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How to Get a Countrywide Loan Modification
Getting a Countrywide loan modification is easier than ever. The lender has started a streamlined approval process and their debt to income requirement has fallen to 34%. If you’re looking to get a countrywide loan modification, keep the following points in mind to make your chances for approval rise and to take a load of stress off your shoulders filling out the paperwork and waiting to get a response.
You’re statistically more likely to be approved if you know Countrywide’s requirements first. A few lenders do have the information online, but in most cases you will need to call and speak to their loss mitigation department to get the requirements. You can also get the details on their modification programs from the loss mitigation department.
You can either choose to handle your countrywide loan modification yourself, or you may hire some assistance. Under the Home Affordable Modification Program all homeowners attempting to get a modification are eligible to speak with an FHA representative and to possibly have them negotiate with Countrywide. There are also modification companies available to give you the same services as the FHA reps, but for a fee. These are useful if the wait for an FHA representative is too long. It’s recommended to get assistance when trying to get a modification from Countrywide.
You don’t just have to fill out the application for modification, you also have to write a hardship letter to explain why you need to have your mortgage modified. The hardship letter may seem intimidating, but there are plenty of sources on line for samples and tips on writing it. If you use some sort of specialist, they will help you write up the letter.
It’s worth mentioning that Countrywide only accepts modifications on mortgages started between January, 2004 and December, 2007. Also that Countrywide is now owned by Bank of America, meaning that their requirements are identical to those of Bank of America.
If your mortgage is under Countrywide, it shouldn’t be too difficult to get a modification as long as you are backed by some sort of professional. Their approval rate has skyrocketed, though their program selection isn’t great.
Also keep in mind that it takes eight weeks for a Countrywide loan modification to be approved. So while a loan modification can help you, it is not an instant solution. What’s more is the modification is not an excuse to not make your payments. Be prompt with your monthly payments while awaiting approval.
Bank of America Loan Modification Mods Are On The Rise
Bank of America Loan Modification is definitely on the rise. They have aggressively started modifying their borrowers loans to try and keep these notes as performing assets.
This is great news for Countrywide borrowers who will soon make the switch to Bank of America. It is estimated that it will take atleast a couple months from now to transition most of these borrowers over to the Bank of America system. Countrywides borrowers had 9 digit loan numbers, while B of A’s customers have 10 digit loan numbers.
What does this all mean? Well, if you statement is still a Countrywide statement then you’ll have to wait until you get your new loan number. Then, B of A will be able to look you up in the system. This is when you will be able to modify your loan.
There are services out there (only a few) that can actually call up Bank of America and with only a few of your details see if you qualify for their new modification program. You will need your loan number (10 digits!), the last four numbers of your social, your property address and a one sentence hardship description. Once the modification company has this, they can call your lender and see if you qualify. If you do, you will be able to complete the whole modification process in as little as a week. This is almost unheard of today, only a couple other companies are doing this such as EMC.
To make things easier on you, the service can usually get the first payment pushed back atleast 30 days. Some people even can get it pushed back further. This will allow you to save up some money and prepare to make those mortgage payments.
You only have one shot to get a loan mod, so you better make it count. Go over all your finances and see where you can cut back and save. If you go into default after getting a loan mod, you are almost guaranteed to lose your home.
If you are looking for a Bank of America loan modification, just visit the links below for a service I highly recommend. They can get you approved and tell you what your new payments are going to be before you pay them a dime.