| Homeowners trying to get help with a Countrywide | | | | calculate the ideal monthly payment to increase your |
| loan modification can improve their chances of | | | | chance for approval. |
| success by learning a few secrets from the pros. Not | | | | 3. Complete the required financial statements detailing |
| all borrowers will qualify for these programs, so it is | | | | all of your income and expenses so Countrywide has |
| important to understand what the lender guidelines are | | | | an accurate picture of your current financial situation. |
| for loan modification approval so you will be able to | | | | Prove to the bank that if given the new, lower |
| complete the required forms properly to better your | | | | modified mortgage payment you will be able to afford |
| chances. Here are some insider tips that the | | | | it. Make this simple to do by providing a Current |
| Professionals know and use that can help you get the | | | | Financial Statement and a Proposed Financial |
| loan workout you need and deserve: | | | | Statement. INSIDER TIP: be sure to show that you |
| | | | have some disposable income left over after paying all |
| 1. You must demonstrate a financial hardship to qualify | | | | of your bills-you can't show too much or too little. |
| for a Countrywide loan modification. You can do this | | | | Before you send in your application for a Countrywide |
| by writing a convincing Hardship letter that explains the | | | | loan modification, take the time to research, learn and |
| circumstances that caused the delinquency, what | | | | prepare. You can increase your chance for success if |
| steps have been taken to remedy the situation and | | | | you have a good general understanding of the loan |
| tells the bank of your commitment to continued home | | | | modification process and what Countrywide is looking |
| ownership. INSIDER TIP: back up your story with proof | | | | for to approve you. You do not have to try to figure |
| of your hardship, ie: medical bills, letter from employer, | | | | this out all by yourself-but you do need to be able to |
| etc. | | | | prepare a professional and acceptable loan |
| 2. Implement a new family budget that eliminates any | | | | modification application, so make sure you learn and |
| unnecessary expenses so you can determine what | | | | prepare before you contact your lender. Time is not on |
| an affordable target, modified mortgage payment is. | | | | your side, so get informed and then get going to save |
| The new loan payment must be affordable now and in | | | | your home. You can take control of your financial |
| the future, so the bank will not have concerns about a | | | | future and get back on the path to secure home |
| re-default. Make sure your new payment fits within | | | | ownership again. |
| Countrywide's loan modification guidelines-learn how to | | | | |