Although Countrywide suffered a $1.2 billion third quarter loss, they are reaching out to more than 82,000 of their borrowers to help soften the impact of the mortgage meltdown for 2008. Countrywide's "home preservation" program is designed to help borrowers with all credit types facing mortgage rate increases in the coming months.
If you have a mortgage with Countrywide, you can expect to be contacted within one to three months before your rate resets with information about Countrywide's various refinancing and loan modification programs. You can also look forward to Countrywide taking the extra steps needed to educate the public with their upcoming seminars and workshops.
If you have been paying your mortgage on time but don't qualify for refinancing, through Countrywide's "home preservation" program, you may be eligible for a variety of loan modifications before your interest rate adjusts. For those of you have been struggling with your subprime mortgages, you may be eligible for a loan modification in the form of a pre-approved rate reduction.
Countrywide plans to refinance or modify up to $16 billion of adjustable rate mortgages before they reset through the end of 2008.
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