Waterfall Method Interest Rate

Know the Approval Formula

You can greatly increase the chance of Wells Fargo loan modification approval by understanding how to complete the monthly budget worksheet page of the application form.  Most homeowners do not know how important this information is, and that it will usually make or break the chances of loan mod approval.  Once you understand just how to prepare your own monthly budget, then you will greatly increase your chances of success.

Wells Fargo loan modifications are only given to the homeowners who can prove in black and white on their application that they fit right into the approval guidelines.  These guidelines include your monthly budget worksheet information:

  1. Gross monthly income
  2. Monthly expenses & current cash flow
  3. Assets-bank accounts, etc.

Unfortunately, Wells Fargo will decline your loan modification if your monthly income is too low or even it is too high.  Your monthly expenses must also fit into the guidelines and your assets must pass too.  This is

Fine Tune your Figures to Pass

confusing to try to figure out by yourself, so it’s not surprising that most homeowners get it all wrong.  You can avoid mistakes by running your own figures through the Loan Mod Quick APP calculator to see if you are passing, and where you may need to make adjustments to your budget.

Since every homeowner who applies for  a Wells Fargo loan modification is asked to prepare the monthly budget worksheet, it makes sense to learn how to complete yours correctly so that it proves you are a good candidate.  Your financial information will be put through this calculation by the bank, and if you pass all of the triggers then you have a very good chance of getting your loan mod approved.

Guidelines Met!

Even if you have already been turned down for a Wells Fargo loan modification, you can resubmit an updated monthly budget worksheet and get a second chance at approval.  Just be sure that this time you know ahead of time how to adjust your figures so that you have a good chance at approval.  This is just a matter of math, so once you know and use the formula for approval you can feel confident and reapply the right way.

Get help to complete your Wells Fargo loan modification monthly budget worksheet-use the #1 resource for homeowners, The Complete Loan

Download immediately!

Modification Guide kit and Loan Mod Quick APP software.  This step by step guide provides forms and a sample monthly budget is automatically generated for you to follow.  Visit MyLoanModificationCenter.com for more information today.

Turned Down?

When an Indymac loan modification gets turned down, it is usually due to the monthly budget worksheet that the homeowner submitted.  This is the part of the RMA application form where you have to detail your monthly income, monthly expenses and bank balances and other assets.  If you get any part of this wrong, you could find yourself turned down immediately and unable to qualify for a loan workout.

Homeowners don’t realize how important this part of the RMA form really is- it literally can make or break your chances of getting an Indymac loan modification!  Keep in mind that the bank uses a mathematical formula to determine if your loan can be modified-and the numbers used in this formula are your income, expenses, bank balances and current mortgage information.  If you have too little or too much income or expenses, you will not fit into that formula and therefore you will find that your chances of getting an Indymac loan mod are extremely slim.

You can revise your monthly budget worksheet and resubmit it for review again, but you need to make certain that the information you provide this time will pass that approval formula.  This is the tricky part for homeowners-it’s a pretty narrow box you need to fit into, and guessing at

Can you ReApply?

how to complete the monthly budget worksheet will not usually work.  You can avoid mistakes and save time by running your numbers through the Loan Mod Quick APP calculator to verify that your income, expenses and bank balances are all passing.  That way, you will know ahead of time just where and how to fine tune your figures so that you have a much better chance at success.

The sad truth is that most borrowers are turned down

Fine Tune your Figures to Pass

because they simply did not complete the monthly budget worksheet correctly-and even the most deserving person will not be approved unless the information they supply proves that they fit right into the program criteria.  Once you know exactly what it takes to qualify, you will be able to make the adjustments and submit your application with a much higher chance of approval.

Learn how to prepare your monthly budget worksheet and apply for an Indymac loan modification.  Use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator give you the information you need-monthly income & monthly expense requirements are calculated automatically and show you just where to fine tune your own

Download immediately!

budget.  Visit MyLoanModificationCenter.com for more information today.

Can you ReApply?

There are several reasons that your Chase loan modification could be denied-but by far the most common reason is due to the homeowners monthly budget information-this is the information you supplied on the application form detailing your income, expenses and bank balances.  If you show too much or too little income or expenses, you will not fit into the standard program guidelines and you will be turned down for help.

Once your Chase loan modification has been denied you are allowed to re-apply, however you must present modified information to the bank in order for them to reconsider you.  This means that your monthly income or monthly expenses must be different from what you submitted originally.  How do you know just what is required and how to make sure you meet the approval guidelines the second time around?

It helps to understand that Chase uses a mathematical formula to determine if you qualify for loan modification.  This formula utilizes your monthly

Waterfall Method Interest Rate

Know the Approval Formula

budget information and determines if your loan can be modified using the Waterfall Method of Modification to reach your new target monthly payment.  This waterfall method method uses interest rate reduction, longer loan terms and principal balance reductions to meet the new target mortgage payment.  So, it is critical to make certain that the financial information you submit proves that you fit right into the standard approval formula.

Since it is a mathematical formula, you can use this same formula on your monthly budget ahead of time to know just where and how to fine tune your own figures before Chase reviews it.  Remember, a loan modification will only be offered if you

Fine Tune your Figures to Pass

pass the guidelines, so it makes sense to double check your figures first by running them through the Loan Mod Quick APP calculator to see where you may need to make adjustments.

Knowing ahead of time that you need a bit more monthly income to qualify gives you the chance to get a second job or perhaps a room mate or contribution from someone living in the home with you.  Remember that you must be able to prove anything you put on the loan modification application so be prepared for that.  Sometimes all it takes is reducing your monthly expenses by a couple of hundred dollars, but if you don’t know know that ahead of time then you won’t know how to adjust your figures to qualify.

Get help to prepare your Chase loan modification monthly budget information and avoid mistakes with the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick App calculator.

Download immediately!

The kit gives you step by step directions, required forms and the calculator automatically generates your own sample monthly budget to follow for income and expenses.  Visit MyLoanModificationCenter.com for more information.

Wells Fargo Loan Modification Budget Worksheet Tips

Posted by admin On June - 24 - 2011

Budget Tips

Need some tips on how to complete your Wells Fargo loan modification budget worksheet?  Pay close attention to the information you put on this part of the application form-this will either make or break your approval!  Your monthly income, monthly expenses and bank balances will be carefully reviewed by the bank and then a decision will be made as to whether you qualify for not.

Wells Fargo Loan Modification Budget Worksheet Tips

  1. Gross Monthly Income:  This amount will be used to determine your eligibility and also to arrive at your new modified target monthly payment.  Too much income or too little income will not pass the guidelines!  You can use non-borrower income if someone is contributing, but be ready to document that you receive it. You can verify that your income is going to pass by running it through the Loan

    Fine Tune your Figures to Pass

    Mod Quick APP calculator first.

  2. Monthly Expenses:  these are items such as utilities, groceries, credit cards, mortgage payment, taxes, etc.  It is important to cut out any frivolous expenses, but also show Wells Fargo that you are struggling with the current payment.  Your current cash flow should be barely breaking even or a negative before the loan mod, but a small positive after you get the loan modification-proving that you will be able to afford to pay and maintain it.
  3. Current Bank Balances:  This is for your liquid assets, checking & savings, CD’s, money market, stocks, but does not include retirement accounts.  The program guidelines allow a maximum amount of 3 times the housing expense, but you can double check your figures by running them through the Loan Mod Quick APP calculator to make sure you are passing the Asset Ratio trigger.
  4. Real Estate:  Indicate your homes current market value, and do NOT overestimate it, this is one case where the lower the value, the better for your loan modification chances.  If you own other real estate, then put the current market value of those as well.  You can note if the mortgage balances are higher than the current value, showing that you have no equity.

Guidelines Met!

The goal when completing the Wells Fargo loan modification budget worksheet is to fine tune your figures ahead of time so that you know they fit perfectly into the approval guidelines.  Once you understand how important it is to get this part of the application done right, you will be glad you spent the extra time on it.

Learn how to prepare your own Wells Fargo loan modification budget worksheet correctly-and give yourself the very best chance of approval.  Use the #1 resource for homeowners, The Complete Loan Modification Guide Kit

Download immediately!

and Loan Mod Quick APP calculator gives you detailed directions, required forms and the calculator automatically figures the income, expenses and bank balances required to pass the approval guidelines.  Visit MyLoanModificationCenter.com for more information today.

How much Income?

How can you increase your chances for a Citibank loan modification?  Simple, be sure you complete your monthly budget worksheet correctly!  Most borrowers do no understand that the information provided on this loan mod form is the most critical part of the entire approval process.  In fact, unless you complete your monthly budget correctly and prove that your monthly income, expenses and bank balances all fit right into the approval criteria, you will not be approved.

Simple Directions to Complete Citibank Loan Modification Monthly Budget Worksheet:

  1. Don’t submit your financial information until you have had the chance to work on your figures ahead of time.  You get one shot to get it right-so it makes sense to confirm that you have it right.
  2. The Citibank loan modification approval formula uses your gross monthly income, monthly expenses, bank balances and current mortgage information to determine if the loan can be modified using the standard Waterfall Method-too much income or too little income

    Fine Tune your Figures to Pass

    will not work, if your monthly expenses are too high then you will not pass.  IMPORTANT:  verify your figures are acceptable by running them through the Loan Mod Quick APP calculator first-then make the necessary adjustments prior to submitting!

  3. Include all household gross monthly income-even non-borrowers who live in the home can be included-but be prepared to provide evidence of their contribution.  You will be asked to provide current pay checks, bank statements or some other form of verification.
  4. The goal is to show Citibank that you cannot make ends meet with the current mortgage payment and have a negative cash flow each month or you are barely breaking even.  But, after the loan is modified you will have a small positive cash flow and will not be a risk for re-default.  Check your cash flow with the Loan Mod Quick APP calculator to be sure that your budget meets this requirement.

Guidelines Met!

The Citibank loan modification application must be prepared correctly-this means that you prove in black and white that you fit right into the approval guidelines. This is a mathematical equation so your budget will prove to the bank that you are a good candidate if done correctly.

Get help to prepare your Citibank loan modification application correctly-make sure your monthly budget worksheet meets the approval

Download immediately!

guidelines.  The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator give you the information you need-verify your monthly income, expenses and bank balances will meet the approval guidelines.  Visit MyLoanModificationCenter.com for more information today.