Homeowners who have a mortgage through Countrywide will have new policies distributed by Bank of America which procured Countrywide in July of 2008. Mortgage adjustments policies have been updated in an attempt to aid homeowners in carrying out their loan obligations in a realistic manner due to recent economic complications.
In the past, Countrywide has been under attack
by the press as being an unfair lender with consumer complaints concerning poor customer service and lack of unity within the company. This has resulted in a lawsuit for predatory lending practices. However, Bank of America along with Countrywide has since produced a viable strategy for distressed homeowners whose monthly mortgage payments are over their original budgeted allowance. Countrywide projects a 34% debt-to-income ratio. After modifying their loan, homeowners will be able to get their payments on track. To qualify, the client must have a home loan originating with Countrywide and must occupy and own the dwelling. Plans offered by Countrywide for loan conversion will contain interest rate reductions and leniency in repaying the principle. There are also government plans for help with mortgages, one is HOPE, offered by FHA. Loan holders may also meet the requirements for that program.
Homeowners who have a loan with Countrywide who would like to know more about the loan conversions offered simply apply. In addition, Countrywide is auditing mortgages that are delinquent or close to becoming so and sending out information to their customers to introduce the new solutions that will be offered. It looks as though with the help of Bank of America, not only will home buyers find relief but Countryside’s reputation may be recovered.
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