Loan Modification process at Countrywide

Everyone should be able to talk to thier lender themselves and see if they can get their loan modified. It is not very complicated to find out if you qualify or not. Here is some basic information about the Countrywide loan modification process that will help some people gain the courage and knowledge to call Countrywide and get started. A statistics show that less than 15% of homeowners have ever actually spoken with their mortgage holder! That is why it can seem pretty scary to call your lender-especially if you are having difficulties making your mortgage payments. What you need is a little knowledge and preparation so that making the very important phone call will not be very intimidating.

Countrywide has several different types of loan workout programs they are offering to qualified homeowners. The loss mitigation department is where specially trained employees work with at-risk homeowners to discover possible solutions. This may be a loan modification or some other type of loan workout, like a repayment plan or forbearance plan. You, as the homeowner, need to understand what your lender will be needing from you and then make sure you prepare all of your information ahead of time. The one thing loss mitigators dread is a borrower who does not know his financial information, or who is so emotional and unprepared that the phone call is a total waste of everyone’s time.

The first step in the Countrywide loan modification process is to get the application forms and then gather all of your financial information-like paycheck stubs, bank statements, etc. You will need these to complete the forms correctly. Your bank needs to get a clear picture of your current financial situation-this is done by providing a detailed accounting of your income, expenses and assets each month. Based on this information, your bank will decide if you fit into their guidelines for a loan modification or loan workout.

Countrywide wants to know what has happened to your finances that caused this situation. You must also write a letter describing why you need a loan workout. This is usually due to some type of financial hardship, generally loss of income or increased expenses. Again, the loss mitigators want you to be accurate and brief. No need to write a novel, but a descriptive and factual telling of your circumstances will do the trick.

The Countrywide loan modification process has gotten a lot easier since the Obama Home Affordable Modification Plan has been launched. Why? Because now the guidelines for acceptance are standard for everyone-learn these guidelines and then you can fine tune your application so that you have the best chance of qualifying for a very good loan modification. You can learn and use the very same 4 step formula that your bank will use-and give yourself the inside edge you need to save your home.