Useful Guidelines For Countrywide Loan Modification Program

By Author: Tracey D Guay
Total Articles: 11
Comment this article

One great opportunity brought in by Countrywide Bank is the Countrywide Loan Modification program. When getting a loan modification through Countrywide Bank there certain guidelines you need to know.

Recently, on a television channel, President Obama urged struggling homemakers to refinance their homes through loan modification plans available at their disposal and contribute to the sagging economy besides accumulating hundreds or thousands of dollars in the long run. Although it appeared to be more like a TV salesman, it was enough to underline the grievousness of the problem that is now faced by a majority of people across entire America. Countrywide bank has extended a helping hand to distressed homeowners through loan modification programs tailored to assist home makers save their homes from possible foreclosures.

Countrywide has already started contacting struggling property owners who have defaulted on their current mortgages. While the process of mortgage modification is an intricate one, getting approved for a loan modification under the proposed programs could depend on a variety of factors. Borrowers ...
... who have gone upside down on their existing home mortgages thus have been provided with an opportunity to save their homes as well as a lot of money. However, it is imperative for home refinance seekers to follow certain guidelines prior to considering applying for various countrywide home refinance schemes.

As mentioned earlier, Countrywide has already started calling on distressed homeowners as part of its countrywide loan modifications. But getting a call from the bank representative is in itself not enough or it doesn't mean you are qualified for the program. Most people fail to secure an approval for their application just because they tender excessive details on the first call. It is to be understood that the entire loan modification process is to be handled with great care. It is always better to avoid giving all the relevant information in the first contact with bank officials. On the contrary, you should try to inquire into the financial circumstances which could be considered by the bank in granting a loan modification. This could invariably increase your chances of obtaining an approval for a home refinance.

Another aspect that needs to be taken care of is that house makers should spend some time in understanding the rules that the bank has set for applying. This help you to get a fair idea of what the bank actually wants from your loan modification application, which could ultimately facilitate the conduit to approval since it would ease out the procedure for the loss mitigation department as well. For securing a quick approval, just ensure that your application package is complete and well sorted. This could be important as the bank official who would be processing your refinance loan application should have the much desired convenience.

Additionally, it is better to have a prior detailed knowledge of different types of loan modification programs offered by countrywide. This could aid you to choose and prepare the financial documentation required for a particular scheme. Selecting the right kind of home mortgage modification agreement could save you from future hassles. This could enable you to secure a loan modification for your home that is affordable as well as caters to your economic needs and requirements.

Bank of America overtook countrywide in 2008. Recently, BofA has announced plans to write off 30% of principal balance owed on certain at-risk home as part of its countrywide loan modifications(http://www.refinanceitt.com/countrywide-loan-modifications.php) program. This could help about 45,000 distressed homeowners who have gone upside down on existing countrywide mortgages. To know more about how to modify loan visit http://www.refinanceitt.com.