coutrywide loans

Countrywide Loans

Executive Compilation By John Noble

Countrywide Loan Modification – The Real Scoop on How to Get Help
Executive Summary By Susan V. Gregory

Loss of equity alone is not an acceptable reason for a Countrywide loan modification. Make it easy for the bank to empathize with your situation and approve your Countrywide loan modification application.

This new Target payment can be determined by using a combination of interest rate reduction, longer loan term or a lower principal balance. Tip: Submit accurate and acceptable financial statements that paint the picture of your current financial situation. This is where you show Countrywide in black and white that the current mortgage payment is not affordable, but that you can afford to pay and sustain a lower, modified Target payment. Tip: Make sure you prepare and submit a complete Countrywide loan modification package that includes everything the lender needs to review and make their determination. While there is no guarantee of success, an informed and prepared homeowner can greatly increase their chances of getting the most beneficial Countrywide loan modification available.

Tips – Learn How to Increase Your Chance For Approval
Executive Summary By Susan V. Gregory

Homeowners trying to get help with a Countrywide loan modification can improve their chances of success by learning a few secrets from the pros. You must demonstrate a financial hardship to qualify for a Countrywide loan modification. INSIDER TIP: back up your story with proof of your hardship, ie: medical bills, letter from employer, etc.

Make sure your new payment fits within Countrywide’s loan modification guidelines-learn how to calculate the ideal monthly payment to increase your chance for approval.  Complete the required financial statements detailing all of your income and expenses so Countrywide has an accurate picture of your current financial situation. Prove to the bank that if given the new, lower modified mortgage payment you will be able to afford it. Before you send in your application for a Countrywide loan modification, take the time to research, learn and prepare.

Countrywide Loan Modification – Who Gets a Principal Reduction and Why?
Executive Summary By Susan V. Gregory

Countrywide agreed to offer eligible borrowers in 11 states loan modifications that featured.  400,000 borrowers in the 11 states originally included in the Countrywide lawsuit are eligible for this special loan modification outreach.  If you live in one of these states and your loan was originated between January 1, 2004 and December 31, 2007 you may qualify for a principal reduction on your home loan.  Homeowners stuck with Pay Option Arm loans where the loan balance can actually increase with every payment made are good candidates for a Countrywide loan modification featuring principal reduction.  Every homeowner stuck in an unaffordable Countrywide loan needs to take the time to learn how they could qualify for a loan modification to lower their mortgage payment.

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