Countrywide Loan Modification

How does a countrywide loan modification work and who can apply for it?

If you are delinquent with your mortgage payments time is definitely not on your side and you must act quick. All homeowners whom are in need of a countrywide loan modification will need to submit an application packet in order for them to be considered for a countrywide loan modification.

In order to be considered for this program, borrowers will need to prove that they can meet the guidelines for this program and approval criteria. The most important basics are:

1. Borrower(s) must live in the subject property as your primary residence
2. Borrower(s) monthly mortgage payment must be more than 31% of your gross monthly income
3. The borrower(s) mortgage must have been originated prior to January 1, 2009 and be less than $729,750
4. Borrower must be suffering a financial hardship and be able to prove it.

A Countrywide loan modification might be the help you need to keep your home, seek professional help if you don't understand this process.