Maryland Loan Modification - How to Get Help

By: Sarah Carlye

Feel like you are beating your head against a brick wall trying to get a Countrywide loan modification? It`s not easy getting the help you need, but the truth is that many homeowners have already received a loan workout with Countrywide-some with interest rates reduced to as low as 3%. How can you get that kind of loan modification program too? Well, here are some helpful tips to increase your chances of approval.

Tip: Qualified homeowners must be able to demonstrate they have suffered a financial hardship. Loss of equity alone is not an acceptable reason for a Countrywide loan modification. Loss of job or reduced income, death in family, medical expenses, military service, job transfer or divorce/separation are some of the acceptable situations for a loan workout. You must compose a convincing letter explaining your circumstances in a way that convinces Countrywide you are a good candidate for a loan modification.

Tip: Provide proof of your hardship-backup your story with copies of medical bills, a letter from your employer, divorce paperwork, etc. Make it easy for the bank to empathize with your situation and approve your Countrywide loan modification application.

Tip: Determine a new, Target mortgage payment based on a family budget that is affordable and that you can maintain. Countrywide wants to be assured that you will be able to sustain the new payment and won`t default again. This new Target payment can be determined by using a combination of interest rate reduction, longer loan term or a lower principal balance. This payment must also meet certain debt ratio requirements.

Tip: Submit accurate and acceptable financial statements that paint the picture of your current financial situation. This is where you show Countrywide in black and white that the current mortgage payment is not affordable, but that you can afford to pay and sustain a lower, modified Target payment. This can be a little tricky to do, you must be able to show the bank convincing evidence of your ability to pay.

Tip: Make sure you prepare and submit a complete Countrywide loan modification package that includes everything the lender needs to review and make their determination. Missing items or incomplete packages will simply be set aside and the results you need will be delayed. Using a Document Checklist submission sheet is one way to be sure you have everything required.

While there is no guarantee of success, an informed and prepared homeowner can greatly increase their chances of getting the most beneficial Countrywide loan modification available. Think of it this way-how can you qualify for something you do not know the requirements for? This is too important-don`t leave it to chance or luck. Help is available for those homeowners who know how to get it. Increase your chances for success by learning and preparing properly before you contact the bank. It just makes sense.

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