A New Approach to Home Loan Modifications by Countrywide Bank

By: Walter Sigmore

Countrywide Bank was created as a mortgage lender in July 2008 by Bank of America. If you are currently a Countrywide mortgage customer who is having trouble making your monthly loan payments, you should consider its loan modification program to help you out of your financial crisis.

Countrywide Bank has prepared plans to assist homeowners experiencing difficulties paying their home loans. In response to a 2008 Attorney General finding that Countrywide had failed to provide full disclosure of loan terms to their customers, the lender decided to lower the monthly payment terms of its mortgage holders in a good faith effort to remedy their alleged wrongdoing.

Countrywide Bank modified terms of loans so that homeowners wouldn't be paying more than 34% of their gross monthly income toward mortgage payments. Both those mortgage holders who were affected by Countrywide loans opened since July 2008 as well as new customers may qualify for Countrywide's array of loan modification plans.

Hope for Homeowners is a plan for those with FHA loans and it works by using an equity sharing plan to refinance your loan. There are other plans available that could lower your monthly payment, reduce the interest rate, or extend the length of your loan - all to help you to better afford your monthly mortgage payments.

Bank of America is offering these loan modification opportunities in order to restore Countrywide Bank's reputation and help you afford your monthly mortgage payments. Talk to Countrywide Bank about your situation and see what plans exist as the best option for your financial needs.

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For more information about mortgage loan modifications, visit the #1 loans modification resource on the net: HomeLoanModifications101.com

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