The moment you decide to apply for Countrywide loan modification, you will have to add a financial hardship letter to your application. This letter is considered very important, the lender needing to be aware of the circumstances that have led you to default on the loan. Try to make it as compelling as possible, including all the details that you think might be of help. The hardship letter will also have to contain an explanation on how you plan to recover.
The application to this program should also be accompanied by documents that prove your income. You will have to provide recent pay stubs, financial statements from the bank and, depending on the situation, proof of unemployment. The lender might also want to see previous bank statements and tax returns, requiring that you complete the financial statements accurately and without any errors. Given the complexity of the application process, you might want to prepare yourself first.
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Writing a compelling letter, providing all the necessary documents and completing the application correctly can make all the difference in the world. If you want your loan to be modified to affordable payments, then it is advisable to achieve all the things mentioned above at the first try. Otherwise, you run the risk of your application being rejected and then there will be no more solutions left other than face foreclosure. As no one is interested in losing his/her home, applying for a loan modification program is indeed a solution worth putting every effort into.
Officials working for Countrywide have presented their loan modification programs to distressed borrowers, allowing them to reconsider their options. Just as is the case with similar plans, the intention is to keep as many people in their homes as possible. Upon entering the program, the borrowers will benefit from monthly payments that reach 34% of their monthly income. The interest rate will be reduced on a gradual basis and there will also be reductions of the principal. By cutting down on the principal, Countrywide hopes to return lost equity and increase the chances of the borrower recovering.
Countrywide loan modification program requires that one is the primary resident of the property in question. The borrower is given a great opportunity, particularly if we think that there are no fees to pay for the loan modification and that one will even be forgiven in case of previous missed payments. So, what are you waiting for? Find out today if you are eligible or not!
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