A Countrywide Home Loan Modification Process |
In the current economic scenario which mortgage company to trust and which not to have become the biggest question on the minds of home loan borrowers seeking home loan modification service. Foreclosures and bankruptcy filing are not sustainable answers to the problems of either the banks or the borrowers. With Foreclosures where on one hand the owners loose their home banks are left with nothing but the property as static asset which is of no help till sold. Amidst this, Countrywide which is an established and reputed mortgage company from United States has emerged as a clear winner in the hearts of home loan borrower.
For you to qualify for countrywide home loan modification service you must meet following criteria:
•The borrowers should have received an approved sub prime mortgage or adjustable rate mortgage before Dec 31st’07.
•This modification scheme is not for borrowers investing in property. The property must be occupied by the borrower.
•The present loan to value ratio is greater than or equal to 75 percent
•The borrower has fallen behind in the payment exceeding a period of 60 days
•OR the borrower already has sub prime mortgage or adjustable rate mortgage may be on time at present but may become delinquent because of resetting of the interest rate or the principal in case of refinancing, any time prior to June30 2012 and present loan to value ratio is greater than or equal to 75 percent.
•Your debt to income ratio should be at sustainable 34% or lesser.
It’s good to know about the Obama’s home loan modification plan as that can help you assess you eligibility for a home loan modification from countrywide
•The loan that you have secured should not be dated after Jan1, 2009.
•Your primary mortgage should be less than $729,500.
•Anyone with high debt to income ratio or has a diminished property valuation is eligible for loan modification.
•Must attend HUD certified counseling if your total household debt exceeds the income by 55%
•You must be living on that property. The plan is not for home owners who have purchased the property only for investment purposes and are not living on it.
•Your income along with the tax returns and pay stubs should be fully documented in the application submitted to the lender. However each lender might have their specific requirements that you must adhere to.
•You must furnish a financial hardship document to the lender before your secure a loan modification. The program is not for unscrupulous homeowners who furnish dishonest data only to avail the benefits of the program.
•If you qualify and your application for home loan modification is approved by the lender then your monthly mortgage payments could be reduced to 31% of your gross monthly income.
•To qualify it is important that you have steady source of income which is not only enough to meet the monthly mortgage payment but also to cover all your bills and expenses for the month.
•You are only eligible only if the loan modification results in net savings compared to the situation of foreclosure.
•No mortgages for the amount more than the conforming limits qualify. The interest rates will not be lowered below 2%
However if you are bogged down by the intricacies involved then there are professional counseling services available from counselors appointed by Federal government’s housing and development department. The expert consular will not only help you with you paperwork to put the case forth in best possible manner but also will act as your representative to countrywide bankers negotiate the best deal suitable for you.
For expert financial advise and information about a countrywide home loan modification - visit nonsense loan modification guide at: http://loan-mortgage-modification.net
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