| Feel like you are beating your head against a brick | | | | reduction, longer loan term or a lower principal |
| wall trying to get a Countrywide loan modification? | | | | balance. This payment must also meet certain debt |
| It's not easy getting the help you need, but the truth | | | | ratio requirements. |
| is that many homeowners have already received a | | | | Tip: Submit accurate and acceptable financial |
| loan workout with Countrywide-some with interest | | | | statements that paint the picture of your current |
| rates reduced to as low as 3%. How can you get | | | | financial situation. This is where you show |
| that kind of loan modification program too? Well, | | | | Countrywide in black and white that the current |
| here are some helpful tips to increase your chances | | | | mortgage payment is not affordable, but that you |
| of approval. | | | | can afford to pay and sustain a lower, modified |
| Tip: Qualified homeowners must be able to | | | | Target payment. This can be a little tricky to do, you |
| demonstrate they have suffered a financial hardship. | | | | must be able to show the bank convincing evidence |
| Loss of equity alone is not an acceptable reason for | | | | of your ability to pay. |
| a Countrywide loan modification. Loss of job or | | | | Tip: Make sure you prepare and submit a complete |
| reduced income, death in family, medical expenses, | | | | Countrywide loan modification package that includes |
| military service, job transfer or divorce/separation are | | | | everything the lender needs to review and make |
| some of the acceptable situations for a loan workout. | | | | their determination. Missing items or incomplete |
| You must compose a convincing letter explaining your | | | | packages will simply be set aside and the results you |
| circumstances in a way that convinces Countrywide | | | | need will be delayed. Using a Document Checklist |
| you are a good candidate for a loan modification. | | | | submission sheet is one way to be sure you have |
| Tip: Provide proof of your hardship-backup your | | | | everything required. |
| story with copies of medical bills, a letter from your | | | | While there is no guarantee of success, an informed |
| employer, divorce paperwork, etc. Make it easy for | | | | and prepared homeowner can greatly increase their |
| the bank to empathize with your situation and | | | | chances of getting the most beneficial Countrywide |
| approve your Countrywide loan modification | | | | loan modification available. Think of it this way-how |
| application. | | | | can you qualify for something you do not know the |
| Tip: Determine a new, Target mortgage payment | | | | requirements for? This is too important-don't leave it |
| based on a family budget that is affordable and that | | | | to chance or luck. Help is available for those |
| you can maintain. Countrywide wants to be assured | | | | homeowners who know how to get it. Increase your |
| that you will be able to sustain the new payment and | | | | chances for success by learning and preparing |
| won't default again. This new Target payment can be | | | | properly before you contact the bank. It just makes |
| determined by using a combination of interest rate | | | | sense. |