CCO Mortgage & Citizens Bank Loan Modification

CCO Mortgage (also known as Citizens Bank) provides a number of loan modification programs to help borrowers stop foreclosure and lower their payments. Additionally, Citizens Bank now participates in President Obama’s Making Home Affordable Program.

Regardless of whether or not you are current on your mortgage, if Citizens Bank is your lender, we most likely can qualify you for a loan modification. Actually, if you are behind on your mortgage, this may create even more of an incentive for Citizens Bank to modify your loan. If you are on time, getting a loan modification is still possible, and modifying now can avoid irrevocable damage to your credit.

How can this help you? Well, a loan modification can help you decrease your interest rate, payment, and possibly even the principal balance of the loan. An aggressive loan modification can help you keep your house, and in the process lower your payment by hundreds if not thousands of dollars.

Let’s take a look at what exactly a loan modification is: A loan modification is an agreement between you (the borrower) and your lender (Citizens Bank) to lower your mortgage payments to an affordable level to help you avoid foreclosure. Citizens Bank has faced significant financial setbacks over the last two years due to the high number of foreclosures, and, as such is willing to work with qualified homeowners to lower their monthly payments and help them keep their homes.

When applying for a loan modification with Citizens Bank / CCO Mortgage, it’s important to remember that the primary basis of whether or not you will be approved for a loan modification is based on whether or not you are facing what Citizens will look at as an “acceptable financial hardship”.

Citizen’s Bank and CCO Mortgage’s loss mitigation guidelines cover a number of acceptable financial hardships, here are a few of the more common 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 assets, and increases in other household expenses.

As previously stated, Citizens Bank now participates in the Making Home Affordable Program, meaning that it’s conceivable to get an interest rate as low as 2% on a 30 year fixed loan through an aggressive loan modification. For more information on the Making Home Affordable Program, check out these HAMP Guidelines.

If your mortgage is currently held by Citizens Bank, it may be in your best interest to take a look at a loan modification as you are most likely paying more than you have to on your mortgage.

When applying for a loan modification with Citizens Bank, you will need to document your income, assets, and expenses. Here’s a quick list of what you will need:

Last 2 Years W-2’s2 Yrs. Tax Returns2 Months Paystubs3 Month Bank StatementsCopy of Latest Mortgage Statement

Please note that Citizens Bank may ask for additional supporting documentation when reviewing your loan modification package.

You can reach 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 help they receive varies base upon which department of Citizens they have reached!

The first department of Citizens Bank that speaks to delinquent homeowners typically is their collection’s department, who will try to get the homeowner to catch up by immediately paying back the amount they are late on, including the legal and late fees that Citizens Bank assesses.

The second department at Citizens consists of loss mitigation specialists and negotiators. Modification Zoom has significant experience working with lender loss mitigation departments and getting the best loan modifications for our clients. If you believe you need help getting a loan modification from Citizens Bank / CCO Mortgage, complete the form to the right, or apply here.

Often, homeowners contact us after they have presented financial information to their lender that makes it impossible for them to get a loan modification. If you do not have years of loss mitigation experience, the time to learn is not on your own foreclosure.

Modification Zoom can help get a loan modification from Citizens Bank / CCO Mortgage that will put you in a much better financial situation. Complete a form on any page of this website, and we will contact you immediately. The consultation is quick, absolutely risk free, and completely confidential. Take the first step today!

View the original article here