When a Countrywide loan modification application is reviewed there are certain things that the lender must be able to verify in order to even consider approving the homeowner.  There is a standard formula that is used based on the figures the borrower supplies on their financial statement that includes the monthly gross income, monthly expenses and the cash in the bank.  The most common reasons for denial are:

1. Too much or too little gross monthly income shown on the application
2. Monthly expenses too high and too much negative cash flow each month
3. Loan amount unable to be modified using the Waterfall Method to reach the new target mortgage payment

Sounds a little tricky, doesn’t it?  That’s because if your situation does not fit into this tiny box of approval criteria and modification terms, then you will be out of luck.  So it is critical that you know how to adjust your figures before you submit your application for review by Countrywide.  If you can show on your financial statement that your gross monthly income and expenses fit into that standard formula, then you will have a good chance at approval and avoid making those common reasons for denial.

Don’t expect your Countrywide loan modification questions to be answered by the bank-remember they are debt collectors and do not have to give you any help at all.  Their goal is to clear as many bad loans off the books as possible – one way or another.  So they will either modify eligible homeowners or foreclose on those who are denied.  Take just a couple of hours to learn the basics so that you can prepare your application correctly.  Thousands of borrowers have used a software program that shows them just what their monthly income and expenses need to be in order to fit into the standard approval guidelines.  This is critical information that can then be used to prepare an acceptable application-and gives you the best chance at approval.

Easy to Use-Avoid Mistakes!

Not sure how to qualify for a Countrywide loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  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!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more.

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit & Software and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.

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The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a loan modification software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit http://www.myloanmodficationcenter.com for more information.

Actually, we all thought things would get a lot better once the federal government stepped in and initiated their plan called HAMP.  Finally, a standard process with standard guidelines that could be followed!  But oh, that is not exactly how it has turned out-in fact it seems that the loan mod department employees are more confused than ever.

The Countrywide loan modification process can drive a person crazy-so why not try to find a way to make the system work for you instead of fighting it?  If you know the steps to follow and what the bank is looking to see on your application then you can be ahead of the game.  If it’s a game, then play it to your advantage-after all the end goal is to get your loan mod and move on with your life.

Know the Guidelines

The one good thing about HAMP is that the approval formula used in standard for everyone.  This is just a mathematical equation that the Fed mandated be used for all applicants.  Those borrowers who fit into the formula can be approved and those who don’t-well, they won’t be qualified.  It just makes sense to use this formula when you prepare your own application to make certain that you fit into the guidelines and have a shot at getting a loan modification.

The Countrywide loan modification process involves reviewing your financial statement and then using that information in the HAMP formula-if your debt ratio, gross income, expenses and other factors fit into the guidelines, then you will be eligible.  You can simplify the application completion by using a software program designed just for homeowners who want to apply for HAMP.  This program is easy to use, but will give you all the figures you need automatically and instantly you will see where you may need to fine tune your budget in order to pass the guidelines.

Federal Plan

Those homeowners struggling to pay their mortgage are offered two basic choices, either a Countrywide loan modification or a short sale.  The difference between these two options is basic-either stay in your home with an affordable payment or decide that it is best to sell your home and start fresh somewhere new.  The federal government has two subsidized programs for homeowners that offer incentives for banks and borrowers under each of these options.

A Countrywide loan modification is available under HAMP-this is Home Affordable Modification Plan and is paid for by $75 billion in stimulus funds.  The goal is to provide a loan workout that features a low monthly mortgage payment to allow homeowners to keep their home and avoid foreclosure.  Borrowers must qualify for this plan by submitting an application that details their financial situation, including an accounting of their monthly income and expenses.   If approved, then they will receive a loan workout that features a new rate as low as 2%, and a very affordable monthly payment.

Learn how to fill them out correctly

Another option is an Indymac short sale-the Fed is also offering a program to those borrowers who cannot qualify for a loan workout or who have decided that keeping their home is not a viable option.  A short sale is when your home is sold for less than the amount owed on it and the bank agrees to settle the debt.  Many homeowners who owe more than their home is worth may decide that getting a fresh start somewhere new is a good option for them.

Whether you want to try an Indymac loan modification or a short sale, the key to getting the best result in knowledge and preparation.  For many homeowners, the whole process is intimidating and overwhelming.  However, with just a couple of hours and a good resource tool, most homeowners can become informed enough to be able to prepare their application correctly so that they have a good chance of success.

Prepare your application correctly!

Not sure how to qualify for an Indymac loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  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!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Know the Guidelines

Make certain that when you apply for a Countrywide loan modification that you ask for terms and conditions that will be the most beneficial to you now and in the future.  It makes sense to know exactly what interest rate you should be getting and just how low your new payment could be before you settle for a loan workout.

A Countrywide Loan Modification agreement should offer terms that will provide you with an affordable monthly payment based on your current income and expenses.  So how do you know if your loan workout is offering the best terms available?  Here are some guidelines to use to help you ask for the very best modification:

1. Your new mortgage payment should equal 31% of your household gross income.  The mortgage payment needs to include a total of principal, interest, taxes, insurance and any HOA dues-all of these together should equal no more than 31% of your income.
2. The interest rate can be a as low as 2% and should be fixed for at least 5 years.
3. If your loan balance is significantly higher than what your home is currently worth, then a portion of the loan balance may be deferred or even forgiven.  This will help to re-establish some equity and provide the incentive to keep making payments.

Know the 3 critical elements of a hardship letter

A Countrywide loan modification agreement will be mailed to you after your application is reviewed and approved.  It is important to carefully review this document, as it will be the new binding loan agreement.  It must be signed in front of a notary and sent back to the bank.

In order to qualify for a Countrywide loan workout, you must prepare and submit an accurate and acceptable application.  This will include a detailed accounting of your monthly income and monthly expenses.  Your figures must fit into the standard approval formula in order to qualify.  Your debt ratio, asset ratio, target payment and other calculations are critical and must be accurate and fit into the federal guidelines for approval.

Does all the calculations for you!

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  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!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook,

Download immediately!

forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Know the Guidelines

you know how to get a mortgage modification in 2010 with Countrywide quickly and without all the frustration?  It has been a giant nightmare lasting months for the majority of borrowers who have tried to get their loan workout finalized but have only gotten the run around.  The Fed is stepping in again to set up new updated guidelines for processing and approving homeowners who request help under HAMP-the government bailout program.

SInce the Treasury Department saw the extremely low figures of Countrywide mortgage modifications that were completed, the hammer came down.  Now, the guidelines for approval have been made clearer and the process is more streamlined.  The HAMP criteria now requires less paperwork from the homeowners and it implements a shorter application and decision turn around time.

Countrywide HAMP LOAN MODIFICATION GUIDELINES 2010

1. Lender must acknowledge a request for HAMP by a homeowner within 10 days of requesting review
2. Countrywide must provide an answer-approve or deny-within 30 days of receipt of a complete loan modification application package
3. Once the trial mortgage modification payments have been made on time-3 of them-the workout is to become permanent automatically and no further documents or review are required
4. Homeowners who submit an incomplete package will be notified by mail of the missing items which must be returned by a pre-determined date-30 day turnaround starts upon receipt
5. Borrowers who do not qualify or who miss trial payments may be offered HAFA-Home Affordable Foreclosure Alternative-a streamlined short sale option the benefits the homeowner with standard terms and a $3000 move out payment.

Countrywide will require a financial statement from the homeowner in order to determine if they meet the mortgage modification approval guidelines and other forms.  You must provide a detailed accounting of your monthly gross income and expenses.  Other criteria required:

Work on your budget now

1. Debt to income requirements
2. Verification of income
3. Acceptable financial hardship-Affidavit of Hardship

The key to Countrywide approval is that the borrower’s loan is able to be modified using standard terms in order to reach a new target payment that equals just 31% of their household gross monthly income.  If the financial statement submitted proves that this can be done, then the homeowner has a good chance of approval.  The rate may be lowered to 2%, term extended to 40 years and principal may be deferred or reduced.

Does all the calculations for you!

Many homeowners do not understand how to figure their debt ratio, new target payment and the other approval triggers under Countrywide HAMP.  You can use a software program designed just to help homeowners prepare their financial statement correctly and to help them qualify.  Loan Mod Quick App mimics the 7 approval triggers and does all the calculations quickly and accurately-it helps avoid mistakes and saves time.

Not sure how to qualify for a Countrywide loan modification? Loan Mod Quick App software takes the confusion out of preparing your application. This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you. 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! You can save hours of time and avoid costly mistakes. The Complete Loan

Download immediately!

Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate

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.

Feeling trapped in a high mortgage payment nightmare?  The Countrywide loan modification program is designed to offer borrowers stuck in unaffordable home loans relief with a lower mortgage payment to help them avoid foreclosure. Countrywide has a large portfolio of the risky Pay Option Arm loans that feature adjustable interest rates and a negative amortization option. The toxic brew of declining home values and increasing loan balances due to the deferred interest of these negative amortization loans has placed many borrowers in a dire situation. Most homeowners are unable to refinance as the loan balance now exceeds the homes value, and finding a buyer is a challenge in the current economic climate.

A Countrywide loan modification becomes the most attractive option as homeowners struggle to pay their mortgage. What borrowers really need is to have their current loan modified so that it offers a low, fixed interest rate with affordable monthly payments. The lender had announced a loan modification program that featured a step rate – this would offer a very low interest rate the first year, then increase by 1 point each year thereafter to allow the homeowner to recover and not be subject to payment shock.  This is called the HAMP federal stimulus plan, and it has already help hundreds of thousands of homeowners.

You may have already been turned down or are still waiting for your answer.  Many homeowners have found that trying to obtain a Countrywide loan modification agreement is extremely difficult. Don’t give up-the HAMP guidelines allow you to re-apply with a revised budget.  Now is your chance to take advantage of billions of that stimulus money.  All you need to do is understand exactly what the bank will be looking for to approve your application.  Not to worry-you can use the #1 resource for homeowners and get specific directions for preparing your application for HAMP.

Homeowners interested in beginning the Countrywide loan modification application process are advised to learn a bit about the lenders requirements for approval before contacting the bank. A homeowner who has a good, general understanding of what Countrywide needs to see in order to grant a loan modification will definitely improve their chances for success. Think about it this way-it is pretty hard to qualify for something until you know what the requirements are, right? Homeowners must be proactive about efforts to save their home by taking the time to research, learn and prepare.

A Countrywide loan modification may become easier for borrowers to obtain in the next few months, but most homeowners do not have time to waste. It is imperative for homeowners to get their loan modification application into the system so they will have a better chance of heading off foreclosure. For now, homeowners seeking assistance are advised to do their homework and get started on their modification application right away. A simple, inexpensive way to get the help you need to learn about the loan modification process is to order and download a loan modification kit that includes a software program to do all of your calculations automatically.  Avoid mistakes and see immediately if you fit the approval guidelines.  You can save hours of frustration as the Guide will take you step by step through submitting an accurate and professional loan modification application and calculate your debt ratio, new target payment, new interest rate and disposable income.  Fine tune your budget before Countrywide has a chance to turn it down.

Help is available if you know how to get it!  Be smart and get the help you need to prepare your own accurate and acceptable Countrywide 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.

Countrywide Loan Modification Approval Tips with HAMP:

1. Learn the HAMP guidelines for approval before completing your loan modification application paperwork. It’s pretty hard to qualify for something unless you know what the guidelines for acceptance are. Know the basics and then prepare your application so that it fits those guidelines. There is a standard 4 step formula that is used to decide if you qualify-you can use this very same formula with the help of a software program designed just for homeowners.
2. Gather all of your paperwork together so that you have everything at your fingertips. When you are organized and prepared,  you will have the confidence to call your lender and will avoid saying the wrong thing when speaking with Countrywide.
3. Use a document checklist and stacking order sheet so that you are certain your have provided your lender with a complete and acceptable Countrywide loan modification application the first time. There are certain forms and documents Countrywide must see to review your file. Millions of homeowners just like you are trying to get a loan workout, keep your file at the top of the stack and avoid delays by submitting a complete file.
4. Follow up once you submit your file to make sure it has been received, and then call every 7 days to check in and get the current status of your application. Even if your bank says it will take longer to get back to you, don’t wait for them to call you. Being persistent is the biggest key to success.

Federal Plan

The truth is that qualified homeowners will be offered a Countrywide loan modification under Obama’s stimulus plan, or HAMP. You must prove to your bank in black and white that you are qualified and make it easy for them to quickly approve you by providing everything they need to see from you all at once. The approval guidelines are standard for everyone-either you qualify or you don’t. When you work on your loan modification forms ahead of time you have the chance to make any adjustments necessary to assure that you meet the guidelines. The software for homeowners makes it easy-simply put in your own income and expenses and it does all the calculations for you and you see immediately if you need to make any adjustments to qualify. It just makes sense-learn, prepare and then apply.

Don’t take chances with your Countrywide loan modification application-save hours of frustration and confusion and avoid mistakes. 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.

Time is not on your side if you are facing the prospect of delinquent mortgage payments.  Homeowners interested in applying for a Countrywide loan modification will be asked to prepare and submit an application.  Qualified borrowers will have to prove they can meet the standardized approval criteria.  Here are the basics:

1. You must live in the home as your primary residence
2. Your current payment must be more than 31% of your gross monthly income
3. Your mortgage must have been originated prior to January 1, 2009 and be less than $729,750
4. You must have suffered an acceptable financial hardship situation

What will your new loan terms look like and will they help you?  Well, under the terms of this Countrywide loan modification, your mortgage terms may be:

1. Interest rate reduced to as low as 2%
2. Term extended to 40 years
3. Some principal balance may be deferred

While not all homeowners will meet the guidelines, successful candidates will be able to prepare and submit their paperwork so that it clearly demonstrates that they meet the approval guidelines.  Homeowners must prove that they can afford to pay and maintain the new modified payment now and in the future.  President Obama has encouraged homeowners to work directly with the bank to get a loan workout so that foreclosure can be avoided.  Since the lender uses a standard formula to determine if you qualify or not, it just makes sense to learn and use that very same formula when you prepare your own application.

Take advantage of the #1 resource for homeowners, The Complete Loan Modification Guide kit, to help you prepare an acceptable application.  You can follow the step by step directions provided in the handbook, and use the user friendly software, Loan Mod Quick App.  This software actually mimics the 7 triggers for approval under HAMP, so all you need to do is input your own income and expenses and it does all the calculations for you.  Your debt ratio, new target payment, new interest rate, disposable income and more are all figured automatically.  Find out immediately if you fit the guidelines or need to make minor adjustments to your budget to increase your chances of success.  A Countrywide loan modification may be the answer you need to be able to stay in your home-make certain that you submit your application correctly.

Don’t be confused or frustrated trying to figure it out by yourself. Get the help you need to prepare your own accurate and acceptable Countrywide 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.

There is a lot of information floating around about how to apply and qualify for a  Countrywide loan modification-no wonder homeowners are confused and frustrated.  The good news is that the bank, now owned by Bank of America, is actively modifying thousands of home loans.  The latest federal programs are available for borrowers who qualify-but you need to separate the facts from the fiction so you will know what you qualify for and how to apply.  There is so much information in the news and online that it can be hard to figure it all out.  Here is some helpful information to get you started.

Countrywide loan modification Fact:  Help is available if you know how to get it.  The bank is offering some very aggressive loan workout plans for qualified borrowers.  The Treasury plan, called HAMP, is one of the best programs for struggling borrowers.  The trick is knowing how to complete your loan modification application so that you qualify.  You must be able to prove in black and white that you meet the guidelines-do you know how to adjust your budget and calculate your debt ratio so you can meet the criteria?  Do not contact the bank until you know what you are talking about-what you say could hurt you!

Countrywide loan modification Fiction:  You have to be delinquent on your payments to qualify.  This is simply not true!  In fact, the latest federal programs actually pay the bank more incentives to modify mortgages that are current.  However, it is true that the bank will give priority to homeowners who are facing imminent default.  One of the guidelines state that if a borrower is not yet delinquent, requires they must be the imminent risk of default trigger.  This is a mathematical calculation based on your income and debts.  The Loan Mod Quick App software will compute this for you.

Countrywide loan modification Fact:  The bank will use a net present value (NPV) test on each loan to determine if a loan modification is more cost effective for them.  This is where the current value of your home and how you present your situation comes into play.  If you can show the lender that it is cheaper for them to modify your loan instead of foreclose, then you have a good chance of success.

Pay a Company?

Countrywide loan modification Fiction:  You will get a better result using an attorney or loan modification company.  For the vast majority of homeowners it is possible to get a very beneficial loan workout by working directly with the bank.  In fact, the lender, the federal government and President Obama are all warning homeowners against scams and high fees being charged to desperate, vulnerable borrowers.  As long as you have a basic understanding of how to complete your application so that you can meet the guidelines-you are the best person to work on your own loan modification.   When you use the Loan Mod Quick App software you can be sure that your calculations are correct and be able to make any necessary adjustments to your budget before the bank reviews it.  You will be able to as good or better job than any third party with this helpful tool.

You can get a lower payment with a Countrywide loan modification with just a little knowledge, preparation and persistence.  You do not have to feel overwhelmed or frightened.  Make the decision to invest a couple hours of your time to learn about the Countrywide loan modification process so that you will be able to apply and qualify for the loan workout you need.  Thousands of homeowners have already gotten the help they needed-you can too!

Applying for a Countrywide loan modification?  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.