How to Get a Countrywide Loan Modification With President Obama"s Plan

Trying to get a Countrywide loan modification and wondering how to apply and qualify under Obama's federal plan?The lender is accepting applications from borrowers who are facing a financial hardship situation and need to lower their mortgage payment to avoid foreclosure.
Here is what you need to know so you can get the help you need and deserve.
When you apply for a Countrywide loan modification under Obama's plan you will be asked to provide certain paperwork.
The lender will review this to decide if you qualify for a loan workout.
Countrywide is approved by the Treasury Department to offer loan workouts to qualified borrowers that feature:

1. Interest rate reductions to as low as 2%
2. Extended loan terms to 40 years
3. Principal deferral

The goal of the federal loan modification plan is to offer a standardized workout that results in a new mortgage payment that equals just 31% of your gross income.
This target payment will include your principal, interest, taxes, insurance and homeowners dues.
The 31% ratio is just for your first trust deed, if you have a second loan, there is a separate loan modification plan for that loan.
President Obama's plan calls for both loans to be modified and will offer cash incentives for the bank to lower the payments on all loans that qualify.
In order to qualify for a Countrywide loan modification using Obama's plan you must be able to meet this basic criteria:

1. Your loan must have been originated before January 1, 2009
2. Your current payment must be greater than 31% of your gross monthly income
3. Your loan amount must be less than $729,750 (for one unit properties-higher for 2-4 unit)

You must also be able to prove that you will be able to afford to pay and maintain the new modified payment by providing proof of your income and expenses on a financial statement.
As long as you can meet the basic approval criteria and know how to complete your paperwork correctly you will have a good chance of getting a Countrywide loan modification.
Don't be intimidated or frustrated, just take it one step at a time and use a good loan modification guide to help you prepare your application.
This is a one-time chance, so you want to do it right!