Countrywide loan modification scheme has proven to be a boon for those who are facing foreclosures or are sunk in debt and non repayment of their loans. The recent past recession affected a lot of homes with severe financial crisis, that not just did they loose jobs, but they could not find new too. Thus non payment of loans and faulting the repayment rules became common. Ban had no way to retrieve back their losses excepting to force up on foreclosures or mortgage their properties.
Obama government has reformed this situation to save innumerous homes from this crisis. Introduction of loan modification not just saved their homes, but also gave an opportunity of hope to both the lender as well as the borrower.
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People who have their housing loans from countrywide have little to worry, since Bank of America has offered to modify the present loan payment rules to sooth you. Quick in service and compliant to the borrower, the company is today known for being customer friendly too. It has not just reduced the interest rate to suit the borrower, but also you can increase the term of repayment.
Yes though it sounds exciting to approach for a loan modification on has to go through a process and qualify for the same. Most debtors frequently ask the same question, how to apply for a countrywide loan modification?
First and foremost, you need to prove you are in a serious financial crisis, and your case is genuine. This loan is strictly applicable only for the needy so it is necessary that the company does its own research to justify your position. You can present your unemployment statement, your relieving letter from the previous job, or a medical bill to in addition if you are seeing doctors or undergoing a medical condition. Your hospital and electricity bills with other name proofs are of crucial evidence that you are an existent jobless debtor. Thus it also adds to the reasoning that you are unable to pay the mounting debt and your unavoidable current expenses too. A past credit card history and a letter showcasing your promise for a regular payment in future is necessary. The bank needs to understand your credibility, so it is important to detail your source of repayment too.
Since these loan modifications are done fro both the benefit of the bank as well as the borrower each step is systematic and is taken meticulously. So read the program or the deal understanding each criterion, if it suits you and is right for you. More people are eager to fit into this program, since it the mortgage adjustment plan reduces the mortgage payments to 34% debt-to-income ratios. Thus you can repay your debt without being over burdened.
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