Borrowers stuck in an adjustable rate loan will be receiving help with a streamlined Countrywide loan modification offer.  Beginning December 1, Bank of America, owner of Countrywide, announced it will begin reaching out to delinquent homeowners to offer systematic loan modification options.   Countrywide employees are being trained now to be able to handle the approximately 400,000 homeowners who are expected to benefit.

The Countrywide loan modification program is part of a $8.4 billion predatory lending settlement, the largest in U S history.  The funds are earmarked to offer interest rate and principal reductions on loans that Countrywide owns or services.  Bank of America says they are redirecting funds used for foreclosures into loan modification assistance to help borrowers avoid foreclosure.

Borrowers qualifed for a Countrywide loan modification will be offered terms that are affordable and sustainable.  The loan modification program features first year payments targeted at 34% of the borrowers income including principal, interest, taxes and insurance.  Thereafter, the Countrywide loan modification plan offers limited step-rate adjustments to help ensure that the annual principal and interest payments adjustments have minimal risk of payment shock and re-default.

Borrowers must occupy the home as their primary residence to qualify for this Countrywide loan modification offer.  Some features of the program are:

1. Free to eligible borrowers
2. Fees & penalties are waived
3. Pay option arm loans may have principle reductions to restore lost equity
4. Streamlined interest rate reductions
5. Refinancing under FHA Hope for Homeowners program when qualified

In addition, part of the agreements made with the Attorneys General in participating states provides for eligible borrowers to get a share of:

• $150 million foreclosure relief program:  payment to homeowners who had a foreclosure or who currently at serious risk of foreclosure
• $70 million to assist Countrywide customers who cannot avoid foreclosure in the form of financial assistance during the transition from home ownership

Homeowners interested in finding out if they might qualify for this Countrywide loan modification program should begin now to learn about the loan modification process.  If you have a Countrywide home loan that has become unaffordable, take the time to explore your options to lower your monthly payment and avoid foreclosure.  Learn how to compute your debt ratio and complete the required financial forms so that you have a better chance of meeting the lenders guidelines and requirements for approval.  You do not want to miss out on your share of this billion dollar settlement.  Get started now to learn about how you may qualify for this new program so you will be prepared to work with the Countrywide loan modification department. 

One of the most complete and up to date sources of unbiased loan modification information is The Complete Loan Modification Guide.  This is a low cost, easy to read handbook that you can order and download right online.  You will be given step by step directions on how to complete the Countrywide loan modification application.  The Complete Loan Modification Guide will provide you with everything you need to prepare a professional and acceptable loan modification application.  You are provided with all of the required forms, as well as given detailed instructions on how to complete them.  You learn how to calculate your debt ratio, help to write an effective hardship letter, learn your legal rights and much more. 

Don’t miss out on this opportunity to change your bad loan into one you can afford-get informed and be prepared.  Order and download The Complete Loan Modification Guide today.

If you would like more information about loan modifications, please visit us at:  http://www.myloanmodificationcenter.com