Home Countrywide

Loan Modification process at Countrywide

2009-10-28T22:13:00.000-07:00

Everyone should be able to talk to thier lender themselves and see if they can get their loan modified. It is not very complicated to find out if you qualify or not. Here is some basic information about the Countrywide loan modification process that will help some people gain the courage and knowledge to call Countrywide and get started. A statistics show that less than 15% of homeowners have ever actually spoken with their mortgage holder! That is why it can seem pretty scary to call your lender-especially if you are having difficulties making your mortgage payments. What you need is a little knowledge and preparation so that making the very important phone call will not be very intimidating.

Countrywide has several different types of loan workout programs they are offering to qualified homeowners. The loss mitigation department is where specially trained employees work with at-risk homeowners to discover possible solutions. This may be a loan modification or some other type of loan workout, like a repayment plan or forbearance plan. You, as the homeowner, need to understand what your lender will be needing from you and then make sure you prepare all of your information ahead of time. The one thing loss mitigators dread is a borrower who does not know his financial information, or who is so emotional and unprepared that the phone call is a total waste of everyone’s time.

The first step in the Countrywide loan modification process is to get the application forms and then gather all of your financial information-like paycheck stubs, bank statements, etc. You will need these to complete the forms correctly. Your bank needs to get a clear picture of your current financial situation-this is done by providing a detailed accounting of your income, expenses and assets each month. Based on this information, your bank will decide if you fit into their guidelines for a loan modification or loan workout.

Countrywide wants to know what has happened to your finances that caused this situation. You must also write a letter describing why you need a loan workout. This is usually due to some type of financial hardship, generally loss of income or increased expenses. Again, the loss mitigators want you to be accurate and brief. No need to write a novel, but a descriptive and factual telling of your circumstances will do the trick.

The Countrywide loan modification process has gotten a lot easier since the Obama Home Affordable Modification Plan has been launched. Why? Because now the guidelines for acceptance are standard for everyone-learn these guidelines and then you can fine tune your application so that you have the best chance of qualifying for a very good loan modification. You can learn and use the very same 4 step formula that your bank will use-and give yourself the inside edge you need to save your home.

How To Obtain Cheap Student Loan Consolidation Programs

2009-08-13T16:24:00.001-07:00

If you have accumulated a significant amount of debt as a result of your multiple student loans, it is high time that you explore student loan consolidation programs. The most inexpensive ones are those that have the minimum interest rates and most suitable terms and conditions. Following details would delineate the steps that you should follow while looking for student loan consolidation programs.

Do your homework well. If you wish to receive cheap student loan consolidation rates, you need to carry out some research. Perform online research and contact credit unions and banks in your area. They must be able to furnish you with their interest rates for student loan consolidation and the essential terms and conditions of the loan.

Assess. You would have to determine whether some of the terms and conditions of the loan deserve obtaining student loan consolidation at higher interest rates. For example, one lender might say that they don’t offer student consolidation loans and as an alternative, provide a standard loan at a quite low interest rate. It might be the best possible deal for you, but if you have not yet completed school, you might have to begin paying on the loan right away.

Compare. Interest rates for student loan consolidation might differ from one program to the next since other variables can also differ. Prepare a chart for all the student loan consolidation programs that you’re evaluating and enumerate the terms and conditions adjacent to every bank or lender. This would assist you to instantly find out who is providing the most reasonable interest rates for student loan consolidation.

Have everything on paper. Prior to accepting any term, have it on paper. You should know the amount of your payment and the due date for your payments. Take into account every situation like a premature payment or prepayment penalty. All the supplementary terms are just as crucial as the interest rates for student loan consolidation are.

Bargain. If you obtain a written quote from various companies, you can direct that to others to find out if any company can better it. If your student consolidation loan is a lucrative option and they assume it would be gainful, they might reduce their interest rates to correspond it. Various banks provide a quote protection routinely.

Contributed by Debt Community Member.

Home Countrywide – Loan Modification – the truth!

2009-06-28T19:49:00.000-07:00

Many homeowners who have paid thousands of dollars to loan modification companies but gotten no results may be in for a big surprise. Countrywide has been contacting homeowners directly offering to help them with a loan workout and encouraging the homeowner to work directly with the bank. Is this good or bad-what’s the real deal?

Some bad apples have really given the loan modification companies a bad name-many former mortgage brokers looking for a new source of income simply changed their signs and went from writing bad loans to charging borrowers to fix bad loans. The stats on how many homeowners actually received that help is alarming-companies boasting a “95% success rate” have actually been found to have only completed a handful of loan modifications. So vulnerable borrowers had just forked over the last of their savings and were left out in the cold. No wonder the Feds and the lenders are shouting, “Beware of anyone asking for money upfront!”

Get the Right Person on the Phone!
Now Countrywide is getting proactive by contacting homeowners directly and starting the loan modification process over the phone in an attempt to short circuit any more payments to loan mod companies-and this includes companies led by attorneys as well. The truth is that the vast majority of borrowers can successfully work directly and get a loan modification for free. BUT… there’s always a but, so read on.

If Countrywide calls you directly, do not give them any of your information until you have taken the time to prepare your application beforehand. Why is this so important? Well, if you start giving them alot of information without first working on your budget and financial statement, you won’t know if you are hurting your chances for approval or not. You need to know ahead of time what the approval criteria is and then work on your budget and financials, get your paperwork all in order so that you will know exactly what to say and how the application needs to be completed.

The good news is that borrowers are being contacted-the bad news is that many will unknowingly hurt their chance for getting approved by providing the wrong information. If you need a Countrywide loan modification, this could be your one chance-make sure you do it right! Your time and effort will be worth it.

You can get the help you need to apply and qualify for a Countrywide loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan.

Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

Home Countrywide – Loan Modification – Do not apply until you read this!

2009-06-09T16:33:00.000-07:00

Homeowners may be contacted directly by the lender to apply for a Countrywide loan modification as the bank rolls out the Obama federal plan, Home Affordable. That is great news and a step in the right direction, BUT, before you hastily send in your application or give the bank your information over the phone, read this.

The truth is that not every borrower will qualify for a Countrywide loan modification. If you want to have the best chance of approval, make sure you take one hour of your time before you send in your loan modification application to get prepared. Once you give Countrywide your application and your financial information, it will be too late to make any changes later. You must get this right the first time if you want to get that lower mortgage payment you need to stay in your home

A Countrywide loan modification involves preparing financial statements, writing a hardship letter proving your financial situation and eligibility and providing the bank with certain documents. Do you know how to complete your financial statement so that it meets the approval guidelines? Do you know the 3 critical elements of a convincing and acceptable hardship letter? Can you calculate your debt ratio and determine your new target payment? If you need help with these important application steps, then make sure you take the time to learn before you send in your paperwork.

The good news is that help is available-if you know how to get it. You don’t have to try to figure this out all by yourself or pay thousands of dollars to a company. We agree with President Obama, you can and should work directly with the bank. Just make sure you have a good general understanding of how to get approved before you speak with Countrywide-it could be the difference between approval or denial.

You can get the help you need to apply and qualify for a Countrywide loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?

Home Edition Loan Modification Kit with Customer AssistFind out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly.

Home Countrywide - SEC Charges Former Countrywide Financial CEO with Fraud

2009-06-05T15:33:00.000-07:00

On June 4, 2009, the SEC announced the filing of securities fraud charges against former Countrywide Financial CEO Angelo Mozilo, former chief operating officer and president David Sambol, and former chief financial officer Eric Sieracki. They are charged with deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company’s market share. The Commission has additionally charged Mozilo with insider trading for selling his Countrywide stock based on non-public information for nearly $140 million in profits.

In its complaint filed in federal district court in Los Angeles, the SEC alleges that Mozilo, Sambol, and Sieracki misled the market by falsely assuring investors that Countrywide was primarily a prime quality mortgage lender that had avoided the excesses of its competitors. According to the SEC’s complaint, Countrywide’s credit risks were so alarming that Mozilo internally issued a series of increasingly dire assessments of various Countrywide loan products and the resulting risks to the company. In one internal e-mail, Mozilo referred to a profitable subprime product as “toxic.” In another internal e-mail regarding the performance of its heralded Pay-Option ARM loan, he acknowledged that the company was “flying blind.”

The SEC’s complaint alleges that Countrywide’s annual reports for 2005, 2006, and 2007 misled investors in claiming that Countrywide “manage[d] credit risk through credit policy, underwriting, quality control and surveillance activities.” Its annual reports for 2005 and 2006 falsely stated that the company ensured its “access to the secondary mortgage market by consistently producing quality mortgages.” The annual report for 2006 also falsely claimed that Countrywide had “prudently underwritten” its Pay-Option ARM loans.

The SEC alleges that Mozilo, Sambol, and Sieracki actually knew, and acknowledged internally, that Countrywide was writing increasingly risky loans and that defaults and delinquencies would rise as a result, both in loans that Countrywide serviced and loans that the company packaged and sold as mortgage-backed securities.

According to the SEC’s complaint, Countrywide developed what was internally referred to as a “supermarket” strategy that widened underwriting guidelines to match any product offered by its competitors. By the end of 2006, Countrywide’s underwriting guidelines were as wide as they had ever been, and Countrywide made an increasing number of loans based on exceptions to those already wide guidelines, even though exception loans had a higher rate of default.
The SEC’s complaint alleges that Mozilo believed that the risk was so high that he repeatedly urged that Countrywide sell its entire portfolio of Pay-Option loans. Despite these severe concerns about the increasing risks that Countrywide was undertaking, Mozilo, Sambol, and Sieracki hid these risks from the investing public.

The SEC further alleges that Mozilo engaged in insider trading of Countrywide stock that he owned. Mozilo established four executive stock sale plans for himself in October, November, and December 2006 while he was aware of material, non-public information concerning Countrywide’s increasing credit risk and the expected poor performance of Countrywide-originated loans. From November 2006 through August 2007, Mozilo exercised more than 5.1 million stock options and sold the underlying shares for total proceeds of nearly $140 million, pursuant to written trading plans adopted in late 2006 and early 2007.

The SEC’s complaint alleges that each of the defendants violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and aided and abetted violations of Sections 13(a) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder. The complaint further alleges that Mozilo and Sieracki violated Rule 13a-14 under the Exchange Act. The SEC’s complaint seeks permanent injunctive relief, officer and director bars, and financial penalties against all of the defendants and the disgorgement of ill-gotten gains with prejudgment interest against Mozilo and Sambol.

For press coverage, see:
NYTimes, S.E.C. Accuses Countrywide’s Ex-Chief of Fraud
WSJ, Countrywide Chiefs Charged With Fraud
WPost, Mortgage Pioneer Accused Of Fraud

Home Countrywide Loan borrowers

2009-05-26T10:40:00.000-07:00

I heard that Countrywide home loans has promised to save as many as 400,000 households from this financial crunch by the end of 2010

The New Obama Housing Plan is also available for those who are willing to get their countrywide loan modified.

Are you behind on your mortgage payments?
Are you facing any financial hardship to pay the payments?
Do you have any medical/financial/family/work problems that have put you in a hardship situation?
Have you lost your job or have your working hours reduced?
Are you upside down on your house and can't refinance?
Have you used your savings or borrowed money to be current on payments and now are running out of it?

No matter what your situation is, Countrywide might be able to help you modify your loan. The new Obama plan for helping homeowners is available.

Here are some examples of successful modifications with Countrywide Home Loans

A family was 3 months behind on the mortgage payments with a rate of 8% fixed which was killing them. Loan modified with countrywide for a rate of 2 % fixed for 5 years reducing $ 800 every month from mortgage payments and adding the arrears on the back of the loan. (Loan modified on March 8th )
7.5% adjustable mortgage rate modified to 4.5% fixed for 10 years saving the homeowners $ 539.88 every month. (Loan modified on February 26th )
A family upside down on house was unable to refinance and couldn't afford a rate of 9% adjustable. Their loan got modified to a 4.5% fixed rate for 5 years saving them almost half of their payments and they were out of the fear of being in a foreclosure forever.

Home Countrywide – Buying Countrywide foreclosure properties

2009-05-12T09:11:00.000-07:00

Everyone knows that Foreclosures have been a serious issue for most homeowners and lenders, which results in the lengthy and complicated process of loan recovery through auction sale. It should be no surprise that Countrywide bank foreclosures are on the rise which is a result of various factors like divorce, unemployment, financial crisis and rising interest rates. The homeowners are defaulting rapidly owing to the financial crunch and ever increasing rates, which have led the Countrywide Bank Foreclosures.

The entire U.S. is experiencing this crunch and the crisis has made most banks very cautious. Banks have now started foreclosing loans early as they feel the defaults shall make their interest calculation unstable and the decreasing property prices due to fast sell-offs by other institutions are a growing concern for liquidity.

The main reason is financial crunch for most borrowers, which brings their payment capacity down and eventually result in a default. Other reasons include divorce which is a problem aced by most U.S. residents as the property lies in joint name and either borrower does not want to take the responsibility of the burden to be paid back. The leading financial crisis and the tumbling bond and equity markets have further impacted the liquidity flow in the system which has eroded most wealth put in the financial markets by borrowers.

The foreclosure process starts when the borrower after repeated reminder from the lender fails to pay off the loan and the lender is left with no option than to mortgage the property and sell it in an auction. The borrower not only looses his house but also financial credibility which makes him blacklisted and unable to draw credit from any other financial institution for several years. The auction process in countrywide bank foreclosures follow the normal auction rule and bidders are required to participate and bid for the property. The highest bidder is declared the owner. The owner has to pay 10% of the price immediately and the remaining in 1 months period. In some cases a temporary agreement is done with the fresh owner and the borrower is given time to repay the loan.

Buying a property in a bank foreclosure is by far the safest and best means of investing in real estate but some precautions should be taken by the buyers in order to have a safe investment. The buyers should check for the actual price of the property from the neighborhood and state agencies and check for the condition of the property whether it requires some repair and renovation work. Further the buyer should check for any liens or liabilities on the property, which shall be transferred to him as the actual price of the property could be only estimated by calculating these costs.

Many websites are featuring countrywide bank foreclosures, which have made it easier for the buyers to opt for the most appropriate real estate in their area and compare the prices with other options to choose the best Countrywide Bank Foreclosures.

Home Countrywide – California $10,000 Tax Credits

2009-05-06T10:12:00.000-07:00

I am sure almost all of you have heard about the Federal Tax credits for home buyers and are familiar with it by now. There is more good news for Californians because the state of California gives up to $10,000 tax credits to home buyers in addition to the Federal tax credit and not a lot of Californians know about this. It is important to know this and act soon because they only have a fixed amount of $100 Million and once it is depleted; there will be no tax credits. This tax credit program has an expiration date as well although I think the funds will be depleted way before the expiration date.

As of 04/29/2009, there were around 4,880 applications filed and about $ 47,353,795 claimed.

Here’s a quick overview of the California Tax Incentive:

Tax credit of up to $10,000 (or 5% of home price, whichever is less), paid out over three tax years in equal amounts.
You must buy a newly constructed home and live in it for at least two years.
There are no income restrictions or first-time homebuyer requirements.
And there is no repayment requirement (unless you sell or rent out the home before two years expire).

You also may be eligible for the Federal Tax Credit up to $8,000.

Home Countrywide – Extension of help on foreclosure

2009-04-29T08:39:00.000-07:00

People who have their loans through Countrywide and would like to apply for a loan modification to save their home from foreclosure have time to apply for a loan workout. Countrywide will extend its halt on foreclosure proceedings. This will give the bank some time to implement it's participation in the Obama federal plan called Home Affordable loan modification. This program is federally subsidized and is designed to offer some help to approximately 5 million homeowners with aggressive loan workout terms. This delay will also give interested borrowers the time they need to begin the application process for a Countrywide loan modification using the federal program.

If you are wondering whether you will qualify for this plan, here are some basic guidelines that you must meet:

Your current house payment equals more than 31% of your gross monthly income-including insurance, taxes and homeowners association dues
Your loan was originated prior to January 1, 2009 and is less than $729,750
You have suffered a financial hardship making the current payment unaffordable
You live in the home as your principal residence

Under the terms of the Countrywide loan modification plan, you may be eligible to have your interest rate reduced to as low as 2%, have your loan term extended to 40 years and possibly have some of your principal balance deferred. The goal is to achieve a new mortgage payment that equals just 31% of your gross monthly income. The federal government will pay Countrywide a lump sum for each loan modification implemented under the plan, as well as share in some of the lost revenue as a result of the new loan terms. This means the lender will be motivated to offer help to qualified borrowers. If you are worried about beating the bank and saving your home from foreclosure, use this foreclosure delay to learn how you can apply and qualify for the Countrywide loan modification plan. Not every homeowner will qualify, but you can greatly increase your chances if you know how to prepare your paperwork correctly. This could be a great chance you need to stay in your home-make sure your are prepared and have the best chance of success.

Home Countrywide - Loan Refinance program highlights and must know details

2009-04-24T09:18:00.000-07:00

Some of the programs designed to avoid foreclosure are:

Temporary delay in the payments
Loan modification program
Loan Refinance program

Here are some of the highlights and must know details about the Loan Refinance program

Eligibility: You maybe eligible if:

You are the owner occupant of a one to four unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (Don't know? See below),
At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
You have income sufficient to support the new mortgage payments, and
The refinance improves the long term affordability or stability of your loan.

Find out if your loan is thru Fannie Mae or Freddie Mac:
For Fannie Mae,

1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/loanlookup

Freddie Mac

1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/mymortgage

Qualification based on property worth:

Eligible loans will include those where the first mortgage(Even if you have a second mortgage) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less on your first mortgage you may qualify. The current value of your property will be determined after you apply to refinance.

What will be the interest rate:

The interest rate will be the market interest rate at the time of refinance.

Any cash outs:

No, except for closing costs in some cases.

How do I apply:

Call you lender or any Fannie Mae approved lender is Fannie Mae owns your loan

Documentation that I will need:

Information about the monthly gross (before tax) income of all the borrowers on your loan, including recent pay stubs if you receive them or documentation of income you receive from other sources.
Your most recent income tax return.
Information about any second mortgage on the house.
Account balances and minimum monthly payments due on all of your credit cards.
Account balances and monthly payments on all your other debts such as student loans and car loans.

What about Mortgage insurance:

If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for the refinanced loan. If your existing loan does not have private mortgage insurance it will not be required as part of the Home Affordable Refinance.

What is the end date for this program:

The program expires on June 10, 2010. Your refinance transaction must be closed and funded on or before that date.

Home Countrywide – Who can get a principal reduction?

2009-04-20T09:37:00.000-07:00

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.

Home Countrywide – Tips on how to get a loan modification

2009-04-15T12:36:00.000-07:00

The Loan modification is a great deal for Homeowners who are struggling to pay their monthly payment. Here are some tips that will help you get one if you qualify. It has been extremely difficult for people to deal with Countrywide to get a Loan modification package. All that you need to know is some basic tips to work through a Countrywide deal.

Here are some tips that should help you with you loan modification program with Countrywide!

1. You need to show proof of financial hardship – You need to show proof of financial hardship to Countrywide. This is very important for Countrywide to have documentation to prove your financial hardship. If you have lost your job recently, show you pink slip to them. If you have taken a significant reduction in pay by switching jobs, show them previous and current job’s pay stubs. You can also show them unexpected medical expenses or dependent expenses if you have a new dependent you have to support because they lost their job. You will have to probably show their pink slip as well.

2. Provide all the other supporting documents of your expenses - You must convey to Countrywide that with your existing income, if any, it is very tough for you to manage the mortgage payments. Show them Documents like medical bills, utility bills, maintenance bills, power bills will help you in this sense to get a Countrywide Loan Modification.

3. Do your math and analyze your existing interest rates and rework – Take a piece of paper, and write how much you have been paying as mortgage payments and at what interest. The key for any mortgage loan modification program to work is for you to know how much you can pay, after the bank reduces its interest rates. So, you should let the bank know how much payment you would be able to afford.

It is not easy to countrywide home loan modification; if you do not do you ground work. But a lot of homeowners have benefited a great deal by loan modification programs provided to them by Countrywide. The homeowners who did get their interests reduced to as low as 3% are very happy with their payments and you could be one of them!

Follow these basic tips, and you should be able to get a loan modification program through Countrywide.

Home Countrywide – Settles Lawsuit in New Jersey

2009-04-13T21:31:00.000-07:00

Finally, Countrywide is paying some money and taking responsibility for their aggressive sales and marketing techniques. They settled with New Jersey State. Maybe this is the beginning of them accepting that they were too aggressive. New Jersey will receive $3.7 million to help residents with foreclosure problems under a settlement the state made with Countrywide Financial Corp., Gov. Jon S. Corzine announced earlier this month.

It settles a lawsuit filed by the state alleging that the mortgage banking and loan services company placed borrowers in risky, high-priced and unaffordable subprime mortgages. The settlement creates a $3.7 million foreclosure relief fund for New Jersey borrowers and for state mortgage foreclosure mitigation programs.

“I am pleased by the agreement with Countrywide Financial,” Corzine said. “These are homeowners who through aggressive sales and marketing of inappropriate or bad loans have lost their homes or are in danger of losing their homes.”
Half the $3.7 million will fund mortgage modification programs and half will be available to suprime borrowers who have lost their homes after making six or less payments.

It is expected that an estimated 8,200 New Jersey borrowers will be assisted by the agreement. Countrywide, now a wholly owned subsidiary of Bank of America, admitted to no wrongdoing in signing the consent judgment.

Home Countrywide – Has Countrywide begun refinancing under “Making Home Affordable” plan

2009-04-13T09:41:00.000-07:00

I have heard that Bank of America announced today that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department's "Making Home Affordable" program. Since Countrywide is now under Bank of America, I wonder if they have started accepting applications as well under the “Making Home Affordable” plan. I have been trying to get a response form them for about 4 weeks now with no luck other than their usual response “We will get back to you in the next 2 weeks”.

It would greatly help the families in need to save money now if Countrywide starts this process soon. Every day and every dollar counts. Hope to get my loan refinanced soon!
Here is a link of the news Bank of America Begins Mortgage Refinancing under U.S. Treasury's 'Making Home Affordable' Plan

Home Countrywide – Loan Modification programs

2009-04-12T17:17:00.000-07:00

If you are one of the Homeowners who have a home loan with Countrywide and think you may qualify for the Loan Modification program, be careful in dealing with Countrywide. I have heard through a lot of forums about people complaining about Countrywide treating them poorly and even tricking them. I know a lot of people are also confused whether the loan has to be owned by Fannie Mae or Freddie Mac for them to qualify.

Here is a complaint from a person in a forum
“I has applied for loan modification since 01/17/2009 through a private mortgage agent (pay advance). Reason of reduced income (cutting working hours) and increase expenses (unexpected education expenses for college son). First missing payment was 02/16/2009 and lasts to now (2 months).Beginning March.09, CW approved me special forbearance, added 3 missing payments to Loan amount (LA) and keep same term 6% interest only 5/1 ARM, except for pay monthly payment increased from $2652 to $2694. I already could not afford $2652I did not sign paper, requested a better sollution of reduced interest rate, converted fixed loan 30 yr term and lower monthly payment possible. CW explained that my financial statements are not qualified, and my loan is not undercontrolled Fedmac and Fannie.Financial Statement which I can revise to reflect to actual sittuation since when I apllied, not much change. Now is significant change. But I found out that my loan is actually not undercontrolled by Fedmac and Fannie. I am worried that I am not quallified because of second reason.Can anyone have any sollution or source tell me that "Even that the loan is not undercontrolled Fedmac and Fanniemae still quallified for loan modification? Please reply and thanks in advanceI have to stick with my private agent until end contract (120 days and guaranteed money back), if unsucessful, I try to get help from NACA since I found out NACA so late.”

To clarify, Your loan does not have to be a Freddie Mac or Fannie Mae loan to qualify for Loan Modification. For complete guidelines read this Government press release.

Home Countrywide –Loan Refinance program

2009-04-12T00:39:00.000-07:00

I have my primary home loan with Countrywide and checked the Home Loan refinance program to see if I qualify. My loan is a Fannie Mae loan and I do qualify. I called Countrywide about a month ago and spoke to someone and he said it was too early and that they did not have the details and he would call me in 2 weeks. He mentioned that I do qualify based on the knowledge he had at that time.

Meanwhile I had gotten several mails from Countrywide saying that I may qulify for a Refinance program and I should call them immediately. Being the impatient person that I am, I called them again 2 weeks ago and they said that they will take down my request and a Loan officer will call me within 2 weeks. The lady on the phone had no idea about the details of the new refinancing program. I think she was more like an assistant taking messages.

No calls yet…I am still waiting. Has anyone experienced this as well? And have been frustrated? I’ll give it another week before calling them but I hope they will have the details by that time and tell me if I qualify.

Will keep the blog updated!

Home Countrywide: Policies

2009-04-12T00:15:00.000-07:00

Hi, I am JK and I write Home Countrywide blog. This blog will be a resource for those who have a home loan with Countrywide and also those who are pursuing a loan with Countrywide. I myself have a home loan with Countrywide and have been happy with it for the most part. I am starting this blog today the 12th April, 2009 and am new to blogging, so I am starting it with this free site. Hope to get a lot of visitors to my site!

The following are google’s policies..

Google, as a third party vendor, uses cookies to serve ads on your site.
Google's use of the DART cookie enables it to serve ads to your users based on their visit to your sites and other sites on the Internet.
Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.

We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.