Federal Plan

Confused about how to apply for a Countrywide or Bank of America loan modification?  If your loan is with Countrywide or now Bank of America,  help is on the way to a lower payment.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.  The program is called HAMP and it has helped over 700,000 borrowers stay in there home.  But, 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 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!  You can use the #1 resource for homeowners, The Complete Loan Modification Guide kit, that includes a software program that mimics the federal guidelines-simply input your own information and it calculates it all for you.  Eliminate the guess work with this easy to use tool.

Countrywide loan modification & Bank Of America 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.  You must be able to meet a guideline called “imminent risk of default” if you are not yet current, the Loan Mod Quick App software program will help you to meet this guideline when you input your own specific financial information.

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.

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.

You can get a lower payment with a Countrywide & Bank of America 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!

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! Visit myloanmodificationcenter.com and order today.

You can learn how to deal with your bank effectively on your own.  Here is some basic information about the Countrywide loan modification process that will help beginners gain the knowledge and courage to call their lender and get started. Did you know that less than 15% of homeowners have ever actually spoken with their mortgage holder? That is why it can seem pretty scary to call your lender-especially if you are having difficulties making your mortgage payments. What you need is a little knowledge and preparation so that making the very important phone call won’t seem so intimidating.

Countrywide has several different types of loan workout programs they are offering to qualified homeowners. The loss mitigation department is where specially trained employees work with at-risk homeowners to discover some type of solution. This may be a loan modification or some other type of loan workout, like a repayment plan or forbearance plan. You, as the homeowner, need to understand what your lender will be needing from you and then make sure you prepare all of your information ahead of time. The one thing loss mitigators dread is a borrower who does not know his financial information, or who is so emotional and unprepared that the phone call is a total waste of everyone’s time.

The first step in the Countrywide loan modification process is to get the application forms and then gather all of your financial information-like paycheck stubs, bank statements, etc. You will need these to complete the forms correctly. Your bank needs to get a clear picture of your current financial situation-this is done by providing a detailed accounting of your income, expenses and assets each month. Based on this information, your bank will decide if you fit into their guidelines for a loan modification or loan workout.

Countrywide wants to know what has happened to your finances that caused this situation.  You must also write a letter describing why you need a loan workout. This is usually due to some type of financial hardship, generally loss of income or increased expenses. Again, the loss mitigators want you to be accurate and brief. No need to write a novel, but a descriptive and factual telling of your circumstances will do the trick.

Federal Plan

The Countrywide loan modification process has gotten a lot easier since the Obama Home Affordable Modification Plan has been launched. Why? Because now the guidelines for acceptance are standard for everyone-learn these guidelines and then you can fine tune your application so that you have the best chance of qualifying for a very good loan modification. You can learn and use the very same 4 step formula that your bank will use-and give yourself the inside edge you need to save your home.

Learn how to use the 4 step formula and get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

There is a standard formula that Countrywide will use to determine your eligibility under the Obama Home Affordable Modification Plan.  The Treasury Department has mandated that this formula be used when reviewing a borrowers request for a loan workout.  Learn this basic formula and then you will be able to pre-qualify yourself and have a much better chance of getting your proposal approved.

The Countrywide Home Affordable Modification Plan is designed to provide an affordable and sustainable mortgage payment for homeowners who are either delinquent or at imminent risk of becoming delinquent.  The first criteria that must be met is an evidence of a financial hardship situation.  This could be due to any number of circumstances, but the generally acceptable ones include:

1. Reduction in income or loss of income
2. Change in the households financial circumstances
3. Lack of sufficient cash reserves to pay mortgage and basic living expenses-excluding retirement accounts
4. Increase in Expenses
5. Excessive monthly debt payments and over extension with creditors
6. Other reasons for hardship

Federal Plan

The standard formula used by lenders under the Countywide Home Affordable Modification Plan is:

1. New target payment that equals 31% of the gross monthly income (can use all household income-including roommates)
2. Arrive at new loan terms to reach that target payment by first reducing interest rate to as low as 2%, extending loan term to 40 years, and deferring or forgiving part of the the principal balance.
3. Verify that the homeowners financial statement information fits the debt ratio and target payment calculation

So, the way that you can be sure you have a very good chance of approval is to learn the basics of how to figure your target payment and debt ratio, then fine tune your financial statement and make any necessary adjustments to your budget before you send your proposal into your lender.  Take the time to learn and prepare, and you will have a very good chance of getting the help you need and deserve.

Trying to get a  Countrywide loan modification to avoid losing your home? Well, you are not alone-thousands of borrowers are finding the loan modification process to be frustrating and confusing – but where can you get the help you need to learn how to get a loan workout that will give you the affordable payment you need? Here is some information to get you started and help increase your chances for success:

1. Know the lender’s guidelines: To qualify for a Countrywide loan modification you must be able to meet certain guidelines. Learn what these are and how you can meet them before submitting your application.  The lender, now part of Bank of America, has been authorized to offer Obama’s stimulus plan modification, which has standard guidelines for everyone.
2. Understand the Countrywide loan modification process: There is an application process you must go through in order to receive the help you need. Once you understand what is involved and how to maneuver your way through your lenders loss mitigation department, you will be able to get the results you need.  All you need to know is the basics, you don’t need to have experience or be an expert-just be informed, persistent and motivated to save your home.
3. Obtain the required loan modification forms: When you apply for help, you will be completing and submitting some required forms for Countrywide to review to determine your eligibility. Get these forms ahead of time so you will be able to complete them carefully and accurately.It is critical that you make any necessary adjustments to your financial statements before you give them information to the bank-this way you know you meet the approval guidelines.
4. Be certain you complete the forms properly: This is the key to success-the lender will make their decision based in large part on the information you provide on your application. You need to know how to complete them properly so that they have the best chance of meeting the lenders guidelines for approval.  You can follow the step-by-step directions found in the best selling handbook for homeowners, The Complete Loan Modification Guide.
5. Submit an accurate and complete Countrywide loan modification package: It is imperative to provide the lender with a complete and professional package so that your unique situation is presented in the most beneficial light. When you prepare your application so that it meets the banks requirements, you will greatly increase your chances of success.  Don’t leave any required documents out-this will cause your application to be set aside and the answer you need will be delayed.

You can stop the frustration and save yourself hours of stress by learning and preparing before you contact the bank. Once you understand the Countrywide process, you will be able to prepare and submit your application properly and have a fighting chance at saving your home. Now is not the time to sit by while someone else decides the future of your home-take control of your financial future by deciding to research, learn and prepare a Countrywide loan modification application that will get you the help you need and deserve.  Over 250,000 homeowners have already been helped with Obama’s stimulus loan workout plan-don’t miss out on your second chance!

You can get the help you need to apply and qualify for a Countrywide loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Homeowners facing mortgage payment hardship could get the relief they need with a Countrywide loan modification that features a lower, more affordable monthly payment.  Countrywide has launched a far reaching loan workout program aimed at offering help to  households across the nation.  As part of the $75 billion stimulus plan, the lender is authorized to offer very aggressive modified loan terms to qualified homeowners.

Here are 10 Frequently Asked Questions about the Countrywide loan modification program:

1. Who qualifies for the program? Countrywide borrowers who have an adjustable rate mortgage that has become unaffordable due to a financial hardship, interest rate adjustment causing payment shock or who were victims of predatory lending practices may qualify for help, also those borrowers who have experienced a change in their income or an increase in their expenses.
2. What homes are eligible? Only principal residences are included in the program, investment properties and second homes are not.
3. What if I am in Bankruptcy-can I still apply? Your bankruptcy must be discharged or if in Chapter 13 you must get court approval.
4. Do I have to be delinquent on my payments in order to qualify for a Countrywide loan modification? At this time, those borrowers facing imminent foreclosure are receiving help first. However, the lender has announced that those homeowners facing a hardship in the future due to rate resets or or acceptable hardship, may also apply for help, just be aware that it may take a little longer to get thru the system.
5. Is there any fee for the program? No, the loan modification is free of charge to homeowners. There is no title, escrow or appraisal required.
6. What about my past due amount-can that be included in my Countrywide loan modification? Yes, one available option is to include your arrears into the new loan balance and spread that amount over the new loan term to get the loan current. The lender may require one months payment to start the new loan repayment program for you.
7. I have a Pay Option Arm with negative amortization and my loan balance is more than my home is worth-what are my options? In some cases, borrowers may be eligible for principal forgiveness or deferral.  This is on a case by case basis, and each application will be reviewed on its own merits.  However, the Treasury Department is reimbursing the bank 12 cents on the dollar for any amount that is forgiven for homeowners.
8. What about all the fees and penalties that have been charged-do I have to pay that too? Under the settlement, Countrywide is waiving fees and penalties to qualified borrowers who obtain a loan modification.
9. I already lost my home due to foreclosure from Countrywide, is there any help for me? Yes, under a settlement agreement, Countrywide has allocated $200 million as payment to customers who have had a foreclosure or even those at serious risk of foreclosure.
10. What is the best way for me to apply for a Countrywide loan modification and how do I get started?

You can get the help you need to apply and qualify for a Countrywide loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Frustrated and stressed out borrowers may feel like they are beating their heads against a brick wall trying to get a Countrywide loan modification. It’s not easy getting the help you need, but the truth is that many homeowners have already received a loan workout with Countrywide-some with interest rates reduced to as low as 2%. How can you get that kind of loan modification program too? Well, here are some helpful tips to increase your chances of approval.

Tip: Qualified homeowners must be able to demonstrate they have suffered a financial hardship. Loss of equity alone is not an acceptable reason for a Countrywide loan modification. Loss of job or reduced income, death in family, medical expenses, military service, job transfer or divorce/separation are some of the acceptable situations for a loan workout. You must compose a convincing letter explaining your circumstances in a way that convinces Countrywide you are a good candidate for a loan modification.

Tip: Provide proof of your hardship-backup your story with copies of medical bills, a letter from your employer, divorce paperwork, etc. Make it easy for the bank to empathize with your situation and approve your Countrywide loan modification application.

Tip: Determine a new, Target mortgage payment based on a family budget that is affordable and that you can maintain. Countrywide wants to be assured that you will be able to sustain the new payment and won’t default again. This new Target payment can be determined by using a combination of interest rate reduction, longer loan term or a lower principal balance. This payment must also meet certain debt ratio requirements.  Learn how to figure your target payment using the simple mortgage tables provided in Chapter 10 of the best selling handbook for homeowners, The Complete Loan Modification Guide.

Tip: Submit accurate and acceptable financial statements that paint the picture of your current financial situation. This is where you show Countrywide in black and white that the current mortgage payment is not affordable, but that you can afford to pay and sustain a lower, modified Target payment. This can be a little tricky to do, you must be able to show the bank convincing evidence of your ability to pay.

Tip: Make sure you prepare and submit a complete Countrywide loan modification package that includes everything the lender needs to review and make their determination. Missing items or incomplete packages will simply be set aside and the results you need will be delayed. Using a Document Checklist submission sheet is one way to be sure you have everything required.  Use the Document Checklist provided in Chapter 10 of the #1 resource for borrowers-The Complete Loan Modification Guide.

While there is no guarantee of success, an informed and prepared homeowner can greatly increase their chances of getting the most beneficial Countrywide loan modification available. Think of it this way-how can you qualify for something you do not know the requirements for? This is too important-don’t leave it to chance or luck. Help is available for those homeowners who know how to get it. Increase your chances for success by learning and preparing properly before you contact the bank. It just makes sense.

You can get the help you need to apply and qualify for a Countrywide loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Countrywide-now Bank of America-is approved by the Treasury Department to offer the Home Affordable Modification Plan.  One provision of this federally subsidized program allows for part of a loan’s principal balance to be forgiven.  A Countrywide loan modification that features a reduction in the principal balance is offered to some homeowners-but who qualifies for this very important feature and why?  The $75 billion dollars set aside to help homeowners find loan workout solutions serves to encourage Countrywide and other banks to offer very aggressive options.  Homeowners who are struggling with unaffordable mortgage payments and now owe more than their home is worth need to know if they qualify for this loan modification option.  Here is some helpful information about who could qualify.

Countrywide has signed an agreement with the Treasury Department in which they:

1. Agree to standard modification terms in return for incentive payments
2. Reduction in interest rates to as low as 2%
3. Principal reductions for certain loans
4. Extend loan terms to 40 years
5. Waive late fees, administration charges, bring the loan current
6. Perform a Net Price Value scenario to determine principal reduction option
7. Reach out to at risk homeowners to offer a loan workout

Homeowners stuck with bad mortgage may be good candidates for a Countrywide loan modification featuring principal reduction.  Borrowers who owe more than their home is currently worth may qualify for a reduction in the amount they owe the bank, as well as a lower interest rate to arrive a new affordable mortgage payment.  Each case is reviewed  individually, and the borrower still must meet certain criteria.  Every homeowner stuck in an unaffordable Countrywide loan needs to take the time to learn how they could qualify for a loan modification to lower their mortgage payment.

APPLICATION TIP:  Do NOT contact the lender or give them any of your information until you have prepared your financial statement-you need to make sure that you fit the approval guidelines and be able to make any adjustments to your budget BEFORE you give the bank your information.  You can follow the easy, step-by-step directions found in Chapter 3 of the best selling handbook for homeowners, The Complete Loan Modification Guide.  Make sure you complete your own financial statement correctly-this is critical if you hope to qualify.  The guidelines are standard for everyone-help is available if you know how to get it.  Don’t miss out on your chance to get help with this federal Stimulus Plan.

Home Edition Loan Modification Kit with Customer Assist

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com