If you are in default on your Countrywide Mortgage, you should check into the possibility that you might qualify for a Countrywide Loan Modification through Obama's Home Stimulus Plan. President Obama wants to save your home.

Countrywide doesn't really want to foreclose on your home; it is expensive and time consuming for them. In this economy, it could be a long time until the home is producing income again for Countrywide.

Now they have even more incentive to help you keep your home. The Home Stimulus Plan pays them financial incentives of $1,000 to complete a loan modification for qualified homeowners and lower their house payment. They also have tools available to them through this program to help them straighten out the mortgage mess you have gotten into. They can forgive late fees, lower your interest rate, lengthen your loan term, and even sometimes reduce the principal.

Countrywide can actually utilize Obama's Home Stimulus Plan to completely rework your loan. You will avoid foreclosure, and you will actually be better off financially afterward. The first five years of the loan allow you to receive $1000 a year for each year of five that you are current with your mortgage payments. This is more money you can actually apply to reduce your principal of the mortgage!

This is a great opportunity if you qualify. You should find out everything you can about the qualification guidelines of the program, and then complete your paperwork accordingly. Small details about how the percentages are to be calculated and what items are included can make a difference in your approval.