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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