Countrywide Foreclosure Help and Loan Modification


Countrywide Foreclosure Help and Loan Modification

If you have problems with your payments and your loans at present, then you ought to do something about it and you can only make this happen when you apply for a loan modification. Loan modifications that you can find throughout your country can certainly help you save yourself from too much stress if only you qualify for it and of course it would be a good thing for you to know that it isn’t actually complicated to apply for one at all. Here are some reasons on why you should consider applying for countrywide loan modification.

Troubles with foreclosure

Most of the situation that people are in have to do with foreclosure and these are the same people who apply for this type of loan modification. One of the qualifications that you have to meet although this isn’t necessarily positive is that you have to be at least 90 days behind of your mortgage due date. A lot of people experience this so chances are they wouldn’t find it difficult to apply for this type of loan modification process. Remember that this type of loan is to help people not be faced with foreclosure no more. It is also important to know that you shouldn’t start the process too late. It takes about 90 days to apply for it and get approved too.

Troubles with bankruptcy

If you are planning to declare bankruptcy, then know that this type of loan is not the right one for you. Some people still try their luck to apply for this type but only to find themselves rejectd of it because it is definitely impossible to be approved of it.

Troubles with refinance options

Countrywide loan modification is not ideal for a home buyer that is looking into other refinancing options. The interest rate and terms of a loan modification are not normally nearly as good as those you might get from a new mortgage. Bear in mind that loan modification is designed to help out those in trouble, and those that are facing foreclosure. These folks often have no other options available to them short of loan modification, so this is not usually an issue.

Troubles with credit rating that dropped to subprime loan levels

As has already been discussed above, countrywide loan modification options fall below comparison to traditional means of fixing a mortgage. Most people who are faced with a hardship program are fighting a credit rating that is less than realistic, if only because of the recent hardship. This can lead to subprime loans that can really cost a person a ton of money down the road, so caution should be exercised before signing any paperwork.

You are facing significant financial hardship that is not likely to improve soon

It is vital that you be facing a financial hardship that you do not see yourself getting out from under if you are going to apply for a Countrywide loan modification. If you think that your finances will improve down the road, then it may behoove you to wait it out. Just be sure that you are going to be able to keep your mortgage out of foreclosure in the meantime. If you are uncertain, then you are much better off getting a Countrywide loan modification instead. Losing your home should be the last option that you consider.

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