The Wells Fargo financial worksheet must be completed by homeowners who apply for a loan modification. This part of the RMA application is where the borrower’s monthly income, expenses and assets must be detailed and listed so the bank can review the information to determine eligibility. It is critical to make sure that this is completed correctly or the application will be denied. Here is some helpful information:
- Never disclose your budget information until you have had the chance to work on it ahead of time-you need to make certain that your financial situation is shown correctly on the application in order to have the best chance of approval.
- Your monthly household gross income cannot be too high or too low-there is a formula that you must pass and this includes how much income to show. To make sure just how much you need to qualify, verify this by running the loan modification calculator-this tool will immediately show you just how much you need to pass the guidelines.
- You must also itemize all your household expenses-things like groceries, utilities, car payments need to be listed. Wells Fargo will review all of this information to determine if your expenses are
acceptable-you need to show that the current mortgage payment is not affordable but that if given a loan modification, you will be able to pay and maintain the new payment. This can be tricky-double check your expenses by running them through the loan mod calculator before submitting for review.
- The Debt Ratio must pass the guidelines for Wells Fargo loan modification approval, and also the Asset Ratio and Cash Flow. This is all part of the standard formula used when reviewing homeowners-this is where must homeowners get it wrong-it’s really just about the math and either you fit or you don’t. Your figures must prove in black and white that you are the perfect candidate.
- The financial worksheet is the key to getting your loan workout approved-the figures you show the bank will be used to determine if you fit the guidelines for approval. It’s really a mathematical formula-and your budget has to fit right into this formula.
It can be frustrating and confusing trying to figure out exactly what Wells Fargo needs to see on your financial worksheet in order to say yes to your loan modification. However, remember that as long as you pass the formula you have a good chance of success. Don’t guess at how to complete this important part of the application-know ahead of time exactly what to show and you will greatly increase your chances of approval.
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