Unless you know just how much monthly income you need to qualify for a Wells Fargo loan modification, chances are that you will not be able to complete your application correctly. The secret is to fit right into the approval formula-and this means that your monthly income, monthly expenses and assets must all pass the strict guidelines. This is where most people get it wrong and the #1 reason for loan mod denial. The bank uses a standard formula on every application to determine if they will offer a loan workout-either you pass this formula or you are out of luck.
So, how can you find out just how much income you will need to report in order to qualify for a Wells Fargo loan modification? Don’t ask the bank-they won’t tell you because they don’t want you to “cheat”. But is it cheating to adjust your income and expenses so that you can afford to keep you home? Absolutely not! This is critical information that you need to know ahead of time-otherwise how do you know what adjustments need to be made to your budget to qualify?
The monthly income requirements for loan mod approval are standard-regardless of your specific situation or current loan terms, the bank will run your reported income through their system to see if it passes. Too much or too little income is reason for instant denial. So, if you can find out ahead of time just what Wells Fargo needs to see from you, then you will be able to complete your monthly budget correctly and greatly increase your chances of approval.
Before you submit your Wells Fargo loan modification application, be sure to run your figures through the loan mod calculator to verify that you are passing the guidelines. This program was designed specifically for homeowner use and mimics the 7 triggers for approval. The loan modification Calculator will instantly compute
- Gross monthly income required
- Current cash flow
- Debt to income ratio
- Loan to Value ratio
- Asset Ratio
- New loan terms
- Post mod cash flow
All of this information is provided to you before you submit your Wells Fargo loan mod, so that you will know just where you may need to make adjustments to your monthly budget figures. Using the Calculator, fine tune your budget, then use those figures on your final application form. Getting your financial worksheet right is the biggest hurdle-once you show the bank that your financial situation fits right into the guidelines, you will have a very good chance of getting a loan workout with a lower and affordable monthly payment.
Avoid mistake, get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator. This
powerful system you instantly compute and display your own specific income, expense and asset requirements. This is the information you need NOW so that you can have the very best chance of loan mod success. Visit MyLoanModificationCenter.com today and get started now.