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A Christmas Gift For Homeowners and Home Buyers
There is a new "gift under the tree" for homeowners and home buyers in Hawaii this Christmas. Hawaii state officials have announced that an agreement has been made with Countrywide Financial Corporation and parent company Bank of America which may help many distressed homeowners losing their homes.
The Gift For Home Owners:
Countrywide Financial was one of the main sources of loans for home buyers with subprime loans and pay-option adjustables. Loan modification terms will be worked out, when possible, with each individual homeowner.
Loan modifications may take the form of any one or combination of various aspects, which may include: a reduction in principal balances, adjustable rates converted to fixed rates or the present interest rate may be frozen or waiver of late fees. In addition, for those who are able to pay off their mortgage under the loan modification plan or refinance their home may have the prepayment penalty waived. This agreement is not a resolution for all homeowners, but will be based on each person's personal finances. It is hoped that as many as 2,400 island homeowners will be able to benefit from the loan modifications.
Foreclosure proceedings will be postponed for eligible homeowners currently in the foreclosure process or behind in ... more
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