Countrywide Loan Modification Terms Can Lower Your Payment With a 2% Interest Rate
Homeowners facing high mortgage payments and who may have suffered a financial hardship could be eligible for a very aggressive Countrywide loan modification designed to prevent foreclosure.
The idea is to modify the existing loan into a lower interest rate with affordable payments so borrowers will be able to stay in their home.
The lender is offering help to borrowers who qualify-find out who is eligible and how to apply for this lifeline designed to make your home loan affordable.
The continued rise in foreclosures has motivated the Treasury Department to implement the most far reaching stimulus plan to date, a program that is designed to help homeowners get a loan workout so they can avoid foreclosure.
Countrywide is approved to offer this mortgage modification to their borrowers who are able to meet the approval guidelines.
If you are facing the prospect of losing your home, or have had a change in your financial situation that has made your mortgage unaffordable, you need to learn how to apply and qualify for the plan, called Home Affordable Modification.
How do you know if you are eligible for this program? The first step is to determine if you meet the basic guidelines.
Can you answer yes to these questions?
However, not all homeowners will qualify-you must be able to prove in black and white that you meet the guidelines.
How do you do this? Countrywide will ask you to complete an application that includes some loan modification forms.
You will also have to give a short telephone interview with a loss mitigation counselor.
This can be tricky-the information you provide will be used to determine if you qualify or not.
Do NOT contact the bank and give them your information until your understand how to complete your paperwork and how to answer the questions correctly.
If you qualify for this Countrywide loan modification, your interest rate could be reduced to as low as 2%, your loan term could be extended to as long as 40 years and some of the principal balance may be deferred.
The new target payment should equal just 31% of your gross monthly income-that also includes your taxes, insurance and any homeowners dues.
The new payment will be offered for a 90 day trial, and as long as you pay on time, that payment will be continued for the next 5 years.
Unfortunately, even deserving borrowers may be declined if they do not prepare their loan modification forms correctly.
You must be able to prove that you meet the qualifications.
Be sure to prepare your paperwork before contacting Countrywide-you do not want to be stumbling about and face the risk of saying or doing the wrong thing.
Your home is on the line-be certain you are prepared and knowledgeable before applying.
The idea is to modify the existing loan into a lower interest rate with affordable payments so borrowers will be able to stay in their home.
The lender is offering help to borrowers who qualify-find out who is eligible and how to apply for this lifeline designed to make your home loan affordable.
The continued rise in foreclosures has motivated the Treasury Department to implement the most far reaching stimulus plan to date, a program that is designed to help homeowners get a loan workout so they can avoid foreclosure.
Countrywide is approved to offer this mortgage modification to their borrowers who are able to meet the approval guidelines.
If you are facing the prospect of losing your home, or have had a change in your financial situation that has made your mortgage unaffordable, you need to learn how to apply and qualify for the plan, called Home Affordable Modification.
How do you know if you are eligible for this program? The first step is to determine if you meet the basic guidelines.
Can you answer yes to these questions?
- Do you live in the home as your primary residence?
- Was your loan taken out before January 1, 2009?
- Is your loan amount less than $729,750?
- Does your current payment equal more than 31% of your gross monthly income?
- Are you facing a financial hardship situation?
However, not all homeowners will qualify-you must be able to prove in black and white that you meet the guidelines.
How do you do this? Countrywide will ask you to complete an application that includes some loan modification forms.
You will also have to give a short telephone interview with a loss mitigation counselor.
This can be tricky-the information you provide will be used to determine if you qualify or not.
Do NOT contact the bank and give them your information until your understand how to complete your paperwork and how to answer the questions correctly.
If you qualify for this Countrywide loan modification, your interest rate could be reduced to as low as 2%, your loan term could be extended to as long as 40 years and some of the principal balance may be deferred.
The new target payment should equal just 31% of your gross monthly income-that also includes your taxes, insurance and any homeowners dues.
The new payment will be offered for a 90 day trial, and as long as you pay on time, that payment will be continued for the next 5 years.
Unfortunately, even deserving borrowers may be declined if they do not prepare their loan modification forms correctly.
You must be able to prove that you meet the qualifications.
Be sure to prepare your paperwork before contacting Countrywide-you do not want to be stumbling about and face the risk of saying or doing the wrong thing.
Your home is on the line-be certain you are prepared and knowledgeable before applying.