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hope now: Countrywide Steps Up To Help Stop Foreclosure - 10/23/07 05:06 PM
Today Countrywide Financial Corp announced that it has released a $16 Billion Comprehensive Home Preservation Program. This program will potentially benefit 80,000 borrowers who have a Countrywide loan and are at-risk of default.
Countrywide has committed to refinance or modify up to $16 billion in loans for borrowers who are facing an adjustable rate mortgage reset through to end of 2008.  This is a direct result of Country Wide's participation in the Bush Administration's HOPE NOW Initiative released earlier this year.
In their refinance program, Countrywide has created a special refinance unit to contact approximately 52,000 borrowers to offer refinance options. They have identified … (9 comments)

hope now: I'm Facing Foreclosure, What Can I Do? - 10/16/07 05:58 PM
It's no secret that 2 million adjustable-rate mortgages will be reset over the next two years, according to an estimate from the Department of Housing and Urban Development, and of them, about 500,000 are expected to go into default. So the question is what can be done?
In September President Bush announced FHASecure, a plan that is aimed at helping approximately 240,000 homeowners refinance their adjustable rate loan into a fixed rate FHA loan. To be eligible, they must have a sustained history of employment, sufficient income to make the refinanced mortgage payments and a history of on-time mortgage payments before the … (5 comments)

 

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