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,

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