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How to Get a Countrywide Loan Modification
Getting a Countrywide loan modification is easier than ever. The lender has started a streamlined approval process and their debt to income requirement has fallen to 34%. If you’re looking to get a countrywide loan modification, keep the following points in mind to make your chances for approval rise and to take a load of stress off your shoulders filling out the paperwork and waiting to get a response.
You’re statistically more likely to be approved if you know Countrywide’s requirements first. A few lenders do have the information online, but in most cases you will need to call and speak to their loss mitigation department to get the requirements. You can also get the details on their modification programs from the loss mitigation department.
You can either choose to handle your countrywide loan modification yourself, or you may hire some assistance. Under the Home Affordable Modification Program all homeowners attempting to get a modification are eligible to speak with an FHA representative and to possibly have them negotiate with Countrywide. There are also modification companies available to give you the same services as the FHA reps, but for a fee. These are useful if the wait for an FHA representative is too long. It’s recommended to get assistance when trying to get a modification from Countrywide.
You don’t just have to fill out the application for modification, you also have to write a hardship letter to explain why you need to have your mortgage modified. The hardship letter may seem intimidating, but there are plenty of sources on line for samples and tips on writing it. If you use some sort of specialist, they will help you write up the letter.
It’s worth mentioning that Countrywide only accepts modifications on mortgages started between January, 2004 and December, 2007. Also that Countrywide is now owned by Bank of America, meaning that their requirements are identical to those of Bank of America.
If your mortgage is under Countrywide, it shouldn’t be too difficult to get a modification as long as you are backed by some sort of professional. Their approval rate has skyrocketed, though their program selection isn’t great.
Also keep in mind that it takes eight weeks for a Countrywide loan modification to be approved. So while a loan modification can help you, it is not an instant solution. What’s more is the modification is not an excuse to not make your payments. Be prompt with your monthly payments while awaiting approval.
Countrywide Loan Modification – Countrywide Wants You to Keep Your Home
Are you in default on your home mortgage with Countrywide? Is foreclosure looming over you and you don’t think there is a way out? It might surprise you that Countrywide does not want you to lose your home. A Countrywide Loan Modification might be the solution for your financial situation.
Foreclosure is a traumatic event. Anyone who has experienced it will tell you it is very difficult on many levels. But, one thing you may not have understood is how unpleasant a foreclosure is for the bank or lender. It is a time-consuming thing for them, using many labor hours in the process. There is also quite a lot of expense involved, and in this economy it can be even more. The housing market is at a dead standstill, so a foreclosed house could sit vacant for a very long time. During this period, it is not making money, and actually is costing money. So, it is important to note that Countrywide does not want to foreclose on your house.
They also have some extra incentive to help you avoid foreclosure. There is a government program, the Home Stimulus Plan, that pays them $ 1000.00 for each loan that they rewrite for a homeowner in financial hardship. These rewritten loans have the goal of lowering the homeowner’s payment to less than 31% of their gross monthly income. The lenders must be on an Approved Lender list, and fortunately, Countrywide is on that list!
There are various qualifications involved in this process, and you need to investigate whether you might qualify to apply. Experts always advise that you compile all your information and documenting paperwork before you contact Countrywide for the best chance of success. The thing you must remember is that you are only allowed one application under this program. So you want to make sure it is done correctly and to your best advantage. This program ends on December 31, 2012.
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