This article tells you what you need to know in order to apply for and qualify for a Countrywide loan modification under President Obama's new Federal Plan. This mortgage lender is now taking applications from mortgage holders who face financial hardship. If you feel you need to lower your mortgage payments in order to avoid foreclosure on your home, read on to learn how to qualify.
First, you will need to gather certain paperwork for Countrywide loan modification. The Treasury Department has proved Countrywide to offer its borrowers loan modification, featuring the following terms:
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-- reduction in interest rates down to as low as 2%;
-- extension of loan terms to as long as 40 years;
-- deferral of principal.
The federal loan modification plan is designed to provide homeowners who qualify with a new monthly payment, equaling just 31% of gross monthly income. This target payments includes all monthly costs: principal, taxes, interest, insurance, and any homeowner's dues. President Obama's plan allows for a first mortgage modification, as well as for a second loan, but there is a separate plan for loan modification of second loans. The federal plan offers cash incentives to lenders, in exchange for lowering the monthly payments on all qualifying loans.
You need to be the following terms in order to qualify for a Countrywide loan modification through President Obama's plan:
-- the loan must have originated prior to January 1, 2009;
-- the current mortgage payment must exceed 31% of your monthly gross income;
-- the loan must be for under $729,750 for single unit properties; the rate is higher for two to four unit properties.
Here is where the paperwork comes in. You will need to prove that you can maintain payments under the loan modification terms, by submitting a financial statement of your current expenses, along with your proof of income. Start by collecting your bank statements and pay stubs, along with your latest IRS tax form. If you can complete the paperwork properly, and meet the basic approval guidelines, you stand a good chance of receiving a Countrywide loan modification. There is no need to feel overwhelmed by the paperwork process, if you take things one step at a time, use a loan modification guide to help you work through the steps, and ask any questions you may have along the way. The main point is to take your time and do it right, since this is a one-time opportunity.
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