Tips to help you get loan modifications all over the country with Countrywide

Getting a Countywide loan modification is not easy seeing as many people have been applying for one since the recession hit America. The fact is that many homeowners were fortunate enough to have got a nod for their application and have received a nice loan workout from Countrywide. Some of them have had their interest rates slashed down to around 3%. How can you qualify for such a lucrative loan modification program? Here are a few very useful tips to help boost your chances of getting the application approved and grabbing that loan modification.

1. Homeowners must have proof and demonstrate the fact that they are experiencing a financial hardship such as a loss of job, a reduced income, death of a family member, rising medical expenses, taking part in military service, a job transfer or even a divorce or a separation may be acceptable situations which warrant a loan modification. The loss of equity on the home alone is not enough to get a Countrywide loan workout. These reasons should be written in a convincing letter with an explanation for the circumstances to demonstrate that you are indeed a good candidate to receive a loan modification.

2. Provide some proof of the financial hardships you are going through right now. Include copies of documents like medical bills, divorce paperwork or a signed letter from our employer confirming a reduction in your salary. Communicate clearly with the bank and allow them to empathize with the situation you are in. This will really help in the approval of your application for a Countrywide loan modification.

3. Come up with a new plan for the new mortgage payments taking into account the family budget and making sure that you are able to maintain it. Countrywide simply needs to be assured of your diligence and be confident that you are able to make timely payments and will not default again. This new payment plan may be determined with the help of an interest rate reduction, applying for a longer loan period or even a lower principal balance. Also, this payment should meet certain criteria on debt ratio.

4. Submit a copy of your financial statements to notify Countrywide of your current financial status. This is the proof that you are not able to afford your current mortgage payment, but at the same time you may be able to afford and sustain payment for a lower mortgage plan. This may be a little complicated, but you must convince the bank with evidence that you have the ability to pay for the new loan plan.

5. Don’t forget to submit also a completed Countrywide loan modification package form with all the information required to allow them to review your application and make a decision. Remember that missing items and incomplete packages will not be entertained and simply set aside. Use the Document Checklist submission sheet to make sure that all the required documents are complete. Seal the envelope nicely and submit it as soon as possible for quick results.