Obama’s Federal Loan Modification Plan and Countrywide
Posted on August 8, 2009 - Filed Under Real Estate | Leave a Comment
Have you applied for a Countrywide loan modification? Are you confused by how the Obama home stimulus plan differs from a Countrywide modification? Could it be easier to qualify for a mortgage modification loan? Let's take a look at some of the benefits and how the Obama loan modification program works.
Millions of American homeowners are seeking relief from foreclosure, high interest rates, and the inability to make their monthly mortgage payments. Qualifying for a Countrywide modification loan has been complicated and difficult. These homeowners and many more may finally have the relief they so desperately need! Obama's federal loan modification plan is intended to save about 5 million homeowners from foreclosure! Even if you have already been turned down by Countrywide or other lenders the government is requiring participating financial institutions to review the eligibility of every mortgage holder that applies. In addition, while the lender is reviewing your application, your foreclosure could be put on hold.
Countrywide is an authorized lender under Obama's home stimulus plan. Even If you have applied with them before, you can re-apply under the federal loan modification program. If you qualify your payments may be lowered and your interest rate reduced to as low as 2%. The Treasury department is helping to motivate Countrywide and other lenders by offering paid incentives and sharing the lender's cost. In addition, if you pay your newly modified loan on time you may also qualify for up to $5,000 towards your new loans principal.
The federal home mortgage modification loans also include second mortgages. If the current value of your home has caused you a serious loss in equity, your interest rate may be lowered to 1% or the second mortgage may be forgiven completely. The Treasury Department will pay banks such as Countrywide 12 cents on the dollar for any second mortgages that are forgiven or meet certain criteria.
If you are interested in applying through Countrywide for a federal loan modification there are a few steps you should take before actually applying. Countrywide will be inundated with requests! It would benefit you to be prepared, do some research and make sure you know what you need to know regarding the application and financial documents that will be required. Being prepared and informed can be the difference between qualifying and foreclosure!
Need advice on where to start? There are advisers out there that can walk you through the process and help insure your success at qualifying for a federal loan modification.
There is hope, click here to fill out a short form to save your home! You will be matched with a qualified loan modification specialist.
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