In our ongoing effort to meet the needs of our customers, Countrywide will waive prepayment penalties (PPP) to facilitate the refinance of all Countrywide-owned Pay Option ARMs. Note: Countrywide Home Loans or Countrywide Bank, FSB must be the current holder of the subject loan. If the customer's loan is held by another investor, Countrywide is not authorized to waive the PPP.
Approximately 50,000 PayOption ARMs out of the existing Countrywide servicing portfolio have been identified as eligible for this waiver. Countrywide Loan Servicing will contact all qualifying customers to explain that the prepayment penalty has been waived.
If you have one of these, you probably already received a letter about this but, since we all get so much junk mail, you might not have opened it.........
Please let me know if you need any help with this-or have any questions.
Again, this pertains to Countrywide Option Arm customers. I will gladly also look at and give a mortgage review for any other mortgage holders from any company.
Happy Friday!
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