Apply the Right Way

When OCWEN reviews your loan modification application, do you know what the #1 one thing they are looking for?  While there are 7 qualifying triggers, if you do not PASS this first hurdle, it is very likely that you will be denied the help you need.

Here’s an important pitfall to avoid-listen UP! Your RMA application form MUST prove that you are in a current financial hardship situation-AND there is a specific mathematical formula that OCWEN uses to determine if you PASS this #1 guideline.  NO, it’s not enough to simply say you cannot afford your mortgage payments, EVEN if you have fallen behind and are currently delinquent, you STILL must prove to them in black and white that your monthly budget figures pass this HARDSHIP criteria.

So, how can you know for sure that you meet the OCWEN loan modification guideline? When you complete the official RMA loan mod application form, here are the items you need to be especially careful about:

  1. Gross Monthly Income-cannot be too high or too low
  2. NET Monthly Income- important for the Debt Coverage Ratio Guideline (don’t worry, I’ll explain this later)
  3. Monthly Household Expenses-this amount is used to determine your Current Cash Flow figure (important!)
  4. Liquid Assets-you are only allowed to have a certain amount of funds in the bank or on hand-too much and you will FAIL to pass

OCWEN carefully reviews your budget figures on the RMA, and they use a standard formula based on your budget to determine if you meet the guidelines.  This is tricky for most homeowners to figure out-BUT we have put together an affordable and HIGHLY effective Loan Mod Calculator that actually mimics the guidelines.  The Loan Mod

Approval Formula Computed Automatically

Calculator is super easy to use-just put in your own monthly budget figures and it will AUTOMATICALLY compute a PASS or FAIL for each category.  Now you can make the adjustments needed ahead of time, use the updated figures that PASS on your RMA.  Now you have a really good chance of getting approved for an OCWEN loan modification.  The Complete Loan Modification Guide and Loan Mod Calculator is affordable, and it comes with one-on-one Customer Support to answer your questions and help you through the process.

Don’t give up without a fight, but make sure you know exactly how to submit your application-use the affordable Loan Mod Calculator and our Customer Service to help you!  Visit and get started immediately.

Bank of America has different requirements for loan modification approval when a borrower is self employed.  Instead of supply 30 days worth of paychecks like salaried homeowners, business owners must be able to document their income in a different manner.  Here are the basic steps to submit your loan mod application if you are self employed:

  1. Gross Monthly income is determined by what the NET business income on your P & L states.  So, Business NET income equals Personal GROSS income for

    EZ Template

    qualifying purposes.

  2. Do NOT mix up business and personal income and expenses.  Your Profit and Loss should show you business bank deposits for at least 3 months-that total amount is then your Gross Receipts.  Then deduct your business expenses for that same period-annual expenses can be prorated and listed.  You can use an easy to follow P & L Template provided with the Loan Mod Calculator program.
  3. After deducting your business expenses – office rent, supplies, telephone, postage, payroll, etc-what is left is the Business Net-use that figure on the Bank of America RMA form as your personal GROSS monthly income.  For example, if your P & L is for 3 months, then divide the net by 3 to arrive at your monthly figure!
  4. List your personal gross income and your personal household expenses on the RMA-items like groceries, utilities, etc.  Don’t list the business expenses again as they have already been deducted on the P & L.
  5. Verify that the gross monthly income figures passes the Bank of America approval guidelines-if you list too much or too little income you will fail the Debt Ratio and Waterfall guidelines.  Use the Loan Mod Calculator to compute your exact income requirements for you.
  6. If you need to adjust your personal gross income to PASS the Waterfall on the Loan Mod Calculator, go back to you P & L and make any necessary adjustments to your expenses to arrive at the acceptable bottom line number.

Approval Requirements Computed Automatically

In some ways, self employed borrowers have a bit more latitude when applying and qualifying for a Bank of America Loan Modification. If you know ahead of time just how much income you need to report, you can make the needed adjustments on your P & L before submitting.  Use the Loan Mod Calculator and easy P & L Template to help you get all of the figures right.

What does it take to pass the 2013 Chase loan modification guidelines?  The approval process can be confusing and tricky-and the reason most borrowers are declined for help is simply because they are not sure exactly how to apply correctly.  Here are some simple, easy to follow steps that you make the process a bit clearer.

  1. The Chase RMA application form is required by the bank and must be completed with your budget information-this means you must itemize your monthly income, expenses and assets.  These figures are what the lender uses to determine if you fit the basic guidelines for acceptance.
  2. You also need to sign a Hardship Affidavit-this is not part of the RMA form.  You may also be asked to write a write a brief explanation of what has happened to make your mortgage payment unaffordable.  Don’t write a LONG letter, one page will do as long as you hit on one or more of these acceptable hardships.
  3. Acceptable Hardships:  loss or reduction of income, increased expenses, lack of reserves (savings), high monthly bills.  Remember, that lack of equity alone is not a valid reason for hardship-if you can afford the payment, then you are expected to pay Chase.
  4. Financial Worksheet Directions:  be sure that you report the acceptable amount of gross monthly household income-this figure is used by the bank to determine

    Approval Requirements Computed Automatically

    your debt ratio and also your new Target Payment and Waterfall results.  You MUST get this part right if you want to get approved-you can use the Loan Mod Calculator to compute and display the required income amount, debt ratio and Waterfall result.  Fine tune your household expenses-make sure the that your Cash FLOW passes on the Loan Mod Calculator-if needed, make the necessary adjustments to your budget figures so that you see a PASS on all 5 approval guidelines on the Loan Mod Calculator.

  5. Supply proof of income:  whatever you report on the Chase RMA must be documented.  You will need to provide 30 days of paychecks, tax returns, proof of retirement or social security income.
  6. Self Employed borrowers will need to provide a current  P & L (does not need to be audited) along with 2-3 months of business bank statements.  You can use a simple P & L template provided with the Loan Mod Calculator to easily prepare your self employed documentation package.

The key to passing the 2013 Chase loan modification guidelines is to know ahead of time exactly what and how to report your monthly budget figures.  Take the time to fine tune your figures and verify that you PASS all the 5 triggers-the Loan Mod Calculator can do this for you.

When you apply for a Wells Fargo loan modification, you must complete the new RMA form and report your monthly budget figures for review.  This is really important information and you need to understand exactly how to list your monthly household income, expenses and assets so that you will pass the approval guidelines.

The Wells Fargo RMA form includes a financial worksheet page where you will need to detail all of your monthly budget figures.  Here is what they are looking for:

  • Gross Monthly Income:  this is the total “before tax” income that your household get every month.  You can include room mates, non borrower contributors like spouses and relatives

    Computes Your Budget

    who live in the home.  Be careful-if you report too much or too little you will NOT pass.  Use the Loan Mod Calculator to compute how MUCH income you should list on your RMA form.

  • Monthly household Expenses:  items like groceries, utilities, insurance, medical, tuition, etc must be itemized.  Wells Fargo needs to see that you cannot afford your current payment BUT that after they give you a loan modification, you will have at least $250 left over each month.  Use the Loan Mod Calculator to compute your current cash flow and post mod cash flow-find out if you need to increase or decrease monthly expenses to meet this important approval trigger.
  • Assets:  if you show too much liquid assets you will not pass the hardship guidelines-what is a liquid asset and how much can you report?  Check it first with the Loan Mod Calculator.
  • Waterfall:  do you PASS this critical guideline and can your loan be modified using the standard Waterfall method by Wells Fargo?  The Loan Mod Calculator will show you a PASS or FAIL for this trigger, and also show you what your new modified target payment and mortgage terms could be.  Fine tune all your budget figures until the Calculator shows a PASS on all 7 triggers.

Follow these tips and learn more at  Avoid mistakes and increase your chances of approval, learn how to complete the RMA right!

When you apply for a Chase loan modification, you will need to submit a monthly financial budget worksheet-this is part of the official application form.  This is where you list your household budget-gross income, monthly expenses and your assets.  But how do you know exactly HOW to report your income in order to pass the strict approval guidelines?  This is the the trickiest part of the entire process-show too much income or too little income and you will FAIL the approval formula.  Here are some helpful tips to clarify this process.

Chase Loan Modification-Monthly Income Requirements

  1. All household income may be counted-this means even someone who is not on the loan officially, but who resides in the home and contributes some money each month for the mortgage and expenses.

    Sample Budget Computed

  2. A non-borrower could be a spouse, a room mate or boarder.  You do NOT need a rental agreement BUT you will need to prove that you get the money each month.  Bank deposits, canceled checks, bank statements will be acceptable.
  3. You can find out HOW MUCH total income will be required to pass the loan mod approval guidelines-use the Loan Mod Calculator to compute and display your exact budget requirements for you.  The program will show a PASS or FAIL for the income, expenses and assets.
  4. Now, using the Loan Mod Calculator, add in as much non borrower gross income as needed to get a PASS on the Waterfall for Modification category.  Fine tune all your other budget figures-expenses, assets, etc-until the Calculator shows PASS for all 7 loan modification approval guidelines.
  5. You do NOT need to list the non borrower’s monthly expenses-JUST the amount of money they contribute each month will be added to your own income to qualify.
  6. Complete the Chase RMA form using your new budget figures, provide the needed income documentation along with a 4506T and send in for final review.

If you need more help or are not sure about how to complete the Chase loan modification application, visit for more free tips in the blog section.

You can avoid some of the most common mistakes that homeowners make when preparing their Wells Fargo loan modification financial worksheet-and make sure that you have the very best shot at getting approved for the help you need.  Even if you have already applied and been denied, you can re-apply with updated and corrected financial information.  If this is your first time applying or your tenth, make sure you know how to complete your budget information correctly!


  1. Understand that the bank uses a mathematical formula to decide if you qualify-this standard formula utilizes your gross monthly income, your current mortgage balance and your current mortgage payment.  Unless your budget figures pass this formula, you will NOT be approved.
  2. Many borrowers think that simply because they are in a financial hardship or because they are underwater on their equity that they qualify-WRONG.  While these reasons are part of the criteria, the MOST important part of the entire Wells Fargo loan mod process is how you present your monthly household budget figures on the financial worksheet page of the RMA.
  3. Don’t just “guess” at how much income, expenses and assets you should report on the worksheet-unless you know ahead of time what the bank needs to see from you to PASS the approval formula, you are taking a big chance and will probably make a mistake.  Since the approval formula is standard for everyone, it makes sense to use this formula when you prepare your RMA financial worksheet.

    Required Income Computed

  4. Too much income will cause denial, just like not enough income will FAIL.  Find out what you need to report-use the Loan Mod Calculator-a program that mimics the formula and computes your own specific income requirement based on your current mortgage terms.  You may need to increase or decrease your gross monthly income before you submit to Wells Fargo-better to find out before you make a mistake.
  5. Monthly household expenses must pass the cash flow criteria of the approval formula-the Loan Mod Calculator will show you how and where to make any needed adjustments.
  6. Review your monthly budget figures-income, expenses, and cash flow must all pass the debt ratio, cash flow, target payment and Waterfall parts of the formula.  Once the Loan Mod Calculator shows a PASS for all of these, use your fine tuned budget to complete the Wells Fargo financial worksheet correctly.

Get more free tips and information, visit, blogs,  today.

Not sure how to complete the financial worksheet portion of the loan modification application RMA form?  This is the part that confuses and causes problems for most homeowners who need to apply for a loan workout.  Since this is such a big part of the approval criteria, it is important to know ahead of time just how you need to report your household monthly income, expenses and assets-if you make a mistake here then you will be denied the help you need.

What you need is a sample budget that shows you just how to complete the financial worksheet page of the RMA.  The amount of monthly gross income required is determined by your current mortgage balance and payment, and also something called the Waterfall formula.  This is how your bank decides if you fit into their strict loan modification approval guidelines.  If you report too much or too little income, you will fail the Waterfall.  You can your own sample budget that will compute your specific income requirement and use this to help you complete the financial worksheet.

The Loan Mod Calculator is a tool designed just for homeowners to use-it will automatically compute and display your very own sample budget showing your:

Sample Budget Computed

  1. Income : required amount
  2. Expenses: how and what to list
  3. Assets:  how much is acceptable
  4. Waterfall:  Pass or Fail and the new modified loan terms you qualify for-including any principal reduction
  5. Debt Ratio: you must pass this trigger
  6. Cash Flow:  pre-mod and post-mod must meet the guidelines

You can use the Loan Mod Calculator sample budget to show you how and where to fine tune your own monthly budget figures-when the Calculator shows a PASS for all categories then you can complete your RMA financial worksheet using these fine tuned figures.  Knowing ahead of time how to prepare your application correctly will make a big difference in whether you get approved or not.

Wells Fargo Financial Worksheet RMA Requirements

Posted by admin On February - 5 - 2013

Homeowners who need a loan modification and complete the Wells Fargo financial worksheet RMA form correctly will have the best shot at approval.  Knowing the requirements ahead of time will help you to complete this application form in an acceptable manner, and when you report the financial information that the bank needs to see, it is much easier to get a fast approval.  Here are some important requirements to consider.


  • The new RMA is 7 pages long and includes areas for non owner occupied properties and also affidavits that require your signature.  The Dodd Frank certification is also part of this form now.  Be sure to complete all areas legibly,

    See Budget Figures

    and put an “N/A” in those areas that do not apply to you.

  • Financial worksheet categories include the household gross income, household expenses and assets.  This is MONTHLY budget breakdown, so be sure to include all income that comes into your home each month – non borrower contributions may be included as long as you can prove receipt (canceled checks, bank statements, etc).  Gross income is your pre-tax figure, and non taxed income like social security, awards, pension need to be increased by 25% for the underwriting requirements.
  • Gross Monthly income requirement will vary depending on your current mortgage balance and mortgage payment.  It is critical to know how much income to report on the RMA because Wells Fargo will use this figure to determine your current debt ratio, new target payment and Waterfall Modification Terms.  These are all approval requirements-if you report too much income or too low income you will not PASS.  You can get help to find out how much income you will need – use the Loan Mod Calculator, a program that will automatically compute your specific monthly income requirement.
  • Household Expenses-itemize your monthly bills like utilities, groceries, insurance, auto expense, day care, etc.  Wells Fargo will review this information to verify your financial hardship and to check your cash flow.  The goal is to list your expenses so that it proves you cannot make ends meet with the current mortgage payment, BUT that after the loan mod you will be able to pay all of your bills and have at least $250 left over each month for emergencies.  Use the Loan Mod Calculator to help you adjust your expenses to achieve this cash flow.
  • Assets:  Wells Fargo only allows you to have a certain amount of liquid assets-if you report too much you will fail.  Find out how to complete this section with the Loan Mod Calculator.

Get more free tips and information, visit and click on blogs.

Do you understand how to calculate your monthly budget in order apply correctly for an OCWEN loan modification?  The RMA form is the official application that requires a breakdown of your household monthly income, monthly expenses and assets.  The bank uses this information in a standard approval formula-and either the information you provided passes their guidelines or you are denied.  Here are some tips on how to complete your OCWEN budget worksheet:

  1. INCOME:  the bank asks for your GROSS monthly income, this figure is your before taxes earnings.  You can also include non-borrower contributions, as long as they live in the home too.  Also rental income and room mates are allowed-just be prepared to prove that you get that money each month with bank deposits or

    See Budget Figures

    canceled checks.  The amount you report must be adequate to pass the OCWEN approval formula, but it cannot be too high or it will fail the debt ratio criteria.   You can get help to determine your income requirement-use the Loan Mod Calculator-a program that automatically computes your specific budget requirements.

  2. EXPENSES:  the OCWEN budget worksheet also asks for your itemized monthly household expenses-groceries, gasoline, insurance, car payments, day care, etc.  You need to prove that you cannot make ends meet with your current mortgage payment, but that AFTER the loan mod is granted you will have at least $250 left over each month after paying all of your expenses.  In order to adjust your expenses correctly, you need to know what your potential modified payment will be-the Loan Mod Calculator will show you this as well as show you the current cash flow and the post-mod cash flow.  Use this information to fine tune your budget before you submit for review.
  3. ASSETS:  OCWEN has strict guidelines for your assets-be sure you do not report too much – otherwise you will not pass the formula.  Certain assets are protected, find out how to list your assets with the Loan Mod Calculator.

The secret to completing your OCWEN loan modification budget worksheet correctly is to know just what the bank needs to see from you-get more tips and free information at

Getting approved for a Citibank loan modification program is a bit tricky-you really need to understand exactly what to report on the application form so that your situation meets the standard approval guidelines.  Simply being in a financial hardship situation is not enough-the bank must see that you have the acceptable monthly income, expenses and assets to meet their strict program requirements.  This is where most homeowners get confused-how do you know ahead of time just what to report on your application?

The Citibank loan modification program uses a standard approval formula on every application they receive.  The formula uses the homeowners financial information to determine if a legitimate hardship exists, and whether their mortgage can be modified to reach an affordable new payment.  The good news is that since this formula is standard for everyone, you can utilize this information when preparing your own application and fine tune your budget figures so that you are able to report just the right amount of monthly income, monthly expenses and assets.

In order to get approved for a Citibank loan mod, here are the steps to take:

  1. Work on your monthly budget figures ahead of time-do not disclose your financial information over the phone until you have verified that your figures are acceptable
  2. You may need to increase or decrease your monthly gross income to qualify-you can use non-borrower income as long as that contributor lives in the home, and you can use room mate or rental income to qualify.  Be prepared to prove whatever income you list on the Citibank RMA form.  Self employed borrowers need to provide a P & L and business bank statements.
  3. Fine tune your monthly expenses-groceries, insurance, day care, utilities, etc-so that you show the bank that although you cannot make ends meet now, AFTER the loan modification you will be able to afford the new lower mortgage and have at least $250 left over each month.
  4. Use all of your fine tuned budget figures to submit to the bank-fill out the RMA application form legibly and complete all areas.  Include your hardship letter of explanation, proof of income reported and mail via Certified Mail

    See Budget Figures

    with return receipt.

You may be confused about how to report your monthly budget correctly-and this is the most important part of the entire Citibank loan modification program process.  If you need help figuring this out, you can use the Loan Mod Calculator, a program designed for homeowners to apply for a loan workout.  The Loan Mod Calculator will compute and display your own specific income and expense requirements, and show you a PASS or FAIL for your budget.  Fine tune your figures until you see a PASS for all categories, then complete the RMA using your adjusted budget figures.  For more free tips and information, visit