Countrywide Loan Modifications: Becoming Easier Than Ever

Countrywide loan modifications are not impossible to get anymore. After the merger with Bank of America, Countrywide was forced to change their criteria and open up their doors to more modifications. And after the new government modification plan under Obama, Countrywide has become one of the easier lenders to acquire a modification from. But just because countrywide loan modifications have become easier to receive does not mean they are a walk in the park.

Before you do anything else, ensure that you are clear on their modification requirements. A quick call to the loss mitigation department can clear up any misunderstandings you may have and for you to get a good idea of what they're looking for in a applicant.

You can also call the loss mitigation department to find out what kind of programs countrywide loan modifications can come in. Finding out the requirements and programs they offer is an important part of being approved and can change the way you handle the modification altogether.

Next, decide how you would like to approach Countrywide about a modification. You can either approach them directly or go through a loan modification attorney or specialist.

Only take the task on yourself if you are skilled in negotiating, know how to fill out the forms the way they would like, and are sure you fit into the requirements. The majority of people who apply on their own do not succeed because they make some sort of mistake on the application forms or on the hardship letter they are to send in with the application.

There are two choices for outside assistance: Attorneys or workers through the FHA. Both are trained to assist homeowners to get loan modifications, but the help from the FHA is free. While almost anyone would choose the free alternative to a paid service, it's worth noting that in most cases there are waiting periods to get assistance from these professionals. A specialized attorney or company would not have this wait.

The hardship letter is a critical factor in getting countrywide loan modifications. Some homeowners do entirely forget the letter, which is means for instant disqualification. The letter cannot be too drawn out or whiny, but must be very convincing for your case of financial hardship. If you decide to work through a professional service, they will assist you in writing the letter.

Getting countrywide loan modifications takes the same amount of time and effort as any other lender. And if you choose to go about it yourself but are denied, consider a consultation from a professional to see if you fit into the requirements, and if so have them work on it with you.

Emma Lanier, "Loan Modifications Companies", Mortgage Lending Modifications

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