Countywide Mortgage Modification

Do you qualify for a Countrywide loan modification under the Federal Program instituted by President Obama? This plan may be just what you need if you are in financial hardship and fear foreclosure on your home. Make sure you understand the eligibility requirements and what the program actually entails before you even speak to the bank. There are several steps you need to take to get a loan modification plan with Countrywide under the Federal program. The loan process is not extremely complicated, but it is crucial to your success that you do your research and be an informed borrower. You only get one chance to apply, so you don't want to go about it the wrong way. Countrywide's decision will be based on the information you provide either on paper or orally, so the forms need to be done correctly and you need to be careful and not say the wrong thing.

Here are some steps you need to take to provide the best opportunity of acceptance and ultimately saving the home you love:

· Loan modification forms are the first item you need to complete. This involves a financial statement, which is a budget showing your monthly income and monthly expenses. This is a picture of your financial situation you are presenting to the mortgage home loan lender. This statement must present clearly to Countrywide that you will be able to pay the modified payment and that you have enough leftover money at the end of each month, or disposable income, to handle any unforeseen expenses without defaulting on your mortgage.

· You need to gather all your completed paperwork and documentation to have in front of you when you are discussing your eligibility with Countrywide. This will include all completed forms, income verification, and proof of financial hardship, bank statements, and tax returns. This telephone interview consists of giving Countrywide your basic financial details and explaining why you are requesting a loan modification under Obama's federal program. Having prepared your paperwork and fine-tuned your budget, you will avoid saying something that could abort your application process before it starts.

Homeowners are obtaining loan modifications with Countrywide under the federal plan, but only if they correctly fill out their forms and provide documentation. Preparation is the secret to success. Your home is at stake; be sure you prepare and fine-tune your application before contacting the bank.Click here

Preventing Foreclosures with CountryWide Loan Modification

If your mortgage is held by Countrywide, you can apply for a loan modification to make changes in your current mortgage. President Obama's nationwide plan, Home Affordable Loan Modification, includes homeowners who have borrowed from Countrywide.

Included in the plan is a time frame for its implementation, meaning foreclosure proceedings can be delayed. It is expected that the Home Affordable Loan Modification plan will help close to 5 million families keep their homes through proactive loan work around terms.

This delay in foreclosure proceedings gives homeowners time to apply for the program. In order to be eligible for a home modification under the Obama plan, you must:

- Currently be paying more than 31% of your before tax income, including all your taxes, insurance and homeowner association dues - Have negotiated your mortgages before 2009 and owe less than $729,750 - Find it impossible to meet your current mortgage obligation - Live in the home for which the mortgage is held

Following this plan, your current interest rate may be reduced to as little as 2% and your Mortgage loan can be extended to 40 years. It is also possible that some of your principal balance may be deferred. The goal of the plan is to reduce your mortgage payment to just 31% of your gross income. Countrywide received an incentive payment from the government for every loan modification they approve, and the government will help with any lost revenues due to the loan modifications. This means that Countrywide is also very motivated to approve loan modifications for qualified mortgage holders.

If paying your monthly mortgage is causing you to be stressed or you are starting to worry about how you will do this in the future, there is good news. With the implementation of this current play, there are more opportunities that ever to work with your lender to find a solution. Not everyone is eligible, but you can improve the chances of approval if you have all your paperwork in order. Begin the loan modification process today and take the steps needed to keep your home.