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:
- Gross Monthly Income-cannot be too high or too low
- NET Monthly Income- important for the Debt Coverage Ratio Guideline (don’t worry, I’ll explain this later)
- Monthly Household Expenses-this amount is used to determine your Current Cash Flow figure (important!)
- 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
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 MyLoanModificationCenter.com and get started immediately.