Before you apply for an OCWEN loan modification, make certain that you understand how to apply and what it will take to actually qualify for a lower mortgage payment.  It is important to know what the bank is looking to see from, and also to know what you should be asking for, so that you get the very best loan workout you qualify for.  Here are some questions many homeowners have asked about the process:

OCWEN Loan Modification Questions:

1. What is the first step to apply?  You will need to call the bank and tell them that you can no longer afford your mortgage payment.  Acceptable hardship reasons include reduction or loss of income, increased expenses, lack of reserves or high debt.  You will be given a short interview over the phone, but do NOT disclose your financial information until you have had the chance to verify that your income, expenses and assets will pass the strict underwriting guidelines.
2. How do I know if I will qualify for a loan workout?  You will need to prepare and submit a financial worksheet for the bank, detailing your household monthly income, monthly expenses and your assets.  If you list too much or too little income you will not qualify, if your expenses are not acceptable you will not qualify.  Verify that your budget figures are acceptable with the Loan Mod Calculator, a system designed specifically to help borrowers with this step.
   

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3. What will I need to provide OCWEN?  You will be asked to prepare the official application form, called the RMA.  This includes a hardship affidavit and the Dodd Frank Certification.  There is also the financial worksheet page, and this is where you may need to fine tune your budget figures prior to submitting.  Double check your figures, make sure that the Loan Mod Calculator shows a PASS for all categories, make any needed adjustments so that the financial worksheet has the acceptable figures on it.
4. How do I prove my income?  Salaried borrowers will need to provide paychecks, W2′s, self employed borrowers need a P & L and bank statements.  Other types of income can be documented with award letters, canceled checks, rental agreements, etc.  Make sure that your financial worksheet income figures match what you are providing as proof!
5. How long does it take to get approved?  The most recent updates by the Treasury Department mandates that lenders get back to you within 30 days of receiving a complete application package.  You need to follow up with OCWEN every week to make sure that they have everything they need and that your file is moving forward.

When you apply for an OCWEN loan modification, it is critical to complete the application paperwork accurately and correctly.   This can be tricky unless you know ahead of time exactly how much income, expenses and assets you need to report.  No matter how deserving you are, you will not be approved unless you can pass the strict approval formula, so take your time and do it right!

Make sure you get the real answers you need-use the # 1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  The proven system is designed specifically for homeowner use, and will automatically compute and display your own specific requirements for income, expenses and

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assets.  This is critical information that you need to know-get started right, visit MyLoanModificationCenter.com today.

Apply Correctly

Trying to figure out how to qualify for a Chase loan modification?  The bank offers loan workouts to struggling homeowners-but ONLY if they can prove that they meet the strict approval guidelines.  It may be possible to lower your mortgage payment, and even qualify for a reduction to your loan balance-as long as you understand how to apply correctly, that is!  No matter how deserving you may be, the bank will only offer assistance to those homeowners who pass the criteria for monthly income, expenses and assets.

Here are the most common questions homeowners have about a Chase loan modification:

1. How do I know if I qualify for a loan mod program?  The bank participates in the government program called HAMP-and this plan has standard approval guidelines for every homeowner.  If you can pass these, then chances are good you will be offered a lower mortgage payment.  The trick is to know ahead of time exactly how to prepare your application.
2. What is the first step to apply?  You will be given a brief telephone interview and need to answer some basic questions about your financial situation.  Do NOT disclose your income, expenses and assets until you know that your budget figures fit into the guidelines.  Verify your budget using the Loan Mod Calculator, a
   

   Income Requirements Displayed

   system designed specifically to help homeowners with this important step.

3. What paperwork do I need?  Once you pass the telephone interview, you will be sent an application packet that includes the standard application form, called the RMA.  This includes a Hardship Affidavit and Dodd Frank Certification.  You will also have to provide proof of any income you report with paycheck stubs, canceled checks, bank statements, award letters, etc.
4. What if my income is not sufficient?  Find out if your monthly gross income fits the Chase guidelines ahead of time-use the Loan Mod Calculator to find out if your income is a PASS or FAIL.  If needed, increase your income by renting a room, working overtime, etc.  The Calculator will show you how much income you need and so you will be able to make any needed adjustments before you apply-giving yourself the best shot at approval.
5. How do I qualify for a principal reduction?  If your home is significantly “underwater”-meaning you owe more than it is currently worth, you may be eligible for PRA-Principal Reduction Alternative.  The Loan Mod Calculator will display how much reduction you may be eligible for-just input your budget figures and the results will compute and display immediately.

Keep in mind that a Chase loan modification is not the solution for everyone-the bank will only offer this program to homeowners who can prove that their financial situation meets the underwriting guidelines.  This can be tricky to figure out and most homeowners are denied simply because they did not know or  understand how to complete their application correctly.  Take some time to learn and prepare-that way you will have the best chance at getting the help you need and deserve.

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Get the real answers you need-use the #1 selling resource for homeowners-The Complete Loan Modification Guide kit and Loan Mod Calculator.  This system is specifically for homeowner use, and will automatically compute and display your very own budget requirements, showing you the income, expense and asset figures required to pass the standard approval guidelines.  Avoid mistakes, get started today, visit MyLoanModificationCenter.com today.

P & L Tips

Self employed borrowers who wish to apply for a HAMP loan modification will need to complete their paperwork a bit differently than salaried homeowners.  The program requires that all income be documented in order to be considered, so self employed borrowers will have to supply a few items to be considered.

HAMP Self Employed Borrowers Income Qualifications

1. P & L:  you will need to prepare a Profit and Loss Statement that shows your business gross income, itemizes your business expenses and shows your Business Net Income.  Do NOT mix up your personal expenses with your business expenses, your personal household expenses will be listed separately on the Budget page of the RMA application form.  You can follow a simple P & L TEMPLATE provided in the Loan Mod Kit to follow.
2. You will need to supply 3-6 months of business bank statements.  Your total deposits will equal your business gross income for whatever period you are reporting.  You will not be asked to document your expenses
3. Your business NET income (what is left after you pay the company expenses) is your personal GROSS income for the HAMP loan modification qualification.  That is the figure you will list on the RMA application form.  You can not show too much or too little income in order to qualify.  You may need to adjust your
   

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   business P & L to pass this guideline.

4. Verify that your income will PASS the approval criteria by running it through the Loan Mod Calculator – you will see if you may need to make some adjustments before you submit your application.  Once you have fine tuned your P & L and know that your Gross Income is going to PASS, then submit your RMA application for review.

Self employed borrowers who need a HAMP loan modification must prove that their income, expenses and assets all meet the standard Federal approval guidelines.  Self employed borrowers must prove that their business earns enough money to be able to pass the income requirements-sometimes a slight adjustment to your Profit and Loss Statement may be required to accomplish this.

Get the real help you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide Kit and Loan Mod

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Calculator.  This system is designed specifically to help homeowners prepare their financial statement, and shows a PASS or FAIL for income, expenses and assets.  You need to know this information ahead of time-so that you can make any adjustments before the bank reviews your application.  Visit MyLoanModificationCenter.com today and get started NOW.

When a self employed borrower applies for a HAMP loan modification, they must provide different income documentation than a salaried person would.  Since there are usually no paychecks to submit, the guidelines require that other proof of income be supplied.  This can get tricky, especially for small business owners who need to be able to document their personal earnings.  Here is some helpful information to apply correctly.

Self Employed

HAMP LOAN MODIFICATION FOR SELF EMPLOYED BORROWERS-INCOME DOCUMENTATION

1. Generally, the bank will ask for 3 to 6 months of business bank statements.  The total of the bank deposits will be used for the Gross Business Income.
2. You will have to provide a Profit and Loss Statement-this can be a simple breakdown of your business income, business expenses and the Business Net.  You can use the handy P & L TEMPLATE provided in the Loan Mod Kit.
3. Any annual business expenses can be prorated and then listed on the P & L.
4. Make sure that  you do not mix up your business expenses with your personal expenses-your personal expenses must be itemized on the HAMP RMA application form.
5. Once you have your P & L completed, the Business NET income, will be used for your own PERSONAL gross income for the HAMP application.

The benefit for self employed HAMP loan mod homeowners is that you can adjust your expenses if needed in order to pass the income requirements.  But, you need to

Income Requirements Displayed

know ahead of time just how much income will be required to PASS the guidelines.  You can use a program designed specifically for this purpose – the Loan Mod Calculator will automatically compute and display your own specific income requirements-and show you if you may need more or less GROSS income to qualify.  This gives you the upfront information you need in order to fine tune your P & L and RMA form before you submit it for HAMP review.

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.  Find out just how much income, expenses and assets you need to pass the HAMP guidelines.  You can avoid mistakes and get it right the first time.  Visit

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MyLoanModificationCenter.com today and get started NOW.

2012

What’s the latest updates for the government loan modification plan?  The HAMP guidelines for 2012 have not changed a lot, but some new revisions to how lenders implement the program and get reimbursed from the Treasury department are expected to result in more completed loan mods for borrowers.  Almost 1 million homeowners have been helped under HAMP, but this figure falls short of the stated goal of assisting 4 million struggling borrowers.  In fact, with just 1 in 4 applications being approved, something needs to drastically change before the program expires at the end of 2012.

The latest HAMP 2012 updates include:

1. More incentives for Principal Reductions;  one of the major issues facing the housing market is the $750 billion in lost equity-and most experts acknowledge that lenders need to aggressively modify loans to include reducing the principal balance so that homeowner can get closer to being equitable.  Now, HAMP increases the incentive to lenders for offering this loan modification option-63 cents on the dollar will be reimbursed to banks for every dollar forgiven.
2. Fannie and Freddie are also included in the new program guidelines, also as encouragement for banks and servicers to lower the loan balance on underwater borrowers.
3. Homeowner qualifications remain the same as before, with the guidelines mandating that the income, expenses and assets pass the strict underwriting criteria set up under HAMP.  The RMA form is still used for applying, and the financial worksheet must be completed showing an acceptable monthly budget for the
   

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   homeowner.

4. Timeframes have been shortened, the Fed now states that banks must respond to a request for HAMP modification within just 30 days of receiving a complete application package.
5. Single point of contact:  now each file will be assigned to one negotiator, and the borrower will only have to interact with a single person during the review and underwriting process.  Hopefully this will eliminate misinformation, lost paperwork and delays.

The HAMP 2012 guidelines are designed to reach more homeowners and find out if a loan modification is a possibility for their particular situation.  If not, then other options will be offered to help the borrower avoid foreclosure, such as deed in lieu and short sale.

Bottom line, homeowners must prove that they fit perfectly into the approval guidelines in order to be offered a HAMP loan mod.  Often the application paperwork is not completed correctly, and borrowers simply do not understand exactly what they need to report for their income, expenses and assets to qualify for a new lower mortgage payment.  Remember, that if you can provide a properly completed RMA form, you could have your HAMP loan modification approved within just 30 days under the new updates-so take the time to do it right.

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Do you qualify for a HAMP 2012 loan mod?  Find out how to complete your financial worksheet correctly-use the proven system that is the #1 seller for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will automatically compute and display your very own specific requirements for income, expenses and assets.  Make sure you pass the guidelines-this is information you need to know now!  Visit MyLoanModificationCenter.com today and get started right.

Apply Correctly

Ask any struggling homeowner how they are doing on their Indymac loan modification, and they will undoubtedly tell you how difficult it is to pass the approval guidelines. Although the bank does offer the HAMP government program, most borrowers do not really understand exactly what they need to show the bank in order to get approved for a new lower mortgage payment.  The only way to get the help you need an deserve is to prepare your application correctly-and prove to the bank in black and white that you are a perfect candidate for loan mod help.

Indymac loan modifications have been difficult to get from the very beginning, and although the process has been streamlined over the last year, the approval guidelines are still the same.  In order to get approved, the bank will be looking at your application very carefully to determine if you pass the criteria.

INDYMAC LOAN MODIFICATION APPROVAL GUIDELINES-QUICK CHECKLIST

1. Right amount of monthly income-this is critical because if you show too much or too little gross income, you will not pass the Waterfall Method of modification and your loan mod will not be approved, and your debt ratio may not be acceptable.
2. Monthly household expenses meet the banks guidelines for cash flow and financial hardship.
3. Assets-do you pass the asset ratio test?
4. Can you current loan be modified to achieve your target payment and still be cost effective for Indymac?  This is called loss mitigation, which means that the bank
   

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   will determine if modifying or foreclosing is cheaper for their bottom line.

When you apply for an Indymac loan modification, you must complete the 3 page RMA form.  Page two of this form is the financial worksheet-this is where you must break down your household budget.  Your gross monthly income, monthly expenses and assets will be carefully reviewed and checked to see if they pass the approval guidelines.  Before you send this in for review, you can verify that your budget will be acceptable by running it through the Loan Modification Calculator.  This powerful tool will instantly show you if you are passing or failing, and where you may need to make adjustments to your budget before you send it in for final review.

Make sure that you pass the approval guidelines, use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit

and Loan Mod Calculator.  This proven system will instantly compute and display your own specific budget requirements-allowing you to know ahead of time just how much income, expenses and assets to show on your RMA form.  Visit MyLoanModificationCenter.com today.

Are you struggling with your mortgage payments and considering applying for a loan modification?  You might be surprised to find out that less than 25% of homeowners who apply actually get approved-and it’s not because they are not deserving or in many cases are actually good candidates.  The real reason for the majority of turn downs is because their application paperwork was not complete correctly.  This is definitely something you can do avoid by simply taking a few hours to learn the basics of the program requirements  before your contact your lender.

Important TIPS

Here are some important tips and instructions that will help you increase your chances of Loan Modification approval:

1. Every bank has standard underwriting guidelines that are used to determine which homeowners will be qualified-these guidelines mainly have to do with the borrowers current financial situation, but also are impacted by the particular programs and investor guidelines.
2. The government program is called HAMP-Home Affordable Modification Program-and the criteria for homeowners is very stringent.  In fact the Fed’s published the actual formula that is used on every homeowners application to determine eligibility.  You can use this same formula to make certain your financial worksheet is prepared right-the Loan Modification Calculator mimics this federal formula and shows you just how your monthly budget should look.
3. It’s best not to disclose your financial information to your lender until you have had the chance to really fine tune and verify that your income, expenses and assets will all pass the underwriting guidelines.  While you can re-apply if turned down, it’s much easier to get it right the first time.
4. The required paperwork has been reduced to make it easier for borrowers, but you will still need to complete the RMA form (including the detailed monthly financial worksheet), a 4506T form, a Dodd Frank Certification and usually 2 most recent paystubs (or other form of income verification) and two most recent
   

   Exact Requirements

   bank statements.

5. Keep in mind that your monthly income, monthly expenses and assets will be carefully reviewed and ONLY if the financial information you provide fits into the loan modification guidelines will you be approved!  This is really about math-so use the Loan Mod Calculator to do all the work for you and avoid mistakes.  Once you know exactly what your income, expenses and assets need to be to PASS, then use those fine tuned figures on your final application form.

Loan Modification is a solution for borrowers who simply can no longer afford their mortgage due to loss of income, increased debts, lack of reserves or other financial hardship.  However, unless your situation fits right into the program guidelines you don’t have much of a chance at approval.  Only those homeowners who can prove in black and white that they pass the criteria will be approved, and that means submitting the perfect application.

Get the real answers and real help you need to apply and qualify for a loan modification-use the #1 selling resource for homeowners, The

Complete Loan Modification Guide kit and Loan Mod Calculator. This system was designed specifically for homeowner use and provides you with the monthly income, expenses and asset requirements.  Visit MyLoanModificationCenter.com for more information on how to get started right.

Help

Feeling frustrated because you are getting nowhere on your Chase loan modification?  It can be very confusing for borrowers who are told that they don’t qualify but have no idea why or how they can turn that denial into an approval.  You do have a right to re-apply, you just need to submit updated, revised financial information.  It won’t do you any good to submit the same information as before-that is why it is critical to know just what the bank needs to see from you this time.

CHASE LOAN MODIFICATION TIPS & TRICKS:

Tip:  Do not submit your application until you have verified that you budget figures will pass the standard guidelines.  Did you know that unless you show just the right amount of monthly income, monthly expenses and assets you will be turned down?  This is where most borrowers make their mistake!

Trick:  Verify that your own budget figures are acceptable by running them through the loan modification calculator-a system designed specifically to help homeowners prepare their financial worksheet.  The Calculator will instantly compute and display your specific income, expense and asset requirements and show you PASS or FAIL.

Tip:  Once you know what budget figures will be required to meet the Chase loan mod guidelines, fine tune your numbers until your information fits perfectly and passes all the 7 triggers.  The Loan Mod Calculator will do all of this for you-use this important information to complete your RMA application correctly.

Exact Requirements

Trick:  Be sure that Chase has received and your new updated application, and most importantly that the new figures have been input into their system accurately.  Very often the bank will misinterpret and input your figures wrong-and this can cause an unjustified denial.  Make them read back to you exactly what they have in their system-and wait while they correct any discrepancies.

If you have been turned down but don’t know exactly why or what it will take to get approved, you need to use the #1 selling system for homeowners.  The Complete Loan Modification Guide kit and Loan Mod Calculator will show you instantly just how to fine tune your budget figures.  It’s all about the math and the formula the bank uses-you can get

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the tips and tricks you need to succeed!  Visit MyLoanModificationCenter.com today.

Apply Correctly

Homeowners who apply for a Citimortgage loan modification will be carefully reviewed to determine if their specific financial situation fits into the program guidelines.  One the requirements is called the Waterfall Method-this is how the bank will modify the terms of the current mortgage to reach the new lower target payment.  You must provide Citimortgage with just the right amount of monthly income, monthly expenses and assets on your financial worksheet in order to pass this guideline.

CITIMORTGAGE LOAN MODIFICATION-WATERFALL GUIDELINES

1. The current mortgage balance and current mortgage payment are key parts of the calculation used by the bank.  The current loan balance must include all missed payments, any costs paid for you-such as property taxes or insurance.  Late fees, penalties and other miscellaneous charges are not allowed to be added into the balance per federal guidelines.
2. The gross monthly household income that you indicate on your RMA financial worksheet will also be used in the Waterfall Calculation.  You must not have too much or too little income in order to pass the criteria.  Verify your required income by running your figures through the Loan Modification Calculator -this program will automatically compute and display how much income you need to pass the Waterfall.
3. The new target payment must be achieved through the standard Waterfall method of modification-lower the interest rate down to 2%, extend the term to 40 years or forgive or forbear some principal balance.  Make sure that you have the right amount of monthly gross income to pass this test-double check this ahead of time with the loan mod calculator results.
4. How low will your new target modified payment be?  You should know ahead of time if a Citimortgage modification will be a solution for you-will the new payment be affordable?  What is the lowest payment you can qualify for?  This is important to know so that you don’t settle for less than what you qualify for.  The loan
   

   Exact Requirements

   modification calculator will display what your new target payment could be, and just how low your new payment could possible be.

Most homeowners simply do not understand the formula that Citimortgage uses to determine who qualifies for a loan modification.  It really has very little to do with how deserving you are, and is more about your monthly budget figures.  This is the most confusing part for borrowers, and the most common reason for denial.  It’s really pretty simple-pass the Waterfall Method of you have a good chance of loan mod approval.

Find out how much income, expenses and assets you need to show in order to pass the Citimortgage Waterfall test.  Get the real answers you need with the #1 selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  Designed specifically

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to assist borrowers prepare their application, this resource will instantly and automatically calculate and display your specific budget requirements for you.  Visit MyLoanModificationCenter.com today for more information.

2011 Guidelines

Homeowners who want to apply for an Indymac loan modification need to understand the 2011 guidelines in order to prepare their application correctly.  Here is a quick checklist of important items:

INDYMAC LOAN MODIFICATION-2011 CHECKLIST

1. RMA form must be carefully completed, including the financial worksheet on page two.  Your monthly budget figures will be carefully reviewed for acceptability.
2. Verify that your household monthly income will pass the guidelines-you cannot show too much or too little income in order to qualify.  Confirm that your budget will pass by running your figures
   

   Exact Requirements

   through the loan modification calculator before submission.

3. Itemize your monthly household expenses, items such as utilities, groceries, insurance, car expenses-these must all demonstrate that you cannot afford the current mortgage payment.  Your current cash flow will be analyzed by Indymac – make sure you pass this guideline by using the loan mod calculator to compute and display the requirements for you.
4. List your assets-checking, savings, CD -all accounts except retirement accounts will be reviewed.  DO you pass the asset requirements?
5. Provide proof of all income noted on the Indymac RMA form-check stubs, bank statements, award letters, canceled checks will be required for any income that you report on the RMA.

The Indymac loan modification 2011 guidelines are very strict-your household budget must be exactly right if you are going to qualify for help.  The monthly income, household expenses and assets must all be submitted correctly and prove in black and white that you are the perfect candidate.

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Learn how to prepare your financial worksheet correctly-use the #1 selling resource for homeowners to help you.  The Complete Loan Modification Guide kit and Loan Mod Calculator automatically and instantly computes and displays your own specific budget requirements.  Visit MyLoanModificationCenter.com today and get started now.