Countrywide-now Bank of America-is approved by the Treasury Department to offer the Home Affordable Modification Plan.  One provision of this federally subsidized program allows for part of a loan’s principal balance to be forgiven.  A Countrywide loan modification that features a reduction in the principal balance is offered to some homeowners-but who qualifies for this very important feature and why?  The $75 billion dollars set aside to help homeowners find loan workout solutions serves to encourage Countrywide and other banks to offer very aggressive options.  Homeowners who are struggling with unaffordable mortgage payments and now owe more than their home is worth need to know if they qualify for this loan modification option.  Here is some helpful information about who could qualify.

Countrywide has signed an agreement with the Treasury Department in which they:

1. Agree to standard modification terms in return for incentive payments
2. Reduction in interest rates to as low as 2%
3. Principal reductions for certain loans
4. Extend loan terms to 40 years
5. Waive late fees, administration charges, bring the loan current
6. Perform a Net Price Value scenario to determine principal reduction option
7. Reach out to at risk homeowners to offer a loan workout

Homeowners stuck with bad mortgage may be good candidates for a Countrywide loan modification featuring principal reduction.  Borrowers who owe more than their home is currently worth may qualify for a reduction in the amount they owe the bank, as well as a lower interest rate to arrive a new affordable mortgage payment.  Each case is reviewed  individually, and the borrower still must meet certain criteria.  Every homeowner stuck in an unaffordable Countrywide loan needs to take the time to learn how they could qualify for a loan modification to lower their mortgage payment.

APPLICATION TIP:  Do NOT contact the lender or give them any of your information until you have prepared your financial statement-you need to make sure that you fit the approval guidelines and be able to make any adjustments to your budget BEFORE you give the bank your information.  You can follow the easy, step-by-step directions found in Chapter 3 of the best selling handbook for homeowners, The Complete Loan Modification Guide.  Make sure you complete your own financial statement correctly-this is critical if you hope to qualify.  The guidelines are standard for everyone-help is available if you know how to get it.  Don’t miss out on your chance to get help with this federal Stimulus Plan.

Home Edition Loan Modification Kit with Customer Assist

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com