Countrywide Loan Modification Using the Federal Program – Will You Qualify?
Are you eligible for a Countrywide loan modification using the Federal plan introduced by President Obama? If you are facing financial hardship and are at risk of default on your mortgage, this plan may be your solution. Before you contact the bank to apply, make sure you understand the approval requirements and program criteria. Here is some helpful information you should know to get embarked.
Using the Federal loan modification plan to get a loan workout with Countrywide involves several steps. The process is not complicated, but it is critical to do your homework and be ready before you call the lender to apply. Why is this so significant? Well, you only get one chance at this very aggressive loan modification program-you don’t want to risk packing out your forms incorrectly or telling the wrong thing. The bank will base their decision largely on the information you provide to them-make sure you do it right.
The very first step is completing your loan modification forms. This includes a financial statement or budget that details your income and expenses. This is a snapshot of your current financial situation. You must be able to demonstrate in black and white that you will be able to afford the modified payment now and in the future. How do you do this effectively? Be sure to adjust your budget so that you leave some disposable income left after all of your motionless expenses are paid-this assures the bank that you will be able to cover any emergency expenses and not be a risk for default in the future.
Next, gather all of the required documentation together-your income verification, proof of financial hardship, bank statements, tax comes back. You want to have all of your paperwork in front of you before you call Countrywide to begin the loan modification application process. You will have a telephone interview and this involves explaining your request for a loan workout and providing the bank your basic financial information. If you have already fine tuned your budget and know exactly what to say, you will reduce the risk of telling something that could be cause for denial.
Homeowners are getting loans modified with Countrywide using the Federal plan-but only those borrowers who have their forms finished property and can provide the necessary documentation are eligible. Prep is the key to success-your home and financial future are too significant to leave to chance. Make sure you take the time to fine tune your application before contacting the bank.