Financial Worksheet for Countrywide

Tom, Great question. The financial worksheet should be filled out completely and as accurately as possible. After being employed and having verifiable income this is the most important document in attempting a loan modification. One problem I constantly run into; borrowers that have a negative cash-flow at the end of the month. This will doom a loan modification. One reason this happens is that many borrowers feel that if they are overly generous (for lack of a better term) with their expenses that will help in the process. IT IS EXACTLY THE OPPOSITE. You must have a positive cash flow at the end of the month or they will not modify your loan. The rationale is that you will still not be able to afford the loan even after it is modified so why should they bother. So you must always be careful in completing this statement.