The Nationwide Homeownership Retention Program, announced by Bank of America, is the bank’s response to the many Countrywide customer homeowners asking for loan modification assistance for their adjusting rate mortgages and high interest rate loans that have gone into delinquent status. Get in-depth information about doing your own loan modification that will help you negotiate with Countrywide.
How Do I Get A Countrywide Loan Modification?
To be able to get a Countrywide Home Loan Modification you must have gotten your mortgage before December 31, 2007 and your home must be an owner occupied residence. No second homes or investment properties will be eligible. It is best to call Countrywide directly to see what they can offer you. Give yourself some time and you must be patient.
This process does take time as there are many people in the same situation as you trying to do the same thing. Many banks are under staffed to handle this kind of crisis.
If you want professional assistance with getting a loan modification from Countrywide then complete the form below and we’ll have a loan modification specialist contact you. We are not part of Countrywide Home Loans or Bank of America.
How Does The Countrywide Loan Modification Program Work?
This program began on December 1, 2008. Countrywide will be contacting borrowers with Option Arm and subprime loans who are due to experience a rate change. You may also just contact Countrywide if you think that you will have a problem with your mortgage.
If you are able to get a loan modification from Countrywide, you should not have to pay any delinquent or late fees associated with missed mortgage payments. If you have a prepayment penalty with your loan, you will not have to pay it. Countrywide will let any penalties go when they are modifying the terms of your new loan.
How To Be Eligible For A Countrywide Loan Modication?
You have an Option Arm or Pay Option Arm and you are likely to go 60 days behind on your mortgage payments because of negative amortization or a loan reset.
You are 60 days behind on your mortgage and the loan to value of your home is 75% or higher.
You have a subprime Option Arm and can see that you will have a problem paying your loan in 60 days or less due to an interest rate reset. You would also have a loan to value greater than 75%.
Does Countrywide Have Foreclosure Relief Programs?
The Relocation Assistance Program will assist Countrywide customers that are facing foreclosure and agree to leave voluntarily with a cash payment. The property must be left in good condition however. Countrywide and Bank of America do not want you to trash the property and sell all of the fixtures and appliances. If you live in Arizona, California, Connecticut, Delaware, Florida, Illinois, Iowa, Michigan, Nevada, North Carolina, Ohio, Texas, Pennsylvania or Washington you will have access to this program.
Countrywide will be able to help over 30,000 of their customers with this program. The Foreclosure Relief Program will disburse over $150 million across the country under a foreclosure relief program. You are eligible if you have made three or fewer mortgage payments and are 120 days or more delinquent on your home loan. Again this is an incentive to keep you from trashing your property and moving out in the middle of the night.
Learn how to do your own loan modification to help negotiate with Countrywide.
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