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Countrywide Modification Department - How to Get a Loan Modification With Countrywide Bank

Contacting the Countrywide Modification Department Directly:

Based on the fact that you are reading this article, we will assume you are in need of a loan modification with Countrywide bank.  As such, there are basically two ways you can attempt to go about this, which include negotiating with Countrywide directly or procuring the services of a third party loan modification company to assist you in this endeavour.

For lack of a better term, option one basically amounts to  "do it yourself loan modification,"  and it does come with some obvious benefits, namely that you do not need to pay a fee to a third party to negotiate with Countrywide on your behalf.  If you have experience working in the loss mitigation department of a major bank, you are a real estate attorney, or similarly experienced professional you would be a fool not to attempt this process on your own.  Similarly, if you have a direct relative or friend with these credentials, and your are able to convince them to help you in your cause, stop reading this article and get them working for you!

Does that mean you should not try to get a loan modification from Countrywide on your own if you do not have the aforementioned experience?  Not exactly, but it something you need to take into consideration for this very important decision for your family.  At the end of the day, when all the dust has settled, you do not want to be left second guessing and wondering what more you could have done to prevent Countrywide from foreclosing on your home.

The biggest risks to negotiating with Countrywide directly boil down to two items.  First, keep in mind that the Countrywide customer service rep you are speaking with is focused on getting your file off of her desk, and "no" takes much less paperwork than "yes".  Nobody ever got in trouble with their boss for saying "no", right?

While there is some truth to this, Countrywide does want to do loan modifications when they are merited, though this dovetails into the second issue, which is the terms of the "loan modification agreement."  Obviously, Countrywide is most interested in the terms being negotiated being more favorable for them and their shareholders, not you.  As such, the second conundrum you face relates to your ability to strike a fair deal, and more importantly your ability to recognize a deal that is not in your best interest.  Countrywide in particular is notorious for "low balling" customers with sub-par deals.  If you do negotiate with them directly you WILL get a sub-par deal and they will try to get you to accept it.

Indirect Negotiation with the Countrywide Modification Department

Enlisting the services of a third-party loan modification company is a sure-fire way to get your loan modification approval from Countrywide's Modification Department, at least if you are qualified, which most reputable loan modification companies will be able to determine for you upfront, free of charge.  Reputable loan modification companies have relationships with the Countrywide Modification Department, ensuring they are already familiar with the requirements Countrywide requires, and streamlining the process for you.  More importantly, these companies will be able to determine if the offer Countrywide give you is truly their "best offer", ensuring you maximize your saving from this mortgage restructuring.

If you have had difficulty negotiating with Countrywide on your own, or are not fully comfortable with how the process is going, you should certainly interview some loan modification companies at the very least.  Look for a company registered with the better business bureau, someone willing to provide you with a guarantee, and make sure the "pre-approval" process is free of charge.  If they meet these conditions, and have connections with the Countrywide Modification Department, you should be in good hands.  Good Luck!