Completing the Wells Fargo RMA loan modification official application form is the first step to start the process with the bank. Do you qualify for the HAMP loan mod program or not? Well, based on the financial information you provide on this important form, the bank will decide if they can help you or not. That is why it is critical to understand exactly how you should complete the RMA and what is most important to know ahead of time.
A Wells Fargo loan modification will only be offered to homeowners who can prove that they meet the standard guidelines for acceptance. How is this determined? The biggest part of the entire process is the information provided on the RMA application form. Here are some of the most important things to know about this form:
- You must submit information about both the borrower and co
borrower, indicate if you live in the home now and if you wish to keep the home. If you have moved out within the last year due to hardship, you may still be eligible-but keep in mind the HAMP guidelines are for primary residences only.
- There are 4 boxes you can check that describe the acceptable hardship reasons-loss of income, increased debts, lack of reserves and high monthly debts. You can also write your own explanation-but it should include one of these reasons. Be sure to sign and date any extra pages that you include with the RMA.
- The monthly budget worksheet on page two must show a detailed accounting of your gross monthly income, expenses and assets. Now, this is the tricky part for homeowners-you must show enough income to meet the Waterfall Method of Modification, but not too much income either to pass the debt ratio trigger. Your monthly expenses must demonstrate a hardship, but you must also prove that after the
loan mod you will be able to afford the payment. Your bank balances cannot be too high either. You can verify that your monthly budget meets the approval guidelines by running your figures through the Loan Mod Quick APP calculator-this helpful tool automatically displays passing or failing for the 7 approval triggers used by the bank.
- Be prepared to be able to document all of your earnings, you sign this form under penalty of perjury so the information provided must be accurate.
Take the time to work on your Wells Fargo loan modification RMA application form ahead of time, fine tune your figures using the Loan Mod Quick App calculator and then submit your application with confidence. Remember, you must prove that you fit right into the program guidelines for approval-the RMA form can make or break your chances so be sure to do it right the first time!
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