Bank of America and Countrywide Have Announced a Nationwide Homeownership Retention Program for Customers.
This program will help modify mortgages for people who are struggling to make payments. This means that nearly 400,000 customers nationwide will have their interest rates and principal amounts reduced by almost $9 billion. Since the start of the National Homeownership Retention Program, Bank of America has given help with mortgage payments to over 100,000 homeowners who got their subprime and option-ARM mortgages from Countrywide. If you want to know more about how successful the program is, click here.
The mortgage assistance program was developed to help people who financed their homes with pay option, subprime loans, or adjustable rate mortgages that were serviced by Countrywide and that were originated before December 31, 2007. The program is designed to allow both affordable and sustainable mortgage payments. Bank of America bought Countrywide on July 1, 2008. If you want more information on the Homeownership Retention Program, you can call 1.800.846.2222.
The personnel of Countrywide mortgage servicing are able and willing to help all borrowers who are eligible for new mortgage options and program elements by December 1, 2008. This means that they will contact customers who may be eligible for products or services. No foreclosures will be started on any borrowers who might qualify for assistance until Bank of America/Countrywide has decided on the borrower’s need for help paying their mortgage and if they qualify. They have started to tell customers about the program and have started to send out checks. I need more information in order to answer this question.
This program is designed to help people who are struggling to make their mortgage payments, or who are at risk of falling behind. It offers a fair and proactive loan modification process that can make it easier to afford your mortgage. This means that Countrywide will be giving out free loan modifications to people who have sued them, or who are planning to sue them. This is in response to a class action lawsuit that was filed against the company.
There will be many different options available for customers who qualify for loan modifications, to make sure that the payments are affordable and can be sustained. This means that about 34 percent of the borrower’s income will go towards paying off interest, principal, taxes and insurance. This means that the interest rate on your mortgage will only be allowed to increase a small amount each year, to help keep your payments affordable and manageable. There will be many different ways for consumers to pay their bills. JP Morgan and WaMu are helping with mortgages, as is Wachovia and Golden West. Call Bank of America or Countrywide to inquire about their retention program.