There are some issues you may encounter if you choose Countrywide loan modification plans and not many are fully informed about these issues that you could encounter. Even though Countrywide has been offering loan modifications to make not everyone is having the luxury of being approved because the qualification guidelines are very sticky to get through.
If you want higher chances of being approved for a loan modification from Countrywide you should get yourself prepared before you even make your first call to them and submit the application forms.
Now you are probably wondering what exactly you need to be approved and the information is very similar to many other lenders, except Countrywide is a bit pickier with whom they give loan modifications to.
When you first begin your application forms make sure that you have sat down and wrote out a hardship letter. A hardship letter is used to explain the various circumstances that have caused you to be unable to pay your loan payments and how you've attempted to get through the situation. You should also explain the ways you plan on getting back on your feet financially so they know that they'll receive the money owing without any more problems.
Other then your hardship letter you are also going to need to supply proof of income with your pay stubs and another other type of income statement you receive including unemployment. Along side these pieces of information you will also need to supply your tax returns for at least two years time.
Make sure that when you are supplying all this financial information that everything is completely accurate and complete. If you file information that is incorrect you could find yourself being denied the loan modification you've applied for and struggle to get reconsidered in the future.
Don't find yourself missing out on the opportunity of getting your financials in order because you filed your documents incorrectly. If you take the time to be organized so will Countrywide so take the time to go through all the necessary files and get it right the first time.
Countrywide loan modification has become quite beneficial for all those wanting to get back that financial stability again. Avoid going into any more debt and consider a loan modification to help you get your life back together. Just prepare yourself properly and you will be on your way to receiving the necessary assistance you need to start fresh.
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