Homeowners facing mortgage payment hardship could get the relief they need with a Countrywide loan modification that features a lower, more affordable monthly payment.  Countrywide has launched a far reaching loan workout program aimed at offering help to  households across the nation.  As part of the $75 billion stimulus plan, the lender is authorized to offer very aggressive modified loan terms to qualified homeowners.

Here are 10 Frequently Asked Questions about the Countrywide loan modification program:

1. Who qualifies for the program? Countrywide borrowers who have an adjustable rate mortgage that has become unaffordable due to a financial hardship, interest rate adjustment causing payment shock or who were victims of predatory lending practices may qualify for help, also those borrowers who have experienced a change in their income or an increase in their expenses.
2. What homes are eligible? Only principal residences are included in the program, investment properties and second homes are not.
3. What if I am in Bankruptcy-can I still apply? Your bankruptcy must be discharged or if in Chapter 13 you must get court approval.
4. Do I have to be delinquent on my payments in order to qualify for a Countrywide loan modification? At this time, those borrowers facing imminent foreclosure are receiving help first. However, the lender has announced that those homeowners facing a hardship in the future due to rate resets or or acceptable hardship, may also apply for help, just be aware that it may take a little longer to get thru the system.
5. Is there any fee for the program? No, the loan modification is free of charge to homeowners. There is no title, escrow or appraisal required.
6. What about my past due amount-can that be included in my Countrywide loan modification? Yes, one available option is to include your arrears into the new loan balance and spread that amount over the new loan term to get the loan current. The lender may require one months payment to start the new loan repayment program for you.
7. I have a Pay Option Arm with negative amortization and my loan balance is more than my home is worth-what are my options? In some cases, borrowers may be eligible for principal forgiveness or deferral.  This is on a case by case basis, and each application will be reviewed on its own merits.  However, the Treasury Department is reimbursing the bank 12 cents on the dollar for any amount that is forgiven for homeowners.
8. What about all the fees and penalties that have been charged-do I have to pay that too? Under the settlement, Countrywide is waiving fees and penalties to qualified borrowers who obtain a loan modification.
9. I already lost my home due to foreclosure from Countrywide, is there any help for me? Yes, under a settlement agreement, Countrywide has allocated $200 million as payment to customers who have had a foreclosure or even those at serious risk of foreclosure.
10. What is the best way for me to apply for a Countrywide loan modification and how do I get started?

You can get the help you need to apply and qualify for a Countrywide 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.

Home Edition Loan Modification Kit with Customer Assist

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