

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easy to use system that mimics the approval formula used by lenders, and the calculator automatically figures a sample monthly budget that you can follow to pass the guidelines.  Visit MyLoanModificationCenter.com for more information today.

Pass the Approval Formula

One of the approval requirements for a Bank of America loan modification is the debt to income ratio of the borrower.  This is a calculation that computes the percentage of income spent each month on the housing expenses.  There is a standard percentage that the homeowners must pass in order to be eligible for consideration for HAMP and other loan mod programs.  Learn how to figure your debt ratio so that you will be able to pass this guideline.

The Bank of America loan modification calculation for debt to income ratio can be done manually, or you can use the loan modification calculator to have it done automatically for you.  The HAMP loan mod program mandates that your current housing expense be greater than 31%.  This is because the new target mortgage payment will be set to equal 31% of your gross monthly income, if you already have a payment that low then the loan workout will not help you.

Debt to Income Ratio Calculation:

Gross Monthly Housing Expenses ( total of mortgage payment, monthly

Formula Revealed!

property tax amount, monthly homeowners insurance amount, any HOA dues)  DIVIDED by Total Gross Monthly Income = DTI ratio

For example:  Total housing expense equals $2500 divided by total gross monthly income of $5500 would equal 45% DTI.

There is a second debt to income ratio calculation that takes into account the rest of your bills in addition to your housing expenses, this is called the back-end ratio.  If your back end DTI exceeds 55% then you may be required to attend a Consumer Credit Counseling class before your loan modification will be made permanent.  The debt ratio calculation is important because it shows Bank of America that your current mortgage payment is not affordable, but you must also show that the new target mortgage payment will be affordable and sustainable.

The Bank of America loan modification process may be confusing, especially

Sample Monthly Budget-Follow It

trying to figure out exactly how to prepare your application so that it is passing the debt to income ratio, the asset ratio, disposable income ratio, and Waterfall Method Of Modification.  Most homeowners are denied simply because they did not know how to fine tune their budget so that they fit right into the approval formula.  It is not luck-it is simple math-so be sure that you take the time to prepare your forms correctly.

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selling kit, The Complete Loan Modification Guide and loan modification software calculator.  This easy to use,  powerful tool provides you with what you need to get approved-step by step directions, required forms, and the calculator automatically shows you debt ratio, target payment, and displays passing or failing for the 7 approval triggers.   Make sure your complete the application correctly!  Visit MyLoanModificationCenter.com for more information.

Getting approved for a loan modification with your mortgage lender can be a frustrating and confusing process.  There are many factors that are considered before your lender will offer you a loan workout and a lower mortgage payment.  The best way for a homeowner to have a good shot at getting approved is to learn the basics and then take the time to prepare their application so that it fits right into the program guidelines for acceptance.  Here is one of the factors that lenders consider for loan mod acceptance.

CREDIT SCORE AND NPV RESULTS-HOW IT AFFECTS YOU LOAN MODIFICATION

Does your current credit score have anything to do with whether you get

Pass NPV Test

approved for a loan modification?  Most borrowers think that because their credit score has taken a beating during their financial hardship that it will hurt their chances of getting approved for a loan workout.  In fact, it is just the opposite!

One of the first calculations that mortgage lenders perform when reviewing a loan modification application is called NPV-Net Present Value.  This is basically a mathematical formula that takes into account:

1. Current mortgage balance vs. current market value of home – loan to value ratio
2. Debt ratio of homeowner-monthly income
3. Credit score of borrower-financial hardship
4. Waterfall Method of Modification terms-how aggressive does the loan workout need to be in order to hit the new target payment

In this case, the lower the credit score, the better for the chances of qualifying for a loan modification.  If the credit score is still high, say over 700, then the lender cannot justify a true financial hardship situation on the borrowers behalf.  If all the bills are still being paid on time, then the homeowner should be able to pay the current mortgage.  In the case of a high credit score, the NPV test may fail and the lender may deny the loan modification.

Sample Monthly Budget-Follow It

Many homeowners who apply for a loan modification are denied because they did not understand the basics of what it takes to qualify-it is important to remember that it is not a subjective process.  There are formulas based on mathematical equations using the homeowners financial information and property status that are analyzed on every application.  Either you pass the formula or you don’t – and your approval depends on passing.  That is why it makes sense to work on your financial statement and application ahead of time, fine tuning your figures so that you can feel confident you fit into the program guidelines.

Learn the loan modification basics and get help to prepare your application correctly.  Use the #1 resource for homeowners, The Complete Loan

Download immediately!

Modification Guide Kit and loan modification software calculator provide you with everything you need – step by step directions, required forms, and the calculator automatically generates your very own sample monthly budget to show you where you are passing or failing the guidelines.  Visit MyLoanModificationCenter.com for more information.

Re-Apply Now!

What can you do if your Wells Fargo loan modification has been turned down by the bank?  The federal loan mod program does allow a borrower to re-apply but only if they meet certain criteria.  In order to get the bank to re-look at your application, you must submit updated and revised financial information that meets the 25% rule.

It can be very discouraging to find out that your Wells Fargo loan modification has been denied – but now is not the time to give up.  Many homeowners are turned down the first time because they did not know or understand how to prepare their application correctly.  There is actually a standard mathematical formula used by the bank to determine who qualifies.  Using the financial information provided by the borrower on the application, the bank runs the income, expenses, bank balances and current mortgage information through this formula and if it passes, then the loan modification is approved.

Approval Formula

In order to re-apply for a Wells Fargo loan modification, you must submit a revised application, and your financial statement must show either an increase or decrease in your income of at least 25%.  It does not do any good to keep submitting the same information over and over-that will only be denied.  The one sure way to make sure that your financial statement will pass the standard approval formula is to run your figures through the loan modification software calculator first.  Based on the automatic calculations, you will see immediately if you are passing or failing and just where to fine tune your figures.

Your Wells Fargo loan modification depends on getting your application

Sample Monthly Budget-Follow It

prepared and submitted correctly.  You may need to adjust your monthly income to qualify, perhaps get a room mate or a second job.  Your monthly expenses may need to be decreased to pass – but if you don’t know this ahead of time then you take a big chance at getting turned down again.  Remember, you are allowed to re-apply, but your new application must prove that you fit right into the program guidelines.

Download immediately!

Get help to prepare your Wells Fargo loan modification application correctly-use the #1 resource for homeowners to get it done right.  The Complete Loan Modification Guide kit and loan modification software calculator provide everything you need-step by step directions, required forms, and the calculator generates your very own sample monthly budget to follow so that you pass all the guidelines.  Visit MyLoanModificationCenter.com for more information today!