Countrywide and the Obama Federal Loan Modification Plan

March 8th, 2009 Filed under: Uncategorized — Foreclosure Author

Wondering how the Obama federal loan modification plan will affect your Countrywide loan workout application? Will it be easier to qualify for the help you need to lower your monthly mortgage payment? Even if you have already applied for a loan modification with Countrywide you may have a second chance. Learn more about how the plan works and if you will benefit.

Thousands of struggling homeowners have felt like they are painted into a corner with no option but to lose their home. A Countrywide loan modification has been very difficult for many borrowers to qualify for. The Obama federal loan modification plan will aim to provide relief to almost 5 million homeowners across the country, many of whom might have already been turned down for a loan workout. Now, participating lenders must agree to review the eligibility of every homeowner who requests information about the plan to determine if they might qualify.

Countrywide is expected to participate in the Obama federal loan modification plan, and will have to accept applications from all interested homeowners. The loan workout program will offer substantial interest rate reductions to qualified homeowners-as low as 2%. In return, the Treasury department is offering monetary incentives and is sharing the costs with the lenders tohelpenticetheir participation. But the good news is the borrowers who successfully maintain the new modified loan will also be paid a bonus-up to a $5000 credit towards their loan balance.

What should you do if you need a Countrywide loan modification and are interested in the Obama plan? Since the lender is expected to be flooded with requests,borrowers are beingadvised to start gathering the required paperwork and learn more about how to qualify for this free loan workout program. Successful candidates will have an edge by learning more about the plan, pre-qualifying themselves, and preparing the required loan modification application paperwork ahead of time so that it has the best chance of meeting the approval guidelines.

Do you know how to compute your debt ratio to help you qualify? Learn more about how to get a Countrywide loan modification using the Obama federal loan modification plan. You can get the help you need to pre-qualify yourself and then apply for a loan modification by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

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    1. 5 Responses to “Countrywide and the Obama Federal Loan Modification Plan”

    2. By Uncle T on Mar 25, 2009 | Reply

      Sirs,

      Late last year both my wife and I lost our jobs. She has since found new employment but at a substantially reduced rate. We have tapped out our savings and are now faced with not being able to make our Mortgage Payments. This is a preface to my experience of the last week talking with CountryWide Mortgage. They are the servicer of my home loan.

      First let me say that after a week of talking to 15 different employees of CountryWide, being hung up on 3 times, having to talk to two people in India that were not proficient in English, being lied to by almost everyone there, and finally making a conference call with a HUD counselor, the final person I talked to finally admitted that CountryWide is NOT participating in the government Making Home Affordable Program. That they are not willing to work with individuals that are not already in arrears and that my only option is to stop making payments on my mortgage if I want their help.

      Now, I’m not an economist. Could someone out there please explain to me how this is in CountryWide’s interest. After the most frustrating week of my life, I now understand that CountryWide is not a business that can possibly survive. It is staffed by incompetents and liars. Can any business operate this way?

      I am at my wits end

    3. By ce8970 on May 4, 2009 | Reply

      I want to set the record straight about Countrywide and who they are helping. I obtained a subprime fixed rate mortgage in 2/2007. I have been only seriously late one time and fixed that the very next month. On Feb.1 I recieved a Fed EX about the loan modification. They wanted to take my interest rate from 9.9 down to 8.5. Wow! They even told me not to make the payments for Feb. and March because they would finance that back in to the principle.

      But WAIT!!
      Why would they do this? I did not qualify. My husband is still employed. Our income did not change at all. I am not at risk for losing my house. Well, April 1st came and I made my payment on time. Then May 1 payment. I checked my account on the internet to see that while my payment was received it was not applied because I had a late charge for the March payment they told me no to make. What?? It is May 4th and it shows no record of the payment I made for May 1st.

      So here it is…… You want to know why they helped me and not you???

      I am in no danger of default. So in helping me they look like they have “Helped” a homeowner keep their home. Because I did not qualify they have held my payments to make it appear that I am more than 60 days behind. That is why they did not want me to pay those 2 months.

      Aren’t they great?? I am sorry for the problems this company is causing everyone. The “help” is only to make themselves look good. And they do this by helping the people who don’t need assistance in keeping their homes because they would have kept them anyway.

      I know so many people who are in need of assistance and they can’t get it. Who are these programs intended to help?

    4. By Mortgage Guy on Jun 10, 2009 | Reply

      This is good and nice to see that Obama is doing some good work :)

    5. By Cheap Stocks on Aug 14, 2010 | Reply

      you`re probably using a regular cash account if you sold something then you have what they consider unsettle funds you can buy another stock with it but you would have to hold it for 3 days for the money to settle then you can sell it (when you sell your the money has to take time for the company to tranfer the money in your account)

    6. By nursing schools on Aug 23, 2010 | Reply

      Terrific work! This is the type of information that should be shared around the web. Shame on the search engines for not positioning this post higher!

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