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How to Get a Countrywide Loan Modification Under New Federal Loan Guidelines
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This article tells you what you need to know in order to apply for and qualify for a Countrywide loan modification under President Obama's new Federal Plan. This mortgage lender is now taking applications from mortgage holders who face financial hardship. If you feel you need to lower your mortgage payments in order to avoid foreclosure on your home, read on to learn how to qualify.First, you will need to gather certain paperwork for Countrywide loan modification. The Treasury Department has proved Countrywide to offer its borrowers loan modification, featuring the following terms:-- reduction in interest rates down to as low as 2%;-- extension of loan terms to as long as 40 years;-- deferral of principal.The federal loan modification plan is designed to provide homeowners who qualify with a new monthly payment, equaling just 31% of gross monthly income. This target payments includes all monthly costs: principal,
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