Loan modification is nothing but modification to an existing loan. People often think that forbearance agreement and loan modification are one and the same. The former provides short- term relief whereas the latter provides long-term relief.
Countrywide Loan modification is given to people who are facing financial trouble and therefore, are not able to pay off their loans. Not everyone is eligible to achieve a loan modification from the bank. To apply for such modifications, the countrywide bank requires the following documents along with the application form:
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The Required Forms
o A letter explaining the reason for financial crisis. Include the measures that have been taken from the applicant's side to overcome the situation.
o Proof of income and expenditure.
o Documents of Financial statements.
o Bank statements and tax returns of the last 2 years.
When all the above said documents are submitted to the lender along with the application form, the Bank decides the payment scheme by cutting down interest rates. The advantage of this loan modification is that no modification fee is charged on the borrower.
Guidelines for Borrowers
Countrywide Loan Modification program is an option offered by Countrywide bank. In order to avail this facility the following guidelines need to be followed:
For approval from the lender, full information needs to be given through the application form. Knowledge of all the policies available with the bank would be good. People likely to face difficulty in repaying can specify the same in their forms. The Bank needs to be given full description of the financial status of the borrower depending on which the bank can assist you in choosing the best option. People having sufficient funds may employ a representative for managing all their work with respect to their loan. Thorough research on all available options will help in reducing all the likely mistakes in the process.
Countrywide loan modification is a blessing to the unemployed and to those in financial stress. This mode of payment is affordable by the customers since payment is made at low interest rates. To understand the program, a Complete Loan Modification Guide is available, which includes tips on how to fill up the application form properly and how to calculate the debt ratio. It also helps the candidate how to describe their financial situations and fill up the financial statements before submitting the form to the lender.
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