Probably the quickest way to damage your chances of obtaining a loan modification approval is to provide information that is inaccurate, whether doing so knowingly or not. The financial worksheet for loan modification is one of, if not the most important element of your application. It’s crucial that you provide information in response to it that is correct and thorough.
The loan modification financial statement requires that you clarify various issues related to your income and expenditures, and that you do so correctly. It’s common that homeowners unknowingly misrepresent their income on this form, and the result can often be a loan modification rejection. Even the underwriters employed by financial institutions have been known to misunderstand some of the concepts and have jeopardized homeowners’ applications.
- Common pitfalls – One common problem area has to do with the way in which the applicant represents his or her gross income. This is especially true of those who are self-employed. Gross revenue derived from a business is not the same as gross income. This is an issue that is confused on many applications, and it can lead to an outcome that is inaccurate and unfair. Another aspect of the loan modification submission form that deals with a homeowner’s financials that is often confused has to do with the correct way in which to represent income derived from rental properties. Just because you bring in some income from a rental property, does not mean that that income must be added to your gross income amount. This is not necessarily the case. Once again, this is an issue that numerous bank underwriters fail to understand properly.
- Embracing expert support – When it comes to submitting your application, you can do you on your own merit without any form of assistance, or you can ensure that you receive the insightful support of expert loan modification help. It makes perfect sense to opt for the latter approach, especially when the support in question is incredibly affordable to make use of. This is where expertly designed loan modification software can be extremely helpful and effective.
- Software engineered for efficiency – Mycaal.com has been designed based on in-depth research and analysis into the loan modification process. It has been created in such a way that every possible component of the application is comprehensively addressed, ensuring that the package you submit to your lender lacks nothing and is 100% accurate. You can have complete peace of mind that the financial worksheet you are submitting covers every conceivable base, and while you’re at it, you can get what no other loan modification software on the market is able to provide – accurate, advanced knowledge of your pre-qualification status.
Don’t settle for a gamble regarding any aspect of your loan modification application. As you know, the stakes are too high, and it’s important to make certain that no part of your application is left to chance. With MyCaal software in your corner you are empowered to pursue your loan modification goals with all the support and tools you need.