2012 HAMP Guidelines

HAMP-Home Affordable Modification Plan-has been in effect for over 3 years now, and it has finally shown some improvement in the numbers of homeowners who are actually getting approved for a lower mortgage payment.  This government program is voluntary, but over 93% of all servicers and lenders signed on to participate due to incentive payments offered to them by the Treasury Department.  The program has standard guidelines for all borrowers, and in order to qualify for a loan workout a homeowner must be able to prove that their financial situation fits right into this strict criteria.

HAMP 2012 has been improved, and lenders are now required to ask for less documentation from borrowers-however there are still basic items that every homeowner must provide and be able to prove.

HAMP PROGRAM QUALIFICATIONS

1. Proof of income-salaried borrowers must show 30 days of paychecks, and self employed borrowers must provide a P & L and business bank statements that substantiate the income reported.  Tax returns are not mandatory, but you must sign a  4506T form, which allows the lender to order transcripts from the IRS.
2. RMA Application Form- this three page document must be completed and the information provided by the borrower will be used to determine if the they meet the standard approval guidelines.  You must itemize your monthly budget-including income, expenses and assets.  If you show too much or too little income you
   

   Income Requirements Displayed

   will not pass-verify your own budget will pass by running it through the Loan Mod Calculator.  This tool is designed specifically to help borrowers complete the HAMP RMA form correctly.

3. Bank statements may be required to prove any additional income, and for self employed borrowers.
4. You no longer have to live in the home, as long as no more than 12 months has passed since you moved out

The HAMP guidelines for 2012 have been loosened up to allow more completed loan modifications, per the Treasury Department’s goal of helping over 2 million borrowers.  The program has been extended another year, until the end of 2013 to allow more homeowners to apply or re-apply if they were turned down initially.

The secret to HAMP approval and passing the guidelines is to prepare the RMA form correctly-the monthly budget information is the most important part of the entire application process.  No matter how deserving, if a homeowner does not submit the acceptable figures for their income, expenses and assets, they will NOT be offered a HAMP loan mod.

Get the real answers you need to complete the HAMP RMA application-use the #1 selling system designed specifically for homeowner use.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own budget requirements for you.  You can see if you PASS or FAIL,

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and then make the necessary adjustments so that you PASS every guideline before you submit your application.  Visit MyLoanModificationCenter.com today and get started now.

Why do so many homeowners get turned down for a Wells Fargo loan modification?  This bank is tough to deal with, but the bottom line is that if you show them what they need to see on your application forms, you have a good shot at getting the help you need.  But, that is the tricky part for borrowers who really have no idea what the bank is really looking to see from them-the application form is deceiving because it looks simple, but in fact the information you provide on it will determine if you qualify or not.

So, it is critical to know EXACTLY what Wells Fargo needs to see on your application forms to approve your loan modification.  The meat-and-potatoes of the entire process is your financial worksheet.  This is a detailed accounting of your monthly budget and is on page 2 of the RMA form.  This is where you must break down how much money comes into your household each month and how and where the money goes each month.

Here are they key categories that Wells Fargo is looking for to approve your loan mod:

1. Monthly Gross Income:  this is critical because this figure is used to compute your current debt ratio, and also to determine what your new modified target payment could be.  If you report too little or too much income, you will not pass the guidelines and you will be turned down for help.
2. Monthly Household Expenses:  What are your bills each month? You must detail car payments, insurance, groceries, utilities, etc so that Wells Fargo can see that you are barely making it now, BUT you must also show them that once your loan is modified, you will have a little bit of money left over each month.  This proves that you are not a risk for re-default after they help you.  You may need to fine tune your budget to accomplish this-you can use the Loan Mod Calculator to help you with this part-it will instantly compute and display your Debt Ratio, Expenses and Cash flow, and your New Target Payment.  This will allow you to know ahead of time how to fine tune your figures.
3. Asset Ratio:  You are only allowed to have a certain amount of liquid assets on hand-checking, savings, money markets, basically any account that is not a retirement vehicle.  Many people mistakenly think that the more money they show the bank the better-but that could cause you to fail the
   

   Budget Requirements Displayed

   guidelines.  The Loan Mod Calculator will tell you how much you should report for assets.

4. Waterfall Method:  Is your budget going to pass the standard Waterfall Method used by Wells Fargo to modify you loan to achieve your new 31% target payment?  This method uses a reduction in interest rate, longer loan terms and sometimes principal reduction.  This is where your monthly gross income becomes critical, too much or too little will cause you to fail this important trigger.  Verify your budget by using the Loan Mod Calculator-you will see immediately just what you need to show’em to get approved.

It is scary and intimidating to deal with Wells Fargo, what if they don’t help you?  What can you do to make sure that you have the absolutely best chance of getting the help you need and deserve?  There is only one way, and that is to prepare your loan mod application perfectly so that you prove to the bank that you are a perfect candidate for help.

Get the real answers you need now-with the #1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful and proven system will automatically compute and display your own specific budget requirements.

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Find out how much income, expenses and assets you need to report and fine tune your budget before you submit for final review.  Visit MyLoanModificationCenter.com today.

One of the trickiest parts of preparing your Wells Fargo loan modification application is making sure that your debt ratio will pass the guidelines for approval. There are actually two calculations that the bank performs, and it is critical that your financial worksheet show the right amount of monthly income, monthly expenses and assets in order to meet the criteria.

Debt Ratio Calculation Explained:

Front End Ratio Requirement:  This figure represents how much of your household gross monthly income goes towards your housing expenses.  This includes the mortgage payment, property taxes, homeowners insurance any applicable HOA dues.  The requirement is that your current debt ratio be greater than 31%-so divide your total housing expense by your total gross income to make sure it is greater than 31%.  Verify your own figures with the Loan Modification Calculator, a system designed specifically to assist borrowers with this process.

Back End Debt Ratio:  This calculation represents the percentage of your household gross monthly income that goes towards all of your expenses-including the

Exact Requirements

mortgage.  So total up everything you spend each month-groceries, utilities, insurance, auto expense, etc and divide that figure by your total gross household income to arrive at the backend debt ratio percentage.  While there is no maximum percentage criteria, the goal is to show that the current mortgage is unaffordable and that you can’t make ends meet each month.  Use the Loan Mod Calculator to compute your debt ratio and show you the acceptable cash flow figures too.

If you know ahead of time that your monthly income and expenses will not pass the Wells Fargo loan workout guidelines, then you will be able to make any necessary adjustments before you submit your RMA for for final review.  The most important part of the entire process is to provide the bank with a perfect application-and unless you know what is required you don’t have much of a chance of getting it right.

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Calculator.  This easy to use program will instantly compute and display your debt ratio, income requirements, cash flow, new target payment and loan terms.  Visit MyLoanModificationCenter.com today for more information.

Qualifications

The key to approval is knowing the basic Chase loan modification program qualifications-you need to understand the right way to complete your RMA form, and be certain that the financial worksheet you submit shows the bank the right amount for monthly income, expenses and assets.

CHASE LOAN MODIFICATION PROGRAM QUALIFICATIONS

1. Monthly Income:  your must show enough income to pass the Waterfall Method of modification-but you cannot show too much income or you will fail the debt ratio requirement.  Find out your specific income requirement before you submit-use the loan modification calculator to compute and display how much income is needed to qualify.
2. Household Expenses:  itemize your monthly expenses on the RMA
   

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   form for Chase, including items like utilities, groceries, auto expenses, medical.  This will be used to determine your cash flow and hardship acceptability.  Verify that your pass this important qualification by running your budget through the loan mod calculator first-then make the necessary adjustments to your expenses before submitting.

3. Loan To Value (property value):  the LTV qualification is important to Chase-this tells the bank if it is cheaper for them to foreclose.  Most homeowners think the higher the value of their home the better, but it is actually the opposite.  Be sure you let the bank know that the actual market value of the property is lower than what you owe them.  There is a standard guideline for LTV-the loan modification calculator will display this for you.
4. Waterfall Method:  you must pass this standard method of modifying your current loan to reach our new target payment.  Your income and current loan balance are used in this formula.  Not sure what the new target payment will be? Find out if Chase will offer you an affordable payment – the loan mod calculator automatically computes and displays Pass or Fail for the Waterfall Method.

Success

Remember, passing the Chase loan modification qualifications is all about your monthly budget-make sure that your financial worksheet is prepared perfectly, showing just the right amount of income, expenses and assets.  Even the most deserving homeowner will be turned down unless they get this part right on the money.

Learn your specific budget requirements-avoid mistakes, use the #1 resource helping homeowners succeed, The Complete Loan Modification Guide kit and

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Loan Mod Calculator.  This system was designed specifically for homeowners and provides the real answers you need-visit MyLoanModificationCenter.com today and get started now.

When homeowners understand how to prepare the Bank of America RMA form correctly their chances of loan modification approval increase dramatically.  This three page application is the major part of the banks underwriting and decision process.  If you can fine tune your budget to prove that your financial situation fits right into the program guidelines, then you are on your way to loan mod approval.

BANK OF AMERICA RMA CHECKLIST FOR HOMEOWNER LOAN MODIFICATION

1. Take your time completing this form-you get one shot at this, so make sure you do it right.  Make photocopies of the form so you can practice on your figures before submitting your final one for review.
2. Complete page one first-this is the easiest part of the RMA form.  Your personal information is shown here, and at the bottom is the Hardship Affidavit. There are four categories to choose from, and you can also write your own brief explanation of what has happened to cause the payment to be unaffordable.  Remember, that loss of equity alone is not a valid hardship reason!
3. Page two of the Bank of America RMA is where you need to know what you are doing!  This is your financial worksheet, where you must breakdown your household monthly income, monthly expenses and your assets.  Be careful, you must show just the right amount of income or you will not qualify.  Your expenses and assets must also prove a financial hardship and fit the guidelines exactly.  Verify your budget will be acceptable by running it through the loan modification calculator-you will instantly see if you are passing or failing the guidelines and be able to make the necessary adjustments.
4. Gather together your most recent paycheck stubs if salaried, your bank statements and P & L if you are self employed – make sure that these documents verify the
   

   Exact Requirements

   amount of monthly income you put on your Bank of America RMA form.  If you need more income to qualify, then you could rent out a room or get a second job-just be prepared to document this extra income.

5. Make a complete copy package for your records, then double check that you have signed everywhere needed before you send it in for review and hopefully approval.

The secret to preparing your RMA form correctly is to know just what Bank of America needs to see for your income, expenses and assets.  Don’t expect the bank to tell you this-they won’t!  Just guessing at what is required causes denial the majority of the time.   You can use the very same formula that the bank uses and know ahead of time just how to  complete the financial worksheet page correctly-that is the best way to have a good shot at approval.

Get the real answers you need to complete your RMA correctly-use the #1 system for homeowners, The Complete Loan Modification Guide

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Kit and loan mod calculator.  This easy to use, powerful tool will instantly compute and display our very own specific budget requirements-showing income, expenses and assets for your RMA form.  Visit MyLoanModificationCenter.com to get started.

Homeowners who apply for a loan workout will be asked to complete an application that includes the Wells Fargo financial worksheet-this is where you must breakdown your household monthly income, monthly expenses and assets.  Be careful with this form, the bank will use the information that you provide to decide if you qualify for help or not!  Here are some easy to follow directions that may help your loan modification approval.

WELLS FARGO FINANCIAL WORKSHEET-LOAN MODIFICATION DIRECTIONS

Apply Correctly

1. Take your time with the application form-page 2 of the RMA form is the most important part of the entire process.  This is a snapshot of your financial picture and what the bank uses to decide if you fit the program guidelines.  Don’t rush into completing it, and make sure that you understand the exact budget requirements so that you can fine tune your figures ahead of time.
2. Do you know how much monthly income will be required so that you meet the Wells Fargo loan mod guidelines?  If you show too much income or too little income, you will be denied.  Remember that the bank uses a standard mathematical formula on every borrower who applies-you need to verify that your particular monthly income will fit right into the program requirements.  Verify if your income will pass by running it through the loan modification calculator, then make any necessary adjustments before you submit.
3. Once you confirm the required amount of monthly income, you will know if you need to add a room mate or get a second job to qualify.  The loan mod calculator will show you exactly how much income you need-and then you can make sure that you show Wells Fargo the acceptable amount on your RMA form.
4. Your monthly household expenses must also be itemized-this is where you show the bank how much you spend each month on your mortgage and also on your daily living expenses.  Groceries, utilities, car payments, insurance, medical expenses will all need to be listed.  You need to show Wells Fargo that the current mortgage is not affordable because you cannot make ends meet, but you must also show them that after the loan mod you will be able to pay and maintain all of your bills.  The Calculator will compute and display both your pre-mod cash flow and post-mod cash flow, which will help you see if you need to fine tune your family budget.
5. Assets are any type of bank account, stocks, bonds, CD’s-basically any non-retirement account.  Personal property like art, jewelry, furniture do not need to be
   

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   shown.  Wells Fargo uses a formula called an Asset Ratio that you must pass to qualify-the loan mod Calculator will instantly display if you pass.

Most borrowers are denied for a Wells Fargo loan modification for one reason-their financial worksheet information did not pass the guidelines for approval.  However, once you understand exactly what you need to show for your income, expenses and assets you will be one step closer to approval.  Sometimes it’s just a matter of adjusting your income or expenses a small amount-but that can make the difference between success and failure. Don’t “guess” at how to prepare your RMA form, make sure you take the time and use the Calculator to get it done right the first time.

Get the REAL answers you need-use the #1 resource for homeowners, The Complete Loan Modification Guide kit includes the Loan

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Mod Calculator.  This best selling system instantly computes your specific budget requirements so that you can prepare your financial worksheet correctly.  Avoid mistakes and save time-visit MyLoanModificationCenter.com today and get started now.

Confused about the correct way to complete your RMA loan modification Form?  There are certain things that your lender will be carefully reviewing on your application, so you need to sure that you have completed it correctly so that you have the best shot at approval.  Here are some tips on the best way to list your monthly household expenses when you prepare the financial worksheet.

RMA LOAN MODIFICATION FORM-WHAT EXPENSES YOU NEED TO LIST

Apply Correctly

1. The current mortgage payment-whether it is a fully amortized (principal and interest) or an interest only payment-show whatever the base monthly payment that you are required to pay
2. Do you have a second mortgage on the property?  If so, list that monthly payment amount.
3. Property taxes-even if they are currently impounded as part of the amount you pay each month, take your annual tax bill and divide it by 12, then list that amount as your monthly tax obligation.
4. Homeowners insurance, again take the annual premium divided by 12 months, equals your monthly obligation for this.
5. Credit card or installment payments-only list the minimum payment due, even if you sometimes pay more.  The bank will only budget you for the amount you are required to pay.
6. Alimony, child support payments should be listed on your RMA form financial worksheet page.
7. Rental Expenses-do you own rental properties? If so then list the mortgage, maintenance, etc expenses.
8. HOA Dues for the property you are applying for the loan modification need to be listed as an expense
9. Car Payment-only list those that you are responsible for and actually paying
10. Misc. expenses such as groceries, utilities, tuition, gasoline, transportation, health insurance, prescriptions can all be listed

Exact Requirements

The RMA loan modification form when completed correctly shows your lender that you are in a financial hardship situation, meaning that your current payment is not affordable.  Your monthly expenses are so high that you are barely making ends meet each month, and if they do not help you then you will be at risk of defaulting on the mortgage.  However, just as important is to show them that a loan mod will be a solution for your particular situation.  You need to make sure that the total expenses you list prove this-you can verify your current and proposed cash flow by running you figures through the loan modification calculator.  This program is designed specifically for homeowner use and it will instantly compute and display your own specific budget requirements.

Most homeowners do not understand how to complete their RMA form and so they get turned down for a loan workout.  Remember, it is up to you to prove to your bank in black and white that you are a good candidate for a loan mod.  The only way to do is to prepare and submit your monthly budget figures-income, expenses and assets-correctly and so that they pass all of your lender guidelines for acceptance.

Get the REAL help you need to succeed-use the #1 selling resource for homeowners-The Complete Loan Modification Guide Kit and Loan Mod Calculator.  This powerful system will automatically compute and display your own requirements for income, expenses and assets so that you can avoid mistakes and get it

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done right the first time.  Visit MyLoanModificationCenter.com today and get started now.

When you apply for a Bank of America loan modification, you will be required to complete the application called an RMA form.  This is a three page document that looks simple, but beware!  There are common tricks and traps that can cause denial unless you know exactly how this form needs to be completed.  In fact, the #1 reason for mortgage modification denial is this form not being completed correctly!

Here are some important things to remember when you begin completing the RMA form on your Bank of America loan modification:

1. Your application must show the bank acceptable monthly budget figures for your household.  The information you provide on page 2 of the RMA form will be used to determine if you qualify for a mortgage modification.  Make sure your monthly income, monthly household expenses and assets will all pass the guidelines.
2. One of the traps that homeowners fall into when preparing their RMA form is to not show enough monthly income-this is the #1 cause for Bank of America loan mod denial!  Make sure that the amount of
   

   Exact Requirements

   income you write down will be sufficient for the bank to qualify you.  You can determine exactly how much you need to show by running your figures through the loan modification calculator-this program is designed just for homeowners to help them complete their budget.

3. Another trick to avoid on the RMA form is how you list your monthly household expenses-you must show that you cannot afford the current mortgage because you barely make ends meet each month.  If you have too many expenses or not enough expenses you could be denied.  Double check your cash flow with the automatic calculations done by the loan mod calculator-then you will be able to make any needed adjustments before Bank of America reviews your application.
4. You must explain your financial hardship situation-there are four boxes to choose from on the RMA-loss or reduction in income, increased expenses, lack of reserves (savings) and high monthly debt obligations.  You can check more than one of these, and also give the bank a brief explanation of what has happened to you.  Loss of home value alone is not a valid reason for help.
5. Assets can often be a problem-you must pass this guideline too or you will not be approved.  Keep in mind that the Asset Ratio criteria tells the bank if you truly are in a hardship-verify if you pass by using the loan mod calculator to show you if you need to adjust any figures.

Ready, set, Approved!

The real trick to completing the RMA form when applying for a Bank of America loan modification is to know what your monthly budget figures need to be.  The lender uses a standard formula that takes into consideration your specific monthly income, expenses and assets.  You must pass this formula if you hope to qualify for the help you need.

Now you can get the REAL answers and REAL help you need-use the #1 selling resource for homeowners.  The Complete Loan Modification Guide kit and loan mod calculator are designed specifically for homeowners, and instantly compute

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and display your specific budget requirements.  Join thousands of homeowners who have succeeded.  Avoid mistakes-get it done right the first time.  Visit MyLoanModificationCenter.com and get started today.

How Much Income?

One of the important parts of the Bank of America RMA form is making sure that you pass the debt ratio guideline for loan modification approval.   This important approval criteria uses your monthly gross income as well as other information that you provide on the RMA form-so make sure you know how to complete it correctly.

RMA FORM-BANK OF AMERICA LOAN MODIFICATION DEBT RATIO REQUIREMENTS FOR APPROVAL

1. The information you provide on page two of the RMA will be used to determine if you pass the debt ratio requirement-the is the financial worksheet part of the application.  Make certain that the information you provide is acceptable.
2. Your gross household monthly income is the most critical part of the approval formula-you cannot show too much or too little if you wan to pass.  Your current monthly mortgage expenses-house payment, property taxes, homeowners insurance and any HOA dues totaled together-need to be higher than 31% of your gross monthly income.  If they are lower, then you are not a good candidate.
3. You can verify your own monthly income will pass the debt ratio
   

   Exact Requirements

   guideline by running your own budget figures through the loan modification calculator-this program will instantly compute and display your current debt ratio as well as show you how much monthly income you need to qualify.

4. Once you know how much monthly income you need to pass the debt ratio requirement, you also need to verify your monthly expenses are acceptable and that your assets pass the guidelines.  The loan mod calculator will instantly compute and display PASS or FAIL for all of these triggers, and show you where to fine tune your budget to make certain you pass.

The Bank of America RMA form is the key to getting approved for a loan modification.  Show the bank your perfect monthly budget figures and you will pass all of the guidelines-that is the only way to get offered the lower mortgage payment you need.  This is about math-not how deserving you are-so make sure you double check all of your budget figures with the loan mod calculator before you submit them for review.

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Get the real answers you need to complete your RMA form correctly-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and loan mod calculator.  This proven system will compute and display your exact budget requirements for you to follow-avoid mistakes, get it right the first time.  Visit MyLoanModificationCenter.com today.

Don’t push the panic button yet-a Chase mortgage modification may be the very answer you need to get a lower monthly payment on your home loan.   Getting a loan mod can be confusing for homeowners who have no experience dealing with their lender, but with just a bit of information and preparation, you can convince the bank to help you out.

TOP 5 FAQ’S and TIPS FOR CHASE MORTGAGE MODIFICATION

1. Who qualifies for a Chase Mortgage Modification?  A loan mod will only be offered to borrowers who can prove in black and white that their financial situation passes the underwriting guidelines-most homeowners mistakenly believe that their hardship along makes them eligible.
2. How do I know if I will pass the Chase underwriting guidelines?  That is the big question for every borrower-and the answer is simple-you don’t know unless you can figure out exactly what the bank is looking to see from you on your paperwork.  This is really about the math-and whether your specific financial situation is passing the guidelines.
3. Is there a way to find out how to complete my Chase mortgage modification application correctly?  Yes, there is-but don’t expect the bank to help you out.  They will NOT tell you what you need to do-but you can use the loan modification calculator and be able to know ahead of time just how to prepare your own monthly budget figures.
   

   Exact Requirements

4. Why is my monthly budget so important?  This is the KEY to approval-the monthly income, monthly household expenses and assets that list on the official RMA form is what is used in the underwriting process and what determines if you qualify for a mortgage mod or if you get denied.  Use the loan modification calculator to automatically calculate and display your specific budget requirements for you-you will see instantly if you are passing or failing and where to make your adjustments before submitting.
5. What if I have already been turned down? Can I re-apply with updated and revised budget information?  Yes, you can tell Chase that your income, expenses or assets have changed and that you will to be reviewed again for approval based on your new situation.  However, make certain that this time the figures your provide will pass the underwriting approval guidelines.

Ready, set, Approved!

The biggest tip for getting a Chase mortgage modification is that you need to take the time to prepare and confirm an acceptable monthly budget-your RMA form must prove in black and white that your income, expenses and assets all pass the approval guidelines or you will not have a good shot at getting the help you need and deserve.

Get the real answers you need to prepare your application correctly-the #1 selling resource has helped thousands.  The

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Complete Loan Modification Guide kit and loan mod calculator were developed specifically for homeowner use and provide your specific budget requirements automatically.  You need to know this information now-visit MyLoanModificationCenter.com today.