Home Countrywide – Who can get a principal reduction?
The loan modification programs from Countrywide that features a reduction in the principal balance is offered to certain homeowners. The $8.6 billion dollar predatory lending lawsuit that Countrywide agreed includes a provision that allowed for the reduction of the amount owed on certain loans and in certain states only. Homeowners who are struggling with unaffordable mortgage payments and now owe more than their home is worth need to know if they qualify for this loan modification option. Here are some helpful information about who could qualify.
Countrywide agreed to offer eligible borrowers in 11 states loan modifications that featured:
1. Waiver of late fees and penalties
2. Reduction in interest rates to as low as 2.5%
3. Principal reductions for certain loans
400,000 borrowers in the 11 states originally included in the Countrywide lawsuit are eligible for this special loan modification outreach. If you live in one of these states and your loan was originated between January 1, 2004 and December 31, 2007 you may qualify for a principal reduction on your home loan. Here are the 11 states included in the original lawsuit settlement:
Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas and Washington. Tennessee, Mississippi and Pennsylvania have also settled predatory lawsuits with Countrywide so that borrowers in those states may be eligible for special loan modification programs. If you do not live in one of these states, you may still be eligible for a Countrywide loan modification to lower your monthly loan payment and help you avoid foreclosure.
Homeowners stuck with Pay Option Arm loans where the loan balance can actually increase with every payment made are good candidates for a Countrywide loan modification featuring principal reduction. Borrowers who owe more than their home is currently worth may qualify for a reduction in the amount they owe the bank, as well as a lower interest rate to arrive a new affordable mortgage payment. Each case is reviewed individually, and the borrower still must meet certain criteria. Every homeowner stuck in an unaffordable Countrywide loan needs to take the time to learn how they could qualify for a loan modification to lower their mortgage payment.
Labels: Home Countrywide, Loan modification program, loan refinance, principal reduction, reduce interest rate
posted by Admin : Home Countrywide – Who can get a principal reduction?
2 comments
2 Comments:
Hello, did you know that there is program that just came out that could reduce your pricipal, and refinance your house into a 30 year fixed at 6.25%? This is not a Loan modification! All Credit Qualifies, as long as you have a job you can reduce your principal.
Are you frustrated with values plummeting in your area?
Do you wish you could make that negative equity of $50,000 - $200,000 just disappear?
Has every Loan modification company in town told you that Principal Reduction is impossible?
What is it worth to you to have your Principal Balance Reduced to 90% of current market value?
We are the only company in the industry that has discovered the secret to Principal Reduction!
Please leave a detailed message as I do take a lot of calls for this program.
Simply call for a free Consultation: 408-245-0105 or 602-774-2126
Or Send me an e-mail to Rudy@infinitidebtsolutions.net
Please only serious inquires, we are trying to help out as many homeowners as possible.
Wasting time = Homeowners losing their homes.
www.infinitidebtsolutions.net
This this really informative article. Loan modification has benefited many other people going through home crisis. Your article could help many people seeking for loan modifications for there homes.
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