Countrywide Loan Modification – Obama’s Trying to Save Your Home
Countrywide Loan Modification – Obama’s Trying to Save Your Home
Are you behind in your mortgage with Countrywide? Is foreclosure looming in the not so distant future? President Obama wants to save your home through a Countrywide Loan Modification.
These loan modifications are available to qualified homeowners under the Home Affordable Mortgage Program. The government is paying approved lenders an incentive to rewrite your mortgage and help you get a fresh start and a new monthly payment. Fortunately for you, Countrywide is on that list! If you qualify, you can get things straightened out and get on the road to financial solvency again.
Countrywide can actually use one or all of several tools they have at their disposal from the Treasury Department: lowering interest rates, lengthening loans, forgiving late fees, and even reducing principal. The biggest goal of the program is to reduce house payments to an amount less than 31% of their gross monthly income.
Perhaps, you may wonder if you qualify. There are several different requirements for the loan modification program, but here is an overview of some of them:
* Loan was written on or before January 1, 2009.
* Loan was backed by Fannie Mae or Freddie Mac.
* Amount is not over 9,750.
* Home is your primary residence.
* Your house payment is more than 31% of your gross monthly income.
* You have suffered financial hardship that was no fault of your own that has made paying your house payment impossible.
* You have sufficient income to sustain a new, modified house payment in the future.
Of course, there are other guidelines for application that you need to become familiar with, but this is some of the basic criteria. Before you contact Countrywide, you need to get everything worked up and organized. You will need documentation for every fact, figure, or statement.
You can only apply for this Countrywide Loan Modification one time, so you need to be sure you have everything prepared just like they want it.
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