There are options available for borrowers who are facing unaffordable mortgage payments and are at risk of losing their home.  Did you know that struggling homeowners can apply for a Countrywide loan modification using the federally subsidized plan called Home Affordable?  The lender has finalized its agreement with the Treasury Department to participate in this aggressive loan workout program.  What’s involved and how do you apply?

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.