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.

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