The Loan Mod Calculator automatically computes and displays your specific budget requirements to qualify for a HAMP loan modification-would you call it cheating to know ahead of time just how to fine tune your budget to meet the approval guidelines? Why shouldn’t homeowners be given the information they need in order to adjust their family’s monthly income and expenses in order to get a loan mod and keep their home?
The sad fact is that most borrowers are denied a loan workout simply because they did not complete their application correctly. This is NOT something you can GUESS at and hope it works! The Loan Mod Calculator was designed specifically to help homeowners know ahead of time just how much income, expenses and assets they need to report on their application in order to pass the standard approval guidelines.

Income Requirements Displayed

It’s not cheating to do whatever it takes to save your home-and making some minor adjustments to your budget may be all you need to do to change a loan mod denial into an APPROVED loan modification.

Visit MyLoanModificationCenter.com for more information.

When you complete the Wells Fargo RMA loan mod application, how do you know if your monthly income will be acceptable? The formula used by the bank to decide who will qualify is very strict and it includes a calculation that computes your gross monthly income. If you report too much or too little you will not pass the approval guidelines.
You need to know ahead of time if your income will be acceptable, you can use the loan mod calculator program to find out. This system was designed specifically for homeowners to help them complete the RMA form correctly. Visit MyLoanModificationCenter.com today and get the answers you need.

Income Requirements Displayed

2012

What’s the latest updates for the government loan modification plan?  The HAMP guidelines for 2012 have not changed a lot, but some new revisions to how lenders implement the program and get reimbursed from the Treasury department are expected to result in more completed loan mods for borrowers.  Almost 1 million homeowners have been helped under HAMP, but this figure falls short of the stated goal of assisting 4 million struggling borrowers.  In fact, with just 1 in 4 applications being approved, something needs to drastically change before the program expires at the end of 2012.

The latest HAMP 2012 updates include:

1. More incentives for Principal Reductions;  one of the major issues facing the housing market is the $750 billion in lost equity-and most experts acknowledge that lenders need to aggressively modify loans to include reducing the principal balance so that homeowner can get closer to being equitable.  Now, HAMP increases the incentive to lenders for offering this loan modification option-63 cents on the dollar will be reimbursed to banks for every dollar forgiven.
2. Fannie and Freddie are also included in the new program guidelines, also as encouragement for banks and servicers to lower the loan balance on underwater borrowers.
3. Homeowner qualifications remain the same as before, with the guidelines mandating that the income, expenses and assets pass the strict underwriting criteria set up under HAMP.  The RMA form is still used for applying, and the financial worksheet must be completed showing an acceptable monthly budget for the
   

   Budget Requirements Displayed

   homeowner.

4. Timeframes have been shortened, the Fed now states that banks must respond to a request for HAMP modification within just 30 days of receiving a complete application package.
5. Single point of contact:  now each file will be assigned to one negotiator, and the borrower will only have to interact with a single person during the review and underwriting process.  Hopefully this will eliminate misinformation, lost paperwork and delays.

The HAMP 2012 guidelines are designed to reach more homeowners and find out if a loan modification is a possibility for their particular situation.  If not, then other options will be offered to help the borrower avoid foreclosure, such as deed in lieu and short sale.

Bottom line, homeowners must prove that they fit perfectly into the approval guidelines in order to be offered a HAMP loan mod.  Often the application paperwork is not completed correctly, and borrowers simply do not understand exactly what they need to report for their income, expenses and assets to qualify for a new lower mortgage payment.  Remember, that if you can provide a properly completed RMA form, you could have your HAMP loan modification approved within just 30 days under the new updates-so take the time to do it right.

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Do you qualify for a HAMP 2012 loan mod?  Find out how to complete your financial worksheet correctly-use the proven system that is the #1 seller for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own specific requirements for income, expenses and assets.  Make sure you pass the guidelines-this is information you need to know now!  Visit MyLoanModificationCenter.com today and get started right.

Use Calculator

If you knew ahead of time just how much monthly income, monthly expenses and assets you need in order to qualify for a HAMP loan modification your chances of approval would be much higher.  Instead of just guessing at whether your financial statement will pass the strict approval guidelines, you can “cheat” the system and use the HAMP Calculator to automatically compute and display your budget requirements.  But, is it really cheating to know the approval formula used by the banks and then use it yourself to fine tune your financial worksheet information?

Keep in mind that the standard approval formula is mandated by the Treasury Department for use on EVERY HAMP application-but don’t expect your lender to

Budget Requirements Displayed

share this information with you.  For some reason, they make you struggle and try to figure out just what is required on your own-which really does not seem fair or even necessary.  Most borrowers would gladly adjust their monthly budget in any way needed if they new that it would mean they could qualify for a loan workout.  The HAMP loan mod calculator was designed specifically to help homeowners with this process-and provide you with your own income, expense and asset requirements so that you can prepare and submit your application correctly.  Once you know what adjustments to make on your figures, you can prepare your HAMP application so that it proves you fit perfectly into the guidelines for acceptance.

The HAMP calculator is easy to use-but it is powerful!  This loan mod calculator mimics the 7 triggers for approval, and instantly computes and displays your very own budget for you.  A PASS or FAIL will be displayed, showing just where and how to fine tune your figures.  The goal is to PASS all the triggers, and the Loan Mod Calculator shows you how to do this.  You may find out that you need a bit more income to qualify for a HAMP workout, or maybe your expenses are too high.  This is important information that you need to know ahead of time!

It’s not cheating to use the HAMP Calculator-it is just smart to use the one tool that can give you the important information you need to know-don’t let anything stop you from doing whatever it takes to save your home.  Remember, you must pass the standard approval formula if you hope to be approved-and this means that you need to know exactly how to report your income, expenses and assets.

Success!

Get the HAMP Calculator today-visit MyLoanModificationCenter.com and get the help you need with the #1 selling resource designed specifically for homeowners.

Apply Correctly

Don’t let the Bank of America RMA form scare you-although it looks simple, your loan is either approved or denied based on how you complete this form.  In order to qualify for help, you need to show’em exactly what they need to see-your financial information on page two of this form is critical.  You need to know just what to show them so that you prove you are the perfect candidate and get approved for your loan workout fast.

Unfortunately, Bank of America will not tell you how to fine tune your budget figures to qualify-and this information is critical to acceptance.  Remember, no matter how deserving you are, all the bank cares about is the “math”-do you fit into the tiny “box” for approval?

Here is what you need to know:

1. How much monthly Gross Income you need:  if you show too little or too much you will not pass the approval guidelines.  Your gross income is used to determine your current debt to income ratio, and it is also used to determine your new target modified mortgage payment.  You need to know ahead of time if you need a bit more income so you can make the adjustments before you apply-verify your own income with the Loan Mod Calculator.  This system will show you immediately if you are Passing or Failing, so you can revise your figures before you submit.
2. Are your monthly household expenses acceptable?  You must break down your monthly bills for Bank of America, listing items like utilities, groceries, insurance,
   

   Budget Requirements Displayed

   medical, etc.  The goal is to show them that you are barely making it now, or even at a negative each month.  But just as importantly, you must prove that if given a loan mod, you will be able to afford the new payment and have a bit of money left over each month after paying all of your expenses.  This proves you will not be a risk of re-default.  This can be tricky to figure out, but run your figures through the Loan Mod Calculator and see instantly where you need to make adjustments.

3. Assets:  What is your Asset Ratio?  Did you know that Bank of America uses a formula to determine how much you are allowed to have in liquid assets?  Checking, savings, money markets, CD’s (any non-retirement account) will be verified and if you don’t pass this guideline you will be turned down.  Learn how much you can report with the Loan Mod Calculator ahead of time.

It’s pretty simple-show Bank of America what they need to see on your RMA form you have a very good chance at loan modification approval.  Otherwise, you won’t qualify and the help you need will be denied.  Remember, it’s about the “math”, getting a loan workout is an underwriting process with standard formulas and methods-you must prove you pass these or there goes your chance for assistance.

Calculator Incl-Download immediately!

You need real answers now-get them with the #1 selling resource designed specifically for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own budget requirements-showing you PASS or FAIL for your income, expenses and assets.  This gives you the information you need to fine tune your budget before you submit it for review.  Visit MyLoanModificationCenter.com today and get started now.

RMA List

Do you know how to complete the Bank of America RMA form to make sure you get approved for a loan modification?  This is harder than it sounds, because unless you show the bank exactly what they need to see on this application, you will be turned down for a loan workout. Here is a quick checklist of the most important homeowner requirements for approval to help you avoid mistakes and increase your chances of success.

BANK OF AMERICA RMA FORM CHECKLIST FOR HOMEOWNERS

1. Monthly Gross Income-Make certain that the amount you list on page 2 of the RMA form will pass the guidelines.  You cannot show too much income or too little income-otherwise you will fail the requirements for debt ratio and you will not pass the Waterfall Method criteria.  You can verify how much income you need to report by running your budget through the Loan Mod Calculator, a tool for homeowners use.
2. Monthly Household Expenses-verify that the bills and expenses you list prove to the bank that you are barely making it each month, but also prove to Bank of America that a loan modification will be a solution for you.  Your pre-mod cash flow and post mod cash flow must pass the requirements-you can double check that your expenses will be acceptable by using the Loan Modification Calculator, then make any necessary adjustments before submitting to the bank.
3. Asset Ratio-make sure that your assets pass this important criteria and prove to Bank of America that you have exhausted all other options and can no longer
   

   Budget Requirements Displayed

   afford your mortgage.

4. Hardship Letter/Hardship Affidavit-the RMA form has 4 options for you to choose from:  loss or reduction in income, high monthly debts, lack of reserves, increased expenses.  You can also write a more detailed explanation of your financial hardship on a separate sheet of paper, be sure to keep it brief and sign it before you attach it to the application.
5. Proof of income reported-you must provide proof to Bank of America for any income you report on the RMA form.  Pay check stubs, canceled checks, bank deposits, award letters, bank statements, etc.  Everything must match up or they won’t count the income correctly.

There is only one way to get approved for a Bank of America loan modification-complete your RMA form so that it proves in black and white that you are the perfect candidate.  Showing just the right budget figures is the secret to success-take the time to verify that your income, expenses and assets will all pass the requirements for approval before you submit your application.

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Get the real answers you need-use the best selling, #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful system will automatically calculate and display your own specific budget requirements for income, expenses and assets.  Use this critical information to help you prepare your RMA correctly for fast approval.  Visit MyLoanModificationCenter.com today.

2011 HAMP Guidelines

The federal loan modification program uses the HAMP formula and 2011 updates to the program guidelines are important to know if you hope to get approved.  Most borrowers who are struggling with their high mortgage payments do not understand just what the rules for approval actually are.  In fact, the reason the majority of borrowers are turned down is because they did not prepare their application correctly.

Once you know the rules for approval you will be able to present your application so that it has the best chance of fitting into the HAMP formula.  There are some updates for 2011 that are meant to make it easier for homeowners to qualify for a loan modification.  Here are some basic, but important things to remember when you apply for a HAMP loan mod with your bank.

1. The guidelines and rules for approval are based on a formula that uses the homeowners financial information-monthly income, monthly expenses, assets and the current mortgage balance and payment are all used in this formula.
2. You may need to adjust your own budget to fit into the guidelines for approval.  For example, if your monthly income is too low then you will be turned down.  You can double check your own budget with be acceptable by running your figures through the loan modification calculator, a system developed specifically to assist homeowners who wish to apply for a loan workout.
3. HAMP 2011 requires less paperwork now-you need to complete the official application form, called the RMA, and provide copies of your most recent paycheck
   

   Exact Requirements

   stubs.  Self employed borrowers must provide at least 3 months bank statements and a P & L.   You may also be asked to sign a couple of forms-a 4506T and a Dodd Frank Certification (provided by your lender)

The rules for approval don’t have to be a mystery-you can actually use the very same formula the bank will use so that you can prepare your application correctly.  Just make sure that you verify your own monthly income, monthly expenses and assets are fit perfectly into the HAMP formula so that you have the very best shot at success.

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Get the real answers and real help you need-use the #1 selling resource designed just for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator instantly and automatically compute and display your own specific budget requirements so that you can complete your RMA correctly.  Avoid mistakes, get it right the first time.  Visit MyLoanModificationCenter.com today.

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.

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.

Do it right

Homeowners who wish to apply for a HAMP loan modification will need to explain to their lender what type of hardship they are facing and be prepared to sign an Affidavit under penalty of perjury as well.  The government bailout plan is designed to offer a lower mortgage payment to struggling borrowers, but it also seeks to weed out those homeowners who can afford their payments but are simply trying to save some money by getting a lower interest rate or reducing their loan balance.

The HAMP hardship explanation is part of the formal application form called the RMA- Request for Modification and Affidavit.  This 3 page form is standard for all lenders and it was designed by the federal government to be used for all applicants interested in the Home Affordable Plan.  This loan mod application form must be completed by all borrowers and includes a section to tell the bank what has happened to make the current mortgage unaffordable.  There are basically four categories to choose:

1. Reduced income – underemployment, reduced pay or hours, decline in
   

   HELP!

   business earnings, death, disability or divorce

2. Increased expenses – mortgage payment reset higher, medical or health care costs, uninsured losses, increased utilities or property taxes
3. Excessive monthly debts – overextended with creditors, credit cards, home equity, other debt
4. Insufficient cash reserves – liquid assets are insufficient to maintain current mortgage payment and cover basic living expenses

There is also a space for an additional written hardship explanation on the RMA, and you can also use a separate sheet of paper to have room for a more detailed explanation.

HARDSHIP EXPLANATION TIP: Make sure you write your loan number on any extra sheets of paper, keep you hardship explanation to one page if possible, include your desire to keep your home and avoid foreclosure.  Be sure to SIGN this page too.

Sample Monthly Budget-Follow It

Applying for a HAMP loan modification can be confusing and frustrating if you do not know just how to prepare your application correctly-get help with the #1 resource for homeowners, The Complete Loan Modification Guide kit and loan modification software calculator.  Follow the step by step directions for completing your application correctly and use the calculator to generate your very own sample monthly budget to follow when filling out the required financial statement.  Visit

Download immediately!

MyLoanModificationCenter.com for more information.