CCO Mortgage (also known as Citizens Bank) provides a couple of loan modification programs to aid borrowers stop foreclosure and lower their payments. Additionally, Citizens Bank now participates in President Obama’s Making Home Affordable Program.
Irrespective of if you are current on your mortgage, whether or not Citizens Bank is your lender, we probably may qualify you for a loan modification. Regardless, whether or not you’re behind on your mortgage, this can formulate even more of an incentive for Citizens Bank to change your loan. Disregarding you’re on time, getting a loan modification is still possible, and modifying now may stay clear from irrevocable damage to your credit.
How may this aid you? Well, a loan modification can help you decrease your interest rate, payment, and perhaps even the primary remainder of the loan. An aggressive loan modification may support you keep your house, and in the routine lower your payment by hundreds if not thousands of dollars. Let’s take a consider what precisely a loan modification is:
A loan modification is an agreement amid you (the borrower) and your lender (Citizens Bank) to lower your mortgage payments to an low-priced level to support you stay clear from foreclosure. Citizens Bank has faced significant financial setbacks over the last two years because of the high number of foreclosures, and, as such is willing to work with qualified householders to lower their monthly payments and help them keep their homes.
When applying for a loan modification with Citizens Bank / CCO Mortgage, it is primary to remember that the primary basis of whether or not you are going to be approved for a loan modification is based on whether or not you’re facing what Citizens will look at as an “acceptable financial hardship”.
Citizen’s Bank and CCO Mortgage’s loss mitigation guidelines cover more than one worthy of acceptance or satisfactory financial hardships, here are a couple of of the more mutual ones: Decrease in income, job loss, unemployment, adjustment of an ARM (Adjustable Rate Mortgage), any increase in mortgage payment, death in the family, illness, disability, child birth, excessive credit card debt, decrease in sum totals, and increments in other household expenditures.
As antecedently stated, Citizens Bank now participates in the Making Home Affordable Program, meaning that it is imaginable to get an interest rate as low as 2% on a 30 year fixed loan through an aggressive loan modification. For more selective information on the Making Home Affordable Program, check out these HAMP Guidelines.
Whether or not your mortgage is presently held by Citizens Bank, it can be in your best interest to take a consider a loan modification as you are in all probability paying more than you have to on your mortgage.
Items You Will Need When Applying for a Loan Modification
When applying for a loan modification with Citizens Bank, you will require to document your income, pluses, and disbursements. Here is a quick list of what you will require:
• Last 2 Years W-2’s
• 2 Yrs. Tax Returns
• 2 Months Paystubs
• 3 Month Bank Statements
• Copy of Latest Mortgage Statement
Please note that Citizens Bank can ask for further and added supporting documentation when reviewing your loan modification package.
What to do When You Call Citizens Bank
You can attain the Citizens Bank Loss Mitigation Department directly at (800) 234-6002. Now, as with most lenders Citizens Bank has two different departments that field calls on delinquent loans and how homeowners are treated and the aid they receive varies base upon which section of Citizens they have come to!
The basic section of Citizens Bank that speaks to delinquent householders typically is their collection’s section, who will attempt to get the homeowner to catch up by without delay paying back the quantity they’re late on, including the legal and late fees that Citizens Bank assesses.
The second division at Citizens comprises of loss mitigation specialist and negotiators. Modification Zoom has substantial experience working with lender loss mitigation departments and becoming the best loan modifications for our clients. Whether or not you believe you need aid getting a loan modification from Citizens Bank / CCO Mortgage, complete the form to the correct, or implement here.
Frequently, homeowners contact us after they have presented financial data to their lender that makes it impossible for them to get a loan modification. Many times you don’t have years of loss mitigation experience, the time to learn is not on your own foreclosure.
Modification Zoom can aid get a loan modification from Citizens Bank / CCO Mortgage that will put you in a much better financial circumstance. Finish a form on any page of this web-site, and we will contact you immediately. The interview is quick, absolutely chance free, and exclusively confidential. Take the primary step today!