| Delaying Foreclosure with a Countrywide Loan Modification |
If your mortgage is held by Countrywide, you can apply for a loan modification to make changes in your current mortgage. President Obama's nationwide plan, Home Affordable Loan Modification, includes homeowners who have borrowed from Countrywide.
Included in the plan is a time frame for its implementation, meaning foreclosure proceedings can be delayed. It is expected that the Home Affordable Loan Modification plan will help close to 5 million families keep their homes through proactive loan work around terms.
This delay in foreclosure proceedings gives homeowners time to apply for the program. In order to be eligible for a home modification under the Obama plan, you must
* Currently be paying more than 31% of your before tax income, including all your taxes, insurance and homeowner association dues
* Have negotiated your mortgages before 2009 and owe less than $729,750
* Find it impossible to meet your current mortgage obligation
* Live in the home for which the mortgage is held
Following this plan, your current interest rate may be reduced to as little as 2% and your mortgage can be extended to 40 years. It is also possible that some of your principal balance may be deferred. The goal of the plan is to reduce your mortgage payment to just 31% of your gross income. Countrywide received an incentive payment from the government for every loan modification they approve, and the government will help with any lost revenues due to the loan modifications. This means that Countrywide is also very motivated to approve loan modifications for qualified mortgage holders.
If paying your monthly mortgage is causing you to be stressed or you are starting to worry about how you will do this in the future, there is good news.
With the implementation of this current play, there are more opportunities that ever to work with your lender to find a solution. Not everyone is eligible, but you can improve the chances of approval if you have all your paperwork in order. Begin the loan modification process today and take the steps needed to keep your home.
For tips and facts about how to get approved for a Mortgage Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/
Article Source: UnArchived Articles
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