Countrywide Bank Foreclosure Process, Loan and Mortgage Modification Programs

 


Countrywide Bank is one of the major mortgage lenders in the country. It was acquired by Bank of America in 2008 and has since announced that they are adopting a new plan to help distressed homeowners on the verge of having their property foreclosed and have them easily afford paying their monthly mortgage on time.

Countrywide Bank Foreclosure Assistance and Mortgage Modifications

To be eligible for the bank’s loan modification program, you must have obtained your home loan from Countrywide Bank and have been occupying the home you bought as your primary residence. Foreclosure is a very real thing if you have been missing your payments for at least 90 days and so you must proactively seek help to have a loan modification program that will allow you to retain your home. While it’s true that the bank offers several workout options for their clients, not everyone will be eligible for their loan modification packages, so it is important too, that you know what steps to follow and the documents you need to prepare in order to become eligible.

First of all, you need to write a hardship letter where you briefly explain the circumstances surrounding your financial difficulties such as losing a job, going through a divorce or having a medical emergency. You also need to prepare proof of income documents such as pay stubs, financial statements, W2, income tax returns and bank statements for the past two years. The bank’s loss mitigation department personnel will review your case and will decide if you are qualified or not.

You must know however, that your application for loan modification will not be accepted if you are already in bankruptcy or you are planning to declare bankruptcy. You will be better off applying for other financing options. Their loan modification package is best only if you see yourself in an impossible financial situation.

Contact Information:

Countrywide Bank Fsb in Alexandria, Virginia (VA)
Name: Countrywide Bank Fsb
Street: 1199 N Fairfax St, #50
Postal address: 22314- 1453 Alexandria, VA
Phone: (703) 518-6000