Financial Worksheet for Loan Modification

By: Timothy McFarlin | Published: October 16th, 2010 | Category: Budget & Debts, Foreclosure Issues, Loan Modification

One of the biggest concerns for homeowners looking to keep their property out of foreclosure is the financial worksheet for loan modification. The loan modification financial worksheet is a critical document because it tells the mortgage company the borrowers’ story in a nutshell. For that reason, the financial worksheet for loan modification must be completed carefully, diligently and completely. I’ve compiled some tips to help homeowners complete their financial worksheet for loan modification to give themselves the best chance of success on their loan modification.

Loan Modification Financial Worksheet Tip 1: Make Sure there’s Plenty of Income

I’d say the number one reason homeowners are turned down for loan modification is not showing enough income on their financial worksheet. The lender wants to see regular monthly income that exceeds total monthly expenses. It sounds simple enough, but there are ways the lender chooses to look at things which can quickly disqualify you. Remember, your gross income is important, but it doesn’t tell the whole story, there are always taxes, and often insurance taken out, and for loan modification financial worksheet purposes, the net income (after taxes, etc.), must be enough to pay the mortgage payment as well as necessary household expenses.

Loan Modification Financial Worksheet Tip 2: Keep an Eye on Expenses

The other side of the equation for your financial worksheet for loan modification is the household expenses. Remember, those household expenses must be reasonable for the area, size of your home, and household size. Also, don’t forget about other bills you pay that are a drain on your finances such as car payments, installment payments (furniture, electronics financing), credit card payments, and student loans. Most commonly, the lender will pull a credit report and see all these expenses for themselves, so there’s no sense trying to sidestep it. Those monthly household expenses must be listed and offset with more income on your financial worksheet for loan modification.

California Loan Modification Lawyers

McFarlin LLP lawyers can help with your financial worksheet for loan modification. Our loan modification lawyers represent borrowers in San Francisco, Riverside, Long Beach, Newport Beach, Costa Mesa, Anaheim, Yorba Linda, Buena Park, Orange and throughout California. Our attorneys are available to provide you with honest reliable advice at our Orange County or Los Angeles offices or over the phone. When completing your financial worksheet for loan modification, it is a very good idea to consider hiring a qualified loan modification lawyer to represent you and protect your interests. Call us today at (888) 728-0044.

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