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Countrywide Loan Modification Bank Of America

If you are looking for a Countrywide loan modification in Las Vegas, this article will end your search.

Countrywide, now Bank of America, has a large market share of the loans in Las Vegas. Known for their creativity in making loans, a lot of homeowners choose to purchase their home with a loan form Countrywide. Unfortunately, many of their loan programs did not verify borrower’s assets or ability to repay the loan. Now there are hard working families that have purchased their home with the hopes of long term ownership. These borrowers have been set up to fail and now are being forced out of their home. This is happening throughout Las Vegas.

There is hope for those that have loans through Countrywide. A loan audit will reveal if the loan was predatory, if the proper disclosures are signed and most importantly, if the loan can be modified. A modified loan will change the terms of the loan making the home affordable for the homeowner to stay in their home. A loan audit reviews RESPA and TILA violations. RESPA and TILA require certain processes and disclosures when lending money. Unfortunately many lenders did not properly disclose the details of the loan. This lack of disclosure has help lead the financial crisis many homeowners face today.

Our firm specializes in loan modifications of Countrywide loans. A specialist will review your closing papers and compare them to the documents needed by law. If you are a victim of a predatory loan, we can help you get on the right path. If you have a Countrywide loan and your are struggling to make payments, you need our free evaluation. This evaluation will give you options to make your home affordable. Your home does not need to be a source of disappointment. Our experienced staff will work to make your home affordable and get your life back on track.

For more information on Countrywide loan modifications in Las Vegas, Nevada, please visit the links below.
About the Author:

For information on a company that can modifiy your loan in Las Vegas, Nevada, please visit the following links: http://www.leavetheloan.com or las vegas loan modification

Article Source: ArticlesBase.com - Countrywide Loan Modification In Las Vegas Syrockets

5-29-09 Michelle Hart Demonstration

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Countrywide Loan Modification Blog

How to do loan modification with some top lenders in Nevada?

      In this article, I am suggesting ways and means to talk, handle and finally negotiate a loan modification with your lenders.  These are time tested tricks, and procedure which people who does not want to hire an attorney, can use and be successful. I am not saying that you should not hire a licensed attorney, and by all means should hire a Nevada attorney but I am saying that if you are so hard pressed but otherwise feel capable of doing your own loan modification and like to sail through this troubled tsunami, then have my blessings and read the following pearls of wisdom.

     First with Countrywide, there are some important steps you need to take. Countrywide has made a settlement with State Attorney General of Nevada to do loan modifications. Countrywide, a rule of caution for everyone, is one of the most crooked bank of USA. Yes, close to the savings bank debacle of the 80's. If one institution had single handedly destroyed the American fabric and American Home Dream, this is the one. What does Countrywide Bank need to see from you in order to approve your loan modification application? Here are some of the items you will need to prepare and submit with your application:

• Hardship Letter-a brief explanation detailing the circumstances that caused you to become delinquent, explain how you have tried to remedy the situation and tell the lender about your plan to get back on track and stay there
• Recent Income documents: pay stubs, W2, benefit statements, unemployment
• Bank statements and Tax returns for last 2 years
• Complete & accurate financial statements

     How all of these documents are prepared and presented to Countrywide loss mitigation department can make the difference between getting your loan modified to an affordable payment or being denied. A little up-front knowledge and preparation will give you the fighting chance you need to save your home with a loan workout. Once you know what Countrywide Bank is looking for in an acceptable loan modification application, you will be able to present your case in the best possible light to get an approval.

    First, send them an authorization, if some third party is handling your case like an attorney. Then, wait a few days, and send them a hardship letter. Please see my blog for writing a hardship letter. Then just give them basic financial information about your mortgage, expenses, and income. A rule of caution, don't give them all the details, so in case you need to change down the road, you can do that. Try some intelligence with them. Don't beg them. Tell them that they had done something wrong. Not a single day passes, when Countrywide does not settle with someone the ongoing litigation.

Here are 7 Tips that will help you get your loan modification application approved:

   Tip #1: You should know the lenders guidelines for approval before you even send your documentation.  Wells Fargo is strict about all these guidelines, and your case would be unnecessarily delayed, if some of your documents are missing.

   Tip #2: Make a financial statements which can show all your income and expenses, and that you are trying to cut down your expenses, and in fact, balancing your budget and expenses. Eliminate all the unnecessary expenses like cable tv, cell phone bill, extra car sitting in garage for long time, including of course sending in-laws back to their original home.

   Tip #3: Write a convincing letter explaining your circumstances about your hardship situation. I have given some templates. Use them extensively with some revision. Sooner, I am going to write more about different economic hardship situation.

   Tip #4 Substantiate your economic hardship with supporting documents. Each fact should be corroborated with documentary evidence.

  Tip #5: Calculate your monthly mortgage payment yourself, and prepare yourself, if you can live with it because this is the payment you are going to pay for the next 30 years or so.

  Tip #6: Take your time and complete the required loan modification application forms. Call the lenders to find out if they had received all the papers.

  Tip #7: Submit a complete, accurate and acceptable application that meets the Wells Fargo loan modification program guidelines. Remember, if you are missing on any of these documentation, you are losing valuable time.

When you call the lenders on phone, make sure you plan to stay longer period of time, and also to be very polite with the representatives. Make sure you get their name, and write on your journal with time and date, and the result of the conversation.

About the Author:

Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada

Article Source: ArticlesBase.com - How To Do Your Own Loan Modification In Nevada?