Countrywide Loan Modification

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Since   Bank   of  America  bought out Countrywide due to their bad decisions in the mortgage lending business, people assume that loan modifications are difficult to do. That is not the case as  Bank  of  America  has actually made it easy for you to find out what you need to do to start a Countrywide loan modification.

First you need to visit  Bank  of  America"s  website. Then click on the "Facing financial hardships? We may be able to help" that you see at the bottom of the screen. The next screen will ask you to select what state you are from. Then it will tell you what you need before you call in to speak with a loan modification specialist. Below is the list of documents and information you should have:

o Your new  Bank  of  America  account number should be the same as your old Countrywide account number.

o The house that you are seeking a loan modification on needs to be your primary residence. This means that you can"t try to modify the loan on your rental properties.

o Proof of income for contributing household members (e.g. pay stubs)

o Personal Budget Worksheet: complete and sign.

o Current  bank  statements

o A financial hardship letter

o Be prepare to discuss about household income and expenses

Once you have all the numbers written down and figured out, give them a call at the toll free number. Your numbers have to justify them to give you a loan modification. Once they take your information, they will need 30-60 days to process your application. But even if you do get approved, you will be given a trial modification meaning that it is not permanent. That doesn"t mean that you can"t try to negotiate for a permanent modification once you start on your trial modification.

Couple of tips that I have for you that will increase your chance of getting your Countrywide loan modification approve:

o Don"t overpay on your credit cards payment. Just pay the minimum if you are still able to pay your credit card bills. If they see that you are paying more than the minimum they will ask you how come you have extra money to pay for more than the asking minimum.

o Remind yourself that it"s not the end of the world. By now, your credit score might have dropped but that doesn"t mean you still don"t have a good health or that you can"t start over. Just realize that when you do start over, be more careful in your spending habits and big financial decisions.

o Go back to cash. Forget the airline miles or reward points. Once you have your financial situation under control then go back to plastic but only use it if you can pay it off each month. Cash is not king but it sure gives you a realistic view of what you do and don"t have in your  bank  account.

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Source by Jimmy Tang