Loan Modification Through Countrywide - 3 Essential Tips You Need to Know

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If you are considering getting a loan modification through Countrywide, then there is some essential information I will share with you in this short article.
The information you'll get is concise and on-point, so you are assured to be more confident after reading it.
Essential Tip #1: Know Your Income/Debt Ratio Before you make an application for a loan modification through Countrywide, it is essential that you know and calculate your income debt ratio.
The federal guideline is that your monthly mortgage commitment must be more than 31% of your gross monthly income.
This is the minimum guideline, Countrywide may have a slightly higher threshold.
Nonetheless, it's important to work out your existing ratio and then inquire about Countrywide's before you apply.
Essential Tip #2: Draft a Air-tight Hardship Letter Before you are considered for a loan Countrywide will take a detailed look at your hardship letter.
This letter will outline to Countrywide, your present circumstances financially and how you got there.
It should also contain the steps you've taken to fix your problems.
The hardship letter is frequently given little regard by applicants but it's an important part of the application process.
Essential Tip #3: Work out Your Ability to Repay This one is crucial.
Many people fail to work out properly whether they'll be able to meet the new monthly payments if they are approved for a modifying loan.
Countrywide will dig deep into your monthly expense statement and if they see where you might not be able to meet the payments, they'll definitely reject your application.
Eliminate any expenses that aren't necessary and cut back on spending where possible.
This will give Countrywide the confidence to lend to you.
Getting approved for a loan modification through Countrywide is easy once you follow the steps above.
Combine them with a qualified online loan modification assistance and there's no way you won't get approved.
Tip 2 and 3 are particularly important to get right and an online loan modification company will help you tremendously to get them right.
Good luck.

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