The Scope and Utility of the Countrywide Home Loan Modification


The issue of eligibility first precedes the consideration for a loan modification by the Countrywide bank. The fundamentals in the requirements for a loan modification basically involve the case of personal financial crises short of bankruptcy, and the willingness of the home owner to keep the property. These form the crux of the application requirement for a Countrywide Loan Modification.

Upon application, a document will be sent to the Countrywide loss mitigation department, which will contain the following:

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· A hardship letter explaining the case for your default, and how you intend to pay and how you also intend to be consistent in such a payment, and your past attempts at resolving the mortgage which failed

· Recent income documents, which would include the following: pay stubs, the w2 form, unemployment status statements, and benefit statements

· Bank statements and tax returns for the last two years, and complete and accurate financial statements.

The persons who would most apply for this loan modification are those who have fallen behind on their mortgage payments; for instance if a mortgage costs the home owner the monthly sum of $3000, and the home owner is three months behind on payments, with the default total at $9000, Countrywide steps in to split the default sum into a longer period of say 6-12 months, and that is added to the existing and expected (and un- paid) future mortgage payment.

Under this plan the regular payment will continue that is the $3000 sum as given in the example above, but in addition to the new longer period split sum, as a means of lessening the payment burdens upon the person who applies for the loan modification scheme. The ultimate goal of this scheme is to avoid foreclosure and to help the debtor obtain an alternative means of repaying the mortgage debt owed.

Banks readily opt for this option because a foreclosure is an expensive affair for the banks, as they would have to shelve out a lot of money for attorney fees, holding costs, taxes and insurance. The whole scheme if diligently followed will help to infuse a mechanism of financial aid and leverage, which helps the indebted party avoid the unpleasant consequences of a non modified home loan. The scheme, as you can also see, requires the financial commitment of the debtor, and the willingness of the proposed mortgagee-Countrywide- to lend depending on eligibility of the debtor to qualify for a loan modification.

All such modifications do not and will not eventually end in the dreaded foreclosure trap- which is not beneficial to either party, for it implies the loss of a home and the foreclosure loss sums on the part of the bank providing credit in this form. A careful reading of the above will no doubt give you a concise idea of the scope and usefulness of a Countrywide loan modification.


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