Bank of America created Countrywide Bank in July, 2008 to take up mortgage lending as main activity. Those who have obtained mortgage loans for homes from Countrywide and facing difficulty to pay off their loans are being aware of its new plans to modify and refinance such loans to help them to come out of their difficult situation. However, such homeowners will want to know the procedure and qualification to get the modification offered by Countywide.
Firstly, if one uses the internet to do a little research on Countrywide loans they are most likely to get reactions of irritated homeowners mostly having complaints of not getting full disclosure of loan terms from representatives of Countrywide or getting wrong information or of paying a lot more money due to some clerical errors committed by Countrywide staff. All these do not prove that Countrywide has a good reputation in its business. Actually in 2008 State Attorney General filed a lawsuit against it for its lending business which harmed its customers.
After the lawsuit Countrywide made known they had prepared new plans in orderly fashion to help mortgage homeowners to get rid off their difficulty. It has decided to bring down the monthly payment so that troubled homeowners have not to pay more than 34% of their gross monthly income which makes it easy for them to honor their commitment for repayment. With the passage of time there will be step-rate adjustment in interest payment. Those who have already taken mortgage loan from Countrywide and are using the home as their primary residence will qualify for new loan modification plans.
There are different plans for different types of loans. If you have taken FHA loans, you can avail Hope for Homeowners plan which refinances your loan by a special equity sharing method to replace your existing low home equity. If you avail this hope facility and sell your home afterwards you will have to follow a siding scale to determine the amount of equity you have to pay to FHA. There are other plans too like bringing down interest rate, lowering your principal etc. so that you may recover a portion of lost equity.
You should approach Countrywide in a proactive manner, in spite of its bad past reputation, to get modification of your loan it you find that you are paying too high a portion of your gross monthly income to repay such mortgage loans. Bank of Americain its endeavor to restore the reputation of Countrywide in the form of implementation of new loan modification plans. Even without approach by borrowers Countrywide is reviewing mortgage loans and intimating their new loan modification plans to the borrowers who have failed for more than 60 days or are going to default.
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