Example of Financial Worksheet

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Example of a financial worksheet:


Borrower name:
Loan number:

Financial Worksheet

Borrower Information

Property address:

HM# WK# Cell#

Best time to call: Email:

Borrower name:

Soc. Sec. number:

Co borrower name: Soc. Sec. number

Mailing Address:

Employment Information

Borrower: Co Borrower:

Employer position: Employer position:

Income Data


PrimaryHomeowner Additional Occupants
Household income
Employment
Disability
Rental Income
Unemployment
Child Support/Alimony
Other

Total Monthly Income:

Income frecuency:
Weekly[] Bi Weekly[] Semi Monthly[] Monthly[] Quarterly[] Yearly[]

Current Employment status:

Employed Full Time[] Part time[] Unemployed[] Self Employed [] Retired[]


Assets/liabilities:
Automobiles:
Savings/Checking account:
401k
IRA Account
Stock/Bonds/Savings


Please forward to the next post to download a copy of the financial worksheet
for your use.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Please click on the link below to download a copy of the financial worksheet for you to use:
 
N

nativelasvegan

Guest
Good information. I was recently called and asked how long we had been at our present jobs. So to eliminate this question, I would add the date you started your job. It might also be a good idea to go ahead and provide them with a list of your monthly expenses. I did the math for them. Trying to make it as easy as possible, I used excel and showed our monthly "net" income since that is what we actually have, not gross. My list included: monthly tithe, cell phone, power, water, sewer, trash, food, credit card payments, auto loan, college savings, auto payments and insurance, auto maintenance and gas, property taxes and insurance (we do not have an impound/escrow account). I included two lists: one with the current mortgage payment and one reflecting a payment at 31% of our gross income. The first spread sheet with the regular mortgage payment left us with a negative cash flow. The second we had less than $500 left over.
 

Peter123

LoanSafe Member
Oct 27, 2009
13
0
0
Great site Moe, ARE YOU OUT OF YOUR MIND :)

Why include ira & 401k - none of their business. (why , would it help, i assume that's why you include it).

Did I mention, great site??
 

yomann

LoanSafe Member
Oct 11, 2009
960
2
0
S.F. Bay Area, Calif.
Why include ira & 401k - none of their business. (why , would it help, i assume that's why you include it).............
My reasoning for including IRA assets was to show that a small shortfall in income could be overcome by periodic withdrawals from a retirement account.
What does everyone else think ...... ?
 

Cara Luhring

LoanSafe Member
Nov 18, 2009
3
0
0
I have a question and am unsure if this is the right thread in which to post.

My question is this, How do we provide our monthly income when it is never a consistent amount? The hours fluctuate weekly and I don't feel 2 months pay stubs adaquately describes the situation on which we are to be judged for a Loan Mod.

Any and all advisement is appreciated. Thanks.
 

yomann

LoanSafe Member
Oct 11, 2009
960
2
0
S.F. Bay Area, Calif.
....... My question is this, How do we provide our monthly income when it is never a consistent amount?...........
What the servicer is going to do is look at your most recent paychecks YTD figure, and divide by 11 to arrive at your "monthly" income.
Yeah ..... it's not the most accurate, but that's how they figure it.
Now, if your income has been cut in half over the last 2-3 months,you may want to highlight that fact in your hardship letter, and perhaps they will take that into account.
 

Cara Luhring

LoanSafe Member
Nov 18, 2009
3
0
0
What the servicer is going to do is look at your most recent paychecks YTD figure, and divide by 11 to arrive at your "monthly" income.
Yeah ..... it's not the most accurate, but that's how they figure it.
Now, if your income has been cut in half over the last 2-3 months,you may want to highlight that fact in your hardship letter, and perhaps they will take that into account.
Thank You!!! It helps to understand THEIR process.

I would really like to find out what my banks specific modification requirements are but alas that information has eluded me thus far.
 

yomann

LoanSafe Member
Oct 11, 2009
960
2
0
S.F. Bay Area, Calif.
..............I would really like to find out what my banks specific modification requirements are but alas that information has eluded me thus far.
If being considered for a HAMP, your modified payment is targeted at 31% of gross income, and they will look at your budget to see if you make enuf to pay other bills and live on.
There is a LOT of info on the forums about budgets, shortfalls and overages.
Spend a couple of hours reading postings and you will get a feel for it.
 

yomann

LoanSafe Member
Oct 11, 2009
960
2
0
S.F. Bay Area, Calif.
Rental income is taken into account at 75% of actual.
 

davephx

LoanSafe Member
Jul 21, 2009
5,435
47
48
Rental income is taken into account at 75% of actual.
And its the gross rental not net that is discounted 25% for unusual expenses that can come up.. like that roof that needs replacing or repairs after a big storm etc...
 

piche

LoanSafe Member
May 7, 2010
1
0
0
Can someone let me know the right way to calculate de disposal income for a loan modification. Do I use the gross income less the monthly expenses, or do I use the net income. also do I include the mortgage payment eventhough I have not made the payment over 3 months.
 

Tiff ALS

LoanSafe Member
Jun 27, 2010
25
0
0
IRA are reported to IRS annually FYI and any cashing out is allow reported to the IRS and found on your Transcript.