Countrywide Loan Modification - They're Motivated To Help You Avoid Foreclosure

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Are you concerned about your late payments on your home mortgage with Countrywide? If so, a Countrywide Loan Modification under the Obama home stimulus package may be just the solution you seek.

Countrywide does not want to foreclose on your home any more than you want them to. It is expensive for them and also consumes valuable time and labor. But, under the Obama Home Stimulus Package, they receive financial incentives, $1000.00 to be exact, for every mortgage that they rewrite. So, they have an extra reason to want to help you right now!

What is a loan modification? Countrywide is an approved lender through the Treasury Department to rework existing mortgages in order to lower the monthly mortgage payment for homeowners who are struggling. They use one or all of several tools at their disposal to reduce house payments and help people to avoid foreclosure. This is done through interest rate reduction, lengthening the loan term, waiving late fees, or even reducing the principal. These efforts are targeted at obtaining a monthly payment (including taxes, insurance and homeowner association dues) that is less than 31% of the homeowner's gross monthly income. To qualify, of course, your current mortgage payment must be more than 31%.

There are other qualifications to apply for a Countrywide Loan Modification. Among them are:

The original loan, a Fannie Mae or Freddie Mac, must have been written on or before January 1, 2009.
The amount of the loan cannot be more than $729,750.
You need to have a verifiable case of financial hardship due to circumstances beyond your control.
You must also be able to present a budget statement to Countrywide that verifies you can dependably meet the modified monthly payment.

You should have all your facts and figures prepared and documentation paperwork compiled before you contact the Countrywide Loss Mitigation Department.


About the Author:
To save your home,click here to get the help you need to qualify for a mortgage modification loan.



Article Originally Published On: http://www.articlesnatch.com


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