The Bank of America too, has requirements that a person must meet in order to qualify for its loan modification program.
Owing to the big numbers of people who apply for the loans everyday, and also due to the fact that the global financial crisis has affected nearly every homeowner, competition for this program is always at an all time high.
However, what any borrower needs to get right are the necessary requirements for qualification and chances that your application will be accepted are increased considerably.
One of the key things that the bank considers is a borrower's financial problem.
This is deduced from several factors key among them the debt income ratio.
In other words, the bank determines the amount of money you pay to service your mortgage from your monthly salary expressed as a percentage of your gross monthly income.
The magic number 31% meaning that the amount you pay to service the loan must be more than 31 % of your gross income.
If you meet this criterion, then you have good chances of having your application approved.
On the other hand, if the amount is less than this threshold, then the bank will assume you can service your mortgage comfortably.
You can learn how to calculate the debt income ratio from several web sites on the internet but you can also solicit the services of a professional.
Once you meet this minimum requirement, you can then apply for the bank's mortgage modification.
Because you will find that many people meet this criterion, you will realize meeting it is a special thing.
You must still be on top of your game to have your application considered.
You will be required to do some paperwork.
These must be filled correctly and very keenly.
Several people have been denied approvals on account of filling the files wrongly, omissions, or filling particular data in the wrong field.
You must always remember that the aim of the bank is to reduce the number of applicants and the reasons for denial can be very flimsy.
So do not give them the chance.
Owing to the big numbers of people who apply for the loans everyday, and also due to the fact that the global financial crisis has affected nearly every homeowner, competition for this program is always at an all time high.
However, what any borrower needs to get right are the necessary requirements for qualification and chances that your application will be accepted are increased considerably.
One of the key things that the bank considers is a borrower's financial problem.
This is deduced from several factors key among them the debt income ratio.
In other words, the bank determines the amount of money you pay to service your mortgage from your monthly salary expressed as a percentage of your gross monthly income.
The magic number 31% meaning that the amount you pay to service the loan must be more than 31 % of your gross income.
If you meet this criterion, then you have good chances of having your application approved.
On the other hand, if the amount is less than this threshold, then the bank will assume you can service your mortgage comfortably.
You can learn how to calculate the debt income ratio from several web sites on the internet but you can also solicit the services of a professional.
Once you meet this minimum requirement, you can then apply for the bank's mortgage modification.
Because you will find that many people meet this criterion, you will realize meeting it is a special thing.
You must still be on top of your game to have your application considered.
You will be required to do some paperwork.
These must be filled correctly and very keenly.
Several people have been denied approvals on account of filling the files wrongly, omissions, or filling particular data in the wrong field.
You must always remember that the aim of the bank is to reduce the number of applicants and the reasons for denial can be very flimsy.
So do not give them the chance.