The Stimulus Package 2009 announced by the Obama Government has used loan modification & refinance as the key tools to stop the foreclosures & bankruptcies in the country. Now many banks are willing to help their clients. One among them is Countrywide. If you want a loan modification with Countrywide bank you must write them a hardship letter. When you submit it, some documents have to be attached along with it.
Here are few tips to write the hardship letter for this bank. Also it mentions some other essential details:
* To get a loan Modification with Countrywide bank, you should first decide on the option you wish to take. For instance, you are looking for loan mitigation, or to expand the time period or for some personal loan to pay off the loan amount.
* You must also have on hand the right debt income ratio. The idea is to be very sure about the monthly payments that you propose to pay.
* Now, for the submission of the hardship letter only trust the registered mail services or the emails.
* You must also have a copy of the letter you have submitted.
* For writing this letter, do not wait to miss out any of the payments. If you think you can not make the payment inform the bank before hand.
* The documents that have to be submitted with the letter include the income details (pay stubs, tax returns, benefit statements and unemployment bank statements) for last 2 years. Remember all the financial statements that you give must be complete and accurate.
* Now coming to the body of the hardship letter, it should be complete, clear, legal and valid.
* It must be readable. If your hand writing is not good, get the matter typed.
* On the top of the letter you must mention your name, address, contact numbers, loan number and option you wish to take.
* It must be written in the formal tone.
* It must depict your need and urge to save your home.
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