Home Loan in 3 Easy Steps
Countrywide Home Loans
Many those who own a home get their mortgages from Countrywide. In 2008, Countrywide was acquired by Bank of America. It issued a statement in October of 2008 concerning its new policies related to mortgage modification. The goal was to help more homeowners to rebuild their ability to pay their mortgages. Clients may have known about this statement but might not be informed exactly what Countrywide has been doing in different way and how they could benefit from Countrywide home loan changes.
Recently Countrywide has got some bad press accused for being an unfair lender. They were sued for bad lending practices. Since the lawsuit, they issued a statement talking about their plan to support struggling homeowners to adjust their mortgage. When they are modified, their loans will offer a step-rate interest program that can slowly bring costumers back. Eligible buyers will have Countrywide home loans that they have purchased and live there in person.
Countrywide’s intentions to modify mortgages have a couple of various options. HOPE for Homeowners offers FHA loan plan to those who need refinancing, including homeowners who weren’t qualified for usual refinancing with the old rules. HOPE was started because so many consumers have lost the necessary equity in their homes because of declining house prices. The only disadvantage is that if you decide to sell your home, it involves agreement that a percentage of the equity will be shared with the FHA when it is done. If HOPE plan is not a good advantage for you, there are other options for loan modification such as interest rate reductions or principal forbearance offered by Countrywide.
Those with a countrywide home loan and experiencing trouble with their payments should apply to get loan modification. The company established a plan to help modify loans, so see if you can be qualified for this. Moreover, Countrywide is routinely reviewing many mortgages and will be informing by letter those who are or are in close danger of becoming delinquent.
