If you need help with lowering your unaffordable mortgage payment, then before you contact Countrywide make sure you understand how to find, complete and submit the required loan modification forms properly so you can increase your chances of approval. There is an application process, and this involves submitting some required forms. Your lender will then review these loan modification forms, and based on what they see, make a determination if you are a good candidate for a loan workout. It is extremely important that you know where to get these forms and how to complete them so they will be acceptable to your lender.

Here is a brief list and description of some of the Countrywide loan modification forms that are required:

1. Borrowers Information Statement: This is all of your basic information; name, address, employment information, spouse and dependent information, etc.
2. Financial Statement: This loan modification form details all of your income and expenses for the lender. It basically paints the picture of your current financial situation so that the bank can clearly see that the current payment is unaffordable. However, you must also show the bank that if granted the loan modification, you will be able to afford and maintain the new lower mortgage payment. This can be somewhat tricky, but make it simple by providing you with a Current and a Proposed Financial Statement.  It is critical to work on this before you contact Countrywide.  You will be able to make any adjustments to your budget so that you fit the approval guidelines.
3. Hardship Letter: One of the most important qualifications for a loan modifications is the evidence of a financial hardship. The lender needs to know that due to circumstances out of your control you can no longer afford the current mortgage payment. You will need to compose a convincing Hardship Letter that explains your circumstances and gives the bank assurance that you have taken the necessary steps tor remedy the situation and are committed to sustained home ownership. Get help to do this with a Hardship Letter outline as well as a letter template to make writing this important letter easy.  Make sure you cover the 3 critical elements of an effective letter.
4. Submission Checklist: This is an easy to follow checklist and stacking order that you use to submit all of the forms into a complete and professional package to your lender.

Make sure that you understand just what Countrywide is looking for on your forms in order to qualify.  The federal guidelines for HAMP-Home Affordable Modification- are standard for everyone.  Why not use the very same formula your bank will use to make sure your forms are accurate and acceptable?  Take advantage of a software program that mimics the federal guidelines to avoid mistakes.  Simply input your own income and expenses and your debt ratio, asset ratio, target payment, new interest rate and 3 other critical calculations are all done automatically for you.  Eliminate the guess work and frustration and give yourself an inside edge.

Acquiring and completing the Countrywide loan modification forms can be frustrating and confusing, but don’t give up-your home is worth the time and effort you spend to learn, prepare and apply for a loan workout. Make sure you have a good general understanding of how the process works, and how to complete the required loan modification forms to increase your chances of getting an approval. Doing nothing is the worse thing you can do-time is not on your side, get started now to get the help you need and deserve.  There are billions of dollars in government aid waiting for qualified borrowers-make sure you get your share.

Download immediately!

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Federal Plan

The Treasury Department is frustrated with the lender taking months and months to review HAMP loan modification applications while homeowners struggle to hold onto their homes. The dismal success rate for loan workouts using the federal program has meant that the vast majority of borrowers have not been helped using the government backed home rescue plan. This is going to change as Obama has now mandated timelines and revised approval processes that Indymac will be following.

Indymac Loan modification help under HAMP will now be determined within 30 days of receiving a homeowners complete application. Here is the basic timeline that the Fed announced needs to be implemented immediately:

• Written confirmation of receipt of loan modification request within 10 days
• Approval or denial for Indymac loan modification within 30 days of receipt of homeowners complete application
• 3 month Trial Modification given to qualified borrowers and at the end of the trial the modification will become permanent automatically.
• If denied a loan workout, homeowners will be offered another option such as short sale, deed in lieu or other exit strategy.

Finally good news for millions of homeowners who have been getting the run around from Indymac-sending and resending the same information over and over again, or being told they are approved one day and then the next week being told they do not qualify. This also means that homeowners will only have one chance to apply-so it is very important to prepare and accurate and acceptable loan modification application the first time.

Get the help you need to prepare your own accurate and acceptable Indymac loan modification application.

Download immediately!

The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Frustrated with the long wait times, numerous requests for the same documents and getting the run around from your lender?  Well, the loan modification process is going to be getting a lot better real soon as the Fed has told banks to change their method of reviewing applications and stop all the delays.  This is good news for homeowners who are at the end of their rope and frustrated with their banks being unable to give them a straight answer.

The loan modification process has been painful up until now.  The statistics of finalized loan modifications are dismal, and the FED has put a stop to lenders offering trial modifications for homeowners who have not yet provided all of their documentation.  A big part of the failure to permanently modify loans has been that once the borrower provided all of their income documentation and financial statement, it was determined that they did not qualify after all.  The trial modification was canceled, and the borrower was blindsided with learning they would not be able to take advantage of Obama’s loan modification.

Know the 3 critical elements of a hardship letter

Now, lenders will have to follow a set timeline and loan modification process-hopefully to speed up the final outcome for stressed out and desperate homeowners.  Here is the new timeline for loan modification applications:

1. Banks must respond to loan modification applications within 10 days of receipt, acknowledging the request and asking for missing documentation
2. Once they receive the documentation, they must give an answer within 30 days-either yes or no.
3. If yes, then the homeowner will be put on a 3 month trial-if payments are made on time, the loan modification will become permanent AUTOMATICALLY.  No more reapplying or updating info.
4. If no, then the borrower will be offered some other option, like short sale or deed-in-lieu (foreclosure)

The good news is that the waiting time will be much shorter for homeowners to find out if they qualify for Obama’s loan modification-but that is also bad news for borrowers who do know how to prepare and submit an acceptable application.  Think about it-you only get one chance so you have to do it right the first time.

Obama’s loan modification process requires you to submit a financial statement that details your monthly income and expenses.  Based on the information you provide, your bank will decide if you fit into the federal guidelines for acceptance.  There is a standard formula that you need to meet-use this formula and you will have a good chance of approval.  Your debt ratio, disposable income and asset ratio are a few of these qualifications-do you know how to figure those out?  Don’t worry-you can use a software program that does all the calculations for you automatically.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out

Download immediately!

of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Obama’s new loan modification plan was announced as a way to help homeowners who are unemployed or who have lost so much value in their homes that they do not have any other options to maintain homeownership.  Unemployment levels are at record highs and are causing many borrowers to become delinquent on their home loans for the first time.  These formerly good credit homeowners are faced with few options under the current loan modification plans, because they cannot prove enough income to meet the federal approval guidelines.

Obama’s new loan modification plan was announced as a way to help the hardest hit states provide some home retention alternatives for unemployed homeowners.  The states that will be able to offer this assistance are:

• California
• Arizona
• Michigan
• Florida
• Nevada

The details fo Obama’s loan modification plan have not yet been announced, but the guidelines will probably be close to the HAMP criteria.  In all likelihood it will be for primary residences only and homeowners will have to provide documentation about their unemployed status and also regarding their financial hardship situation.

Homeowners will have to provide a financial statement and hardship letter along the lines of Obama’s HAMP loan modification program.  It is critical to know how to prepare your paperwork correctly so you don’t miss out on this chance for government assistance.  Take the time to learn and be prepared before you contact your lender-it could be the difference between success and failure.

Do you need help to figure your debt ratio or disposable income?  What about how to determine your new target payment and new loan terms?  Don’t worry-you can save hours of time and frustration and avoid mistakes with the help of a software program that does all the calculations for you automatically.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Federal Plan

Completing your loan modification forms correctly is the key to getting approved for the loan workout you need.  The fact is that your lender will base their decision in large part on the information you provide to them-so make sure that you have the upfront information you need to do it right.  Here are a few important tips that your lender won’t tell you-but that you need to know before you apply for a loan modification.

First of all, know what you are asking for on your loan modification forms.  This means that you have figured out a new family budget and determined an affordable new mortgage payment that you can pay and maintain.  This is called your target payment, and this is your goal when working with your lender.  Your loan modification forms need to prove clearly, in black and white, that you can afford this new modified target payment so that your bank will be motivated to help you.  To compute your new target payment, you must take into consideration your lenders debt ratio approval guidelines so that the new payment not only fits your budget, but also meets the banks criteria.  This is not hard to do once you understand how to calculate your own debt ratio-you can get directions on how to do this with the help of a handbook.

The federal plan called Home Affordable Modification or HAMP, has set a target payment that equals just 31% of the household gross income.  Keep in mind that this payment also includes your monthly property taxes, homeowners insurance and any homeowners dues.  The goal is to give you an affordable and sustainable mortgage payment to avoid foreclosure.  It is important to know what your target payment is-you may need to adjust your budget so that your lender will see that after modification you will be able to afford to make that payment every month.  Sometimes just a couple of hundred dollars one way or the other can make or break your application.  You need to know this ahead of time when you are preparing your loan modification forms.  The Loan Mod Quick App software will calculate all of this for you automatically.

Here’s an important tip when completing your loan modification forms-be sure that you have eliminated any unnecessary expenses from your financial statement.  Your lender is looking to see that you have made home ownership a priority, so items like luxury car payments, club memberships or frivolous expenses will not be looked on favorably.  You must prove to your lender that you are doing everything you can to save your home, and convince them that you are a good candidate for a loan workout.

Do you know about disposable income?  This is a very important consideration for many lenders when reviewing your loan modification forms. This refers to how much cash you have left over each month after paying all of your expenses.  Why is this important?  Simple, everyone has unexpected expenses, emergencies, etc. that require some extra money.  If your budget is so tight that you have no money left over and something comes up, you may not be able to pay your modified mortgage payment.  This causes your lender to feel that you might be a risk for re-default-and they do not want that to happen.  The trick is not showing too much or too little money left at the end of the month.  The Loan Mod Quick App software will show you immediately if you need to fine tune your budget, before your lender ever reviews you application.

These three tips will help you complete your loan modification forms correctly,  so that you have the best chance of success.  Let’s face it-your lender does not have to offer you a loan workout-it is up to you to present your situation in the best possible light so that they will be motivated to help you stay in your home.  It’s not hard to understand, but make sure that you take the time to learn about all the tips and insider secrets you need to know before you prepare and submit your loan modification application.  It could be the difference between success and failure.

Get the help you need to prepare your own accurate and acceptable loan modification application.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs.  You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App software and it calculates it all for you!  It couldn’t be easier!  Visit www.myloanmodificationcenter.com to get started today.