| Trying to get a Countrywide loan modification so you | | | | information could be cause for immediate denial. |
| can lower your monthly mortgage payment? There | | | | Step #5: Provide the bank with everything they need |
| are some things you can do to increase your chance | | | | to see the first time to approve your Countrywide loan |
| of success-don't risk being denied for a loan workout | | | | modification. Missing items will cause your application to |
| simply because you did not take the time to learn and | | | | be set aside and delayed. |
| prepare. Here are 7 Steps to help you qualify for a | | | | Step #6: Determine your target payment so that it |
| Countrywide loan modification. | | | | meets the banks debt ratio requirements and is |
| Step #1: Learn what the guidelines for approval are for | | | | affordable for your family. The new, target payment is |
| a Countrywide loan modification. A successful | | | | one that will allow you to stay in your home and also |
| candidate will be able to prepare their application | | | | meets the lender's guidelines for approval. Do you |
| properly so that it meets this criteria. | | | | know how to calculate your target payment? |
| Step #2: Show the bank that you have suffered a | | | | Step #7: Diligently follow up with the bank after to |
| financial hardship, and through no fault of your own you | | | | have submitted your Countrywide loan modification. |
| can no longer afford your Countrywide loan payments. | | | | Keep a complete record of all of your dealings with |
| An acceptable and convincing hardship letter consists | | | | the loss mitigation department. Do not be discouraged, |
| of 3 key elements-make sure you include all of three in | | | | but be persistent and committed to getting the results |
| your own letter explaining your circumstances. | | | | you need. |
| Step #3: Prepare your financial statements properly so | | | | Many deserving homeowners have not gotten the |
| that they meet the guidelines for a Countrywide loan | | | | Countrywide loan modification they need simply |
| modification. These forms are a snapshot of your | | | | because they were not informed or prepared. You do |
| current financial situation, and must clearly demonstrate | | | | not have to pay thousands of dollars to get the help |
| you inability to afford your current payment, but your | | | | you need-a loan modification is free. Successful |
| ability to pay and maintain the new, modified loan | | | | homeowners have invested their time and energy into |
| payment. | | | | working directly with the bank to lower their monthly |
| Step #4: Make sure that you disclose all of your | | | | mortgage payment. Make the decision to get started |
| income, assets and debts. The information you | | | | today-$75 billion dollars has been allocated to help |
| provided will be verified, and missing or inaccurate | | | | homeowners just like you-don't miss out! |