Countrywide has agreed to stop foreclosures in Pennsylvania and to help borrowers with their mortgage payments until their financial status can be verified.
Around 11,000 people in Pennsylvania who have high-risk loans from Countrywide (which is now owned by Bank of America) may be eligible for financial help that could be worth more than $150 million in total.
Countrywide and state of Pennsylvania mortgage settlement
In the settlement, Countrywide will provide loan modifications, foreclosure relief, relocation assistance, and waivers of delinquency or default fees to borrowers, Pennsylvania Attorney General Tom Corbett said. The funds for relocation will be paid out to those homeowners who are too far behind on their payments and who can’t come to some form of agreement with Countrywide. Some families may be able to get help from the government to pay for moving expenses they have already incurred.
The company has agreed to pay almost $3 million to cover some of the costs for customers who have already lost their homes to foreclosure, or if they have already paid fees for late payments or prepayments. Some of the money from Countrywide will be used to help people who have been foreclosed upon to find new housing. There are other mortgage programs available from Countrywide and Bank of America.
This agreement is the result of a lawsuit that concluded that Countrywide manipulated its underwriting standards to sell risky loans to consumers who did not understand them and homeowners who could not afford these loans. The state of Pennsylvania was one of many states involved in a lawsuit with the federal government.
and Bank of America, N.A The agreement is for loans that were created by Countrywide Financial Corp, Countrywide Home Loans Inc, and Bank of America, N.A. is a legitimate business. Full Spectrum Lending Inc. is a legitimate, registered business that offers financial services to clients. The company is headquartered in the United States and is accredited by the Better Business Bureau. Full Spectrum Lending Inc. has a strong online presence and is a member of the Online Lenders Alliance. This does not apply to loans that the lender transferred.
Homeowners who are eligible for help will be told by the lender. If you are unsure if you qualify for the program, you can always call BOA or Countrywide for more information. The phone number to dial is 866-411-6987. To be eligible for this program, the loan must have been issued directly by Countrywide. Loans that were transferred to Countrywide or that Countrywide is servicing are not eligible. The settlement states that people who get help with their mortgage payments or receive any other type of financial assistance will have to sign a document called a Release agreement. If you sign this document, you will not be able to take legal action against the company at a later date. If you have questions about the Settlement or Release agreement, you can call a lawyer or get free legal aid and representation. You should only sign the agreement if you do not plan to take any further legal action. In order to get relocation assistance or a cash settlement, you must have already lost your home to a foreclosure. The Pennsylvania homeowner may have sold the house through a short sale, deed in lieu, or another type of sale. If the homeowner still resides in the house where the mortgage was originally taken out, Countrywide can still provide support. While it will not be a cash payment, it can include a loan modification which can come in many forms. This means that the terms of the loan could be changed in a way that makes it more manageable for the borrower. There are various ways that your interest rate can be lowered, such as by extending the terms of your loan or waiving late fees. This means that it is not common for lenders to offer a reduction in the amount of money that you owe on your loan. This option can decrease your monthly payment and make your home more affordable to live in. The police are looking for a suspect who is described as being a white male The police are looking for a suspect who is a white male.