In order to qualify for an OCWEN loan modification, you must be able to prove to the bank that your specific financial situation meets their strict guidelines for approval. This can be confusing and tricky-especially because they will not tell you what they are looking for on your application! In fact, the vast majority of applications are denied simply because the borrower did not understand how to complete the financial worksheet correctly.
Here are some tips on how to use an EASY WORKSHEET to help make certain that your OCWEN loan modifcation gets appproved:
- Gross Monthly Income: use the Loan Mod Calculator and WORKSHEET to compute exactly HOW MUCH income you need to report. This is critical because if you show too little or too much you will not pass the Debt Ratio or
Waterfall requirements for approval.
- Monthly Household Expenses: The WORKSHEET will show you which expenses to list and how to make any necessary adjustments so that you PASS the cash flow requirements-you may need to increase or decrease your monthly expenses – groceries, gasoline, insurance, day care, utilities, etc-so this is important to know ahead of time.
- Do you pass the Asset Ratio? The Loan Mod Calculator and Worksheet will show you how to pass this important guideline for approval.
- Waterfall Results: OCWEN uses the Waterfall method to determine if you loan can be modified under the standard method and guidelines. If you fail this section that means that your financial information is NOT acceptable! Use the Loan Mod Calculator and EASY Worksheet to show you the Waterfall results and help you to PASS this critical part of the approval process.
Sometimes, the difference between APPROVAL and DENIAL is only a slight adjustment on the financial worksheet application form-BUT if you do not know where and how to adjust, chances are you will make a mistake that could cost you. Use the Easy Worksheet and Loan Mod Calculator to automatically compute and display your specific income, expenses, assets and Waterfall requirements.
Visit MyLoanModificationCenter.com for more free tips and information-read BLOGS.