Countrywide Loan Modification

Countrywide is one of the biggest names when it comes to sub-prime mortgages, and subsequently in mortgage assistance and loan modification. The bank offers a loan workout option to borrowers in financial crisis, allowing them to stay in their homes while they talk their lenders into improving their mortgage terms.

A Countrywide loan modification is granted to homeowners who can prove that they are in real financial need, and that they can stay current once the loan is modified. To qualify, one must present a hardship letter explaining their situation, and financial documents such as pay stubs, bank statements, and tax returns for the past two years.

Other options are also available for borrowers who don’t qualify for a Countrywide mortgage modification. The most common alternative is a short sale, wherein the borrower sells his home for less than its fair market value and uses the proceeds to pay off the loan. Countrywide considers it a full payment, reducing the damage to the borrower’s credit.

Because of the large number of requests, a Countrywide loan modification application can drag on for several months. This is why it’s best to get a loan modification attorney to help you out. Working with a lawyer can ensure faster, better response from the bank, and more reasonable offers than you can get on your own.