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Assistance Program

Foreclosure assistance checks from Countrywide and Bank of America.

Bank of America has begun to tell homeowners about the foreclosure help that is available to them. The customers who are eligible would have received their mortgage from Countrywide Financial Corp. They will begin to issue checks to homeowners during the first quarter of 2010.

This foreclosure relief program is just one of three different ways to get help. This program helps you by giving you money to pay your mortgage and avoiding foreclosure. The other two programs are refinancing and modification. The 2008 agreement between Bank of America, Countrywide, and various state Attorney Generals across the country had three components.

The second part of the program, called the National Homeownership Retention Program, is designed to help up to 400,000 borrowers across the nation who financed their homes with payment option adjustable rate or subprime mortgages serviced by Countrywide to establish both affordable and sustainable monthly mortgage payments. Bank of America agreed to a settlement with numerous state attorneys generals last fall that would provide $150 million in foreclosure and mortgage relief to certain homeowners who experienced a foreclosure, short sale, or deed-in-lieu of foreclosure after signing up for a Countrywide home mortgage. The National Homeownership Retention Program is a government initiative that helps homeowners keep their homes. The program provides counseling and support to homeowners who are struggling to make their mortgage payments. The program also works with lenders to help homeowners modify their loans and avoid foreclosure.

Am I eligible for the Retention Program?

There are some conditions that must be met in order to receive aid. To qualify for the settlement and checks from Bank of America, borrowers must have originated a Countrywide Financial mortgage between January 2004 and December 2007. The borrower’s home must have gone through foreclosure, short sale, or deed-in-lieu of foreclosure at some point between January 2004 and December 2008. The homeowner was forced to take out a sub-prime loan or pay option loan from Countrywide and later lost their home. If you are an eligible borrower and did not receive a letter from your state attorney general, you should contact Bank of America to ask about the program.

To join the foreclosure relief program, residents of forty states will need to be allocated funds and grants. If you think you may be eligible for a settlement payment from Bank of America, you should contact your state to find out if you will be receiving a letter or notice about the payment. The amount of money that needs to be paid will not stay the same. If you haven’t received a letter, you should contact the organization to see if you qualify. This means that the check will not come right away. The eligible borrowers will most likely receive their payments from Countrywide and Bank of America in early 2010. Foreclosed borrowers may also be eligible for assistance to help them move or find a new home. This means that Countrywide expects to pay approximately $80 million to over 35,000 borrowers in 40 states as part of the foreclosure assistance process. Rust Consulting, a third-party administrator, will be managing this process and will be responsible for sending out notifications to eligible customers and distributing the payments. This is an example of a sentence. This is a sentence example.

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