Countrywide is a reputed mortgage company in United States. The loans are owned and insured by Fannie Mae & Freddie Mac. That is why they are eligible for the loan modification plan initiated by the Obama Federal Government. The Obama Government is quite committed to help the home owners to save their homes from being foreclosed. For the same reason they have also allowed many grants for housing and other day to day chores of life.
Bankruptcy & foreclosure is not a practical solution. With this focus, even the banks are now willing to help the home owners to retain their homes. The banks have run into losses with the undue flow of bankruptcies & foreclosures. This is because the property rates in US have also gone phenomenally low. Even after selling off the house the bank does not get back its mortgage or loan money.
How to Qualify for Countrywide Home Loan
Here are the new pointers that would make you eligible for Countrywide mortgage :
· In case your mortgage amount exceeds 105% of the current market value of the house, you are eligible for the home loan modification. Earlier the rule was that if you own 20% of the equity you are eligible for loan modification.
· You can seek professional counseling from the expert counselors appointed by the US Federal Government's Housing & Development Department that is also known as HUD Department. These counselors help you draft your case in the best possible manner and also act as your representative with the Countrywide bankers.
· The focus of Obama plan is 'affordability.' So the rates of interest they are looking for are fixed. The plan is committed to help you save your home for a long term. So the modifications are more focused towards conversion of loans for a long term.
Bankruptcy & foreclosure is not a practical solution. With this focus, even the banks are now willing to help the home owners to retain their homes. The banks have run into losses with the undue flow of bankruptcies & foreclosures. This is because the property rates in US have also gone phenomenally low. Even after selling off the house the bank does not get back its mortgage or loan money.
How to Qualify for Countrywide Home Loan
Here are the new pointers that would make you eligible for Countrywide mortgage :
· In case your mortgage amount exceeds 105% of the current market value of the house, you are eligible for the home loan modification. Earlier the rule was that if you own 20% of the equity you are eligible for loan modification.
· You can seek professional counseling from the expert counselors appointed by the US Federal Government's Housing & Development Department that is also known as HUD Department. These counselors help you draft your case in the best possible manner and also act as your representative with the Countrywide bankers.
· The focus of Obama plan is 'affordability.' So the rates of interest they are looking for are fixed. The plan is committed to help you save your home for a long term. So the modifications are more focused towards conversion of loans for a long term.
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