When you apply for an OCWEN loan modification, you will be required to complete and application form. This includes your monthly budget worksheet, where you write down your Gross Income, your NET income, your expenses and any assets. Sounds simple, BUT unless you know exactly how your budget figures will be used to determine if you qualify, chances are very good you will not be able to pass the very strict approval guidelines.
So, before you send in your OCWEN loan modification application, read these TIPS that could help you avoid a very big mistake:
- Find out exactly HOW MUCH income you need to report in order to pass the Debt Ratio guideline and to pass the Waterfall terms. Not familiar with those terms? Well, OCWEN will use a standard formula that utilizes the budget information you submit-so this is critical to know ahead of time.
- Make sure that your Current Cash Flow and your post mod Cash Flow pass the OCWEN approval formula-you may need to adjust your household expenses a bit in order to accomplish this.
- Is it better to show a cushion of money in the bank or less money on hand? There is a part of the OCWEN approval formula call Asset Ratio-you need to show just the right amount of liquid assets to pass it.
Does all this sound confusing and too complicated? Well, it is very difficult for most borrowers to figure out, and that is exactly why most are denied! It’s really a shame, because very often just a small adjustment to their budget figures could have made the difference between a denial and an approval.
Here’s the biggest TIP-we have developed a Loan Mod Calculator over the last 5 years and made it available to struggling homeowners at a very affordable price. The goal of
the Calculator is to show you ahead of time exactly how you need to fine tune your OCWEN loan modification application so that you have the very best shot at getting approved. This tool is simple to use, and will automatically compute and show you a PASS or FAIL for the debt ratio, Waterfall, Asset, and other guidelines-so that you can make your adjustments ahead of time, and then submit your fine tuned budget for OCWEN-greatly increasing your shot at approval.
If you think the Loan Mod Calculator wcould help you, visit MyLoanModificationCenter.com and learn more-PLUS you also will get free one-on-one Customer Service to help you as you prepare your forms. The Loan Mod Calculator is an immediate download, so get started NOW.