Help with Financial Worksheet

[alisoncg]

Our loan is supposed to be in the final stages of review but today I received a phone call from ASC asking for a financial worksheet. The caller said he was calling on behalf of the processor who needs this information. He suggested I Google "Wells Fargo Financial Worksheet" and use the one that comes up. Any advice on what they might be looking for before I send this in? For instance, what do I put under "housing" or mortgage pymt.? If we are currently not paying, do we put what we should be paying if we were? I am worried that this last document is going to screw things up or maybe I should say I'm worried that I am going to screw things up! Any advice will be well appreciated.

[Evan Bedard]

Hi Alison,

Did you not supply a financial worksheet when you applied for a modification? Every lender requires this piece of information before they will even review your account. Many times the financial worksheet will just be very outdated and they will want it updated with new dates etc. If you have a copy of the one you sent in prior you could just update that with new dates and make sure that all the information still reflects your current standings..

[alisoncg]

Evan, believe it or not, no we never submitted a worksheet! They initially took some info. over the phone to see if we qualify for a mod. and I gave them some figures off the top of my head. Then they sent me a packet with an application for HAMP and there was no financial worksheet inside. We are apparently being considered for HAMP although they denied us once already. That's why I am so concerned, I am afraid if this is the last little bit of info. they need, and I don't get the figures just right I will be denied again.

[davephx]

No financial worksheet for me either, not required for HAMP. They use your credit report for other debt to test if back end which over 55% have to simply agree to credit counseling, no effect on mod decision... at least per the HAMP directives.

[alisoncg]

Thanks Dave. But if the caller siad they are requesting a financial worksheet I'm betting I better send them one. Although they did say we were being considered for HAMP it is possible that they are looking at an in-house mod also and that could require a worksheet. When you mentioned "other debt" I am assuming you mean credit cards? We have not payed them in so long, they don't even send us statements anymore. I would not know how to put down a minimum monthly payment since I have no idea what that might be! Do I list just the one that we have been paying? It's mine while the others are my husbands. We have tried to keep our debts separate except for the house so we have paid my credit card bill on time.

[davephx]

If the ask for it would provide. Often used for inhouse. Yes credit cards, auto loan studnet loans etc if you have. Only include those you are actually paying currently. If husband is not on the mortgage would not include any of his debts.