Countrywide Loan Modification Process

Are you trying to get a Countrywide loan modification? If so, it is important to learn about some of the requirements Countrywide Bank demands to those of you interested in being part of this program. The Countrywide loan modification is a great program that offers a modification of an existing Countrywide loan to those of you who are in distress and subject to foreclosure. Not all of you will qualify for the loan modification, and the only way to know definitively is to call Countrywide Bank directly.

Generally, Countrywide will require some specific documentation along with your application before they will issue you an approval letter for a loan modification. The following are items that will need to accompany any application for a loan modification:

1) A letter that describes in detail the reason that you have defaulted on your current loan. You should include all information relevant to the default, the remedies you have sought to rectify your delinquency and how you intend to right yourself and stay solvent. This is essentially a hardship letter that needs to convey the seriousness of your financial condition. If you can provide references to verify your story or medical bills that prove disability, your case would be greatly enhanced.

2) All documents related to your income or lack of income, which can include W2′s, pay stubs, disability benefit statements, unemployment records, etc. You should also include a statement that will assure Countrywide that if they lend you the money for a new loan, you will have the ability to make the payments and not default again.

3) All financial related documents which would include bank and checking account statements, past several year’s tax returns, any statements regarding investments, etc. You could also include a proposed financial statement that shows Countrywide Bank that if you are granted a new loan, you will still have enough money each month to pay the mortgage and a little left over as a cushion against unknown expenses.

You need to prepare and present these documents in a professional manner to the department at Countrywide that deals with loss mitigation. It is not an understatement to say that how you present yourself through your application and documentation can be the difference between getting a Countrywide loan modification or being rejected for a loan.