Do you have a Countrywide adjustable rate or sub prime loan that you cannot afford?  Bank of America, owner of Countrywide, has launched a massive loan modification outreach program to their distressed borrowers.  As part of the largest predatory lending settlement in US history, Countrywide has agreed to offer the most ambitious loan modification effort to date to help homeowners avert foreclosure.

The Countrywide loan modification outreach for distressed borrowers is funded by a $8.4 billion dollars, is expected to offer systematic loan modifications to approximately 400,000 troubled homeowners who currently are delinquent on their Countrywide home loans.  Countrywide mortgage servicing personnel will be equipped to service eligible borrowers with the new program offerings by December 1, 2008.

Various options will be considered for eligible customers to ensure loan modifications that are affordable and sustainable.  First year payments of principal, interest, taxes and insurance will be targeted to equate to 34% of the borrower’s income.  Modified loans feature limited step-rate interest rate adjustments to ensure annual principal and interest payments increase at levels with minimal risk of payment shock and re-default.

The centerpiece of the program is a proactive Countrywide loan modification process that will provide relief to eligible borrowers who are seriously delinquent or likely to become delinquent as a result of loan features, such as rate resets or payment recasts.  Foreclosure sales will not be initiated or advanced for borrowers likely to qualify for the new program while the borrower is in the application approval process.

Modification options include:

• FHA refinancing under the HOPE for homeowners program
• Interest rate reductions, which may be granted automatically trhough streamlined processing
• Principle reductions on Pay option adjustable rate mortgages to restore lost equity
• Late fees will be waived

So, if you are seeking a Countrywide loan modification to fix your bad  loan, now is the time to find out if you qualify for this new program.  Not all borrowers will qualify so you need to know how to determine if you can benefit from the billions of dollars set aside for this program.  Once you learn the lender’s guidelines for loan modification help, you will be able to prepare a professional and acceptable loan modification application.

One of the most complete and up to date sources of information available today is The Complete Loan Modification Guide.  This is a low cost, easy to read handbook that you can order and download right online.  The Complete Loan Modification Guide will give you all the information you need about lender guidelines, debt ratio calculation, hardship letter assistance, your legal rights and much more.  You are provided with all of the required forms and receive detailed directions to complete them properly.  Don’t take a chance with your financial future, be sure you have the information you need to qualify for the new loan modification programs. 

Home Edition Loan Modification Kit

 Order and download The Complete Loan Modification Guide today!

Please visit us at:  http://www.myloanmodificationcenter.com