Affordability Worksheet

We have prepared a short financial worksheet for you to fill in to see for yourself if you will qualify for any form of work-out with your lender.

This worksheet is for your eyes only, please print it and fill it in.

The questions on this form are NOT the only qualifying criteria, however, this is the financial criteria that decisions will be based upon.

It is important to fill in the actual amounts, your lender will verify all information before making their decision. Any erroneous amounts will be caught and you will only be fooling yourself.

The process of mitigating your mortgage back to reinstatement involves a considerable amount of paperwork, skill, an imperative financial commitment and involvement on your part.

Understand that during the complete work-out agreement period, your lender will be compiling a complete financial statement from you with documentation to prove that you deserve a second chance at your mortgage and that you have the ability to meet your mortgage and work-out agreement terms.

Personal Information

First Name:
Last Name:
Address:
City, State and Zip:
Contact Phone:
E-Mail address:
Is the house you want to save;
Your Personal Home
Investment Property

Household Income

1. Your Weekly Net Income: $
2. Spouse's Weekly Net Income: $
3. Other Weekly Net Income: $
Add lines 1, 2 & 3 to get total weekly household "Net" income (after taxes) and enter on line 4
4. Total Household Weekly Net Income: $
Multiply line 4 by 52 (weeks) and divide by 12 (months) ~ Enter amount on line 5
5. Monthly Household Net Income: $
Enter Other Monthly income, not entered above, on line 6 ~ such as; Alimony, Child Support, Social Security, ect.
6. Other Household Monthly Income: $
Add lines 5 & 6 and enter amount on line 7
7. Total Household Monthly Income: $

Household Expenses ~ Per Month

Make a close as possible estimate of your average monthly utility bills and enter that amount on line 8 ~ Utility bills would include; Gas, Electric, Water, Sewer, Garbage, Cable & Phone
8. Utilities: $
Enter you monthly automobile Payment(s) on line 9 ~ if more than one, add them together
9. Monthly Automobile Payment(s): $
Enter your monthly insurance payments on line 10 ~ Insurance includes; Automobile Insurance, Life Insurance, homeowners Insurance (if not included in your mortgage payment) and Health Insurance ~ if you pay your premium annually (once a year) divide the premium by 12 for the monthly amount, semi annually (every six months) divide the premium by 6 for the monthly amount, or quarterly (four times a year - every three months) divide the premium by 3 for the monthly amount.
10. Monthly Insurance Expense: $
Enter the total of all of your credit card payments due each month on line 11
11. Monthly Credit Card Expense: $
Enter monthly budget expense for food and gas (auto) on line 12
12. Miscellaneous Monthly expenses: $
Enter any other additional monthly expenses, such as; Alimony, Child Support, Ect. on line 13
13. Other Monthly expenses: $
Add lines 8, 9, 10, 11, 12, & 13 and enter amount on line 14
14. Total Household Monthly Expenses: $

Analysis

Subtract amount on line 14 from amount on line 7 and enter on line 15
15. Money Available for Mortgage Payment: $
Insert your current monthly mortgage payment (or payments if more than one mortgage) amount on line 16
16. Current Monthly Mortgage Payment: $
If the amount of the mortgage payment on line 16 is a lower amount than the money available amount on line 15, you will have a good chance to have a work-out agreement accepted. If the amount of the mortgage payment on line 16 is a higher amount than the money available amount on line 15, please think about how you will be able to assure the mortgage company you will be able to make your mortgage payment.
17. I have a bank account.
Yes
No
18. Approximate balance: $
A bank account is the method to show the lender that you are saving money (an amount equal to your current mortgage payment(s) each month) and that you will be able to make future mortgage payments.

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