Real Estate Information Center

Loan modification is the name for adjusting your existing mortgage. Many mistakenly believe that forbearance agreement and loan modification are identical, but there is an important difference. The first just gives temporary relief, but the second gives permanent solutions.

Countrywide loan modification is granted to mortgage loan holders facing financial hardships that make them unable to make monthly payments. however, not everybody qualifies. To apply for a loan, Countrywide asks to see pertinent financial documentation.

Necessary Application Paperwork

• Hardship letter outlining the financial hardship causing the problem. Make sure to include what steps you are taking to resolve the problem.
• Income verification and list of monthly expenditures.
• Financial statements and applicable paperwork.
• Bank statements and tax returns for the last two years.

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A loan modification is essentially for home owners who are having financial difficulties in making the mortgage payments due to job loss, or the property value has dropped significantly in where it would not be possible to refinance.

How it works in a nutshell is that a borrower will contact a mortgage broker to re negotiate their mortgage, possibly by either extending the loan term to lower payments or other means in which can help lower your monthly payments.

If you are looking to modify your existing mortgage, there are a few things you should do to prepare before you contact a mortgage broker.

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The first thing you need to do is write down your monthly budget before you even think about contacting the mortgage company. It’s a possibility that they will ask you for this information over the phone on the first point of contact and you will want to be prepared. You will also need to have some type of income in order to qualify for a loan modification. Your income will have to cover your monthly expenses plus your proposed mortgage payment. You will want to show that you have enough income by supplying information like Car fuel, groceries, utilities, credit cards, cell phone, car insurance, etc. If you do not have an income, then you will not have to worry about this.

The next thing that you are going to provide is information about hardship. This consists of information like illness, job loss, and any other payments that have adjusted resulting to no longer being able to afford it. Never type this information. You don’t have to look professional; just write this letter on a piece of paper. If you were laid off, then you will want to include the exact date. This also includes any illnesses whether it’s yours or a family member that you have to take care of. You will also want to include information about any deaths in the family.

Continue reading ‘Loan Modification – How to Modify Your Own Loan’ »