Help for Ohio Countrywide Mortgage Customers
Are you a CountryWide customer? Are you having trouble keeping up with that monthly mortage payment? There might be a light at the end of the tunnel.
In October 2008, Bank of America announced a home retention program that will provide an estimated $8.4 billion in permanent payment reductions to help an estimated 400,000 Countrywide customers nationwide. Meaning? In many states, Ohio included, help could be on the way to people who are in financial hardship with their mortgages and you may * be eligible for a loan modification (new loan terms, new loan rates).
Here are some of the facts about the Countrywide National Homeownership Retention Program:
- On December 1, 2008, Countrywide began to proactively contact potentially eligible borrowers under the new program.
- Countrywide has not initiated or advanced foreclosures for potentially eligible borrowers during the time necessary to determine borrowers' interest in staying in their homes and their ability to afford the new terms.
- Countrywide will retain, for at least one year...., a minimum of 3900 personnel to assist with loan modifications and other foreclosure and home retention measures.
- Countrywide will continue to proactively contact delinquent borrowers and offer streamlined loan modifications...
So who is eligible?
- You must have recieved a qualifying subprime mortgage or Adjustable Rate Mortgage prior to 2008, and the property must be a 1-4 unit owner -occupied residential property (you gotta live in it!). Additional requirements include:
- The borrower (you) must be 60 days or more delinquent and the curent loan-to-value(percentage figure of loan amnt. in relation to the market value of the home) must be 75% or above.
- The borrower becomes seriously delinquent at any time prior to June 30, 2012, and the loan-to-value at the time of the modification is 75% or above.
- The borrower is current on the mortgage but is likely to become seriously delinquent as a consequence of rate reset..., and the loan-to-value ratio at the time of modification is 75% or above.
Confusing? The government has provided a website for you to visit to find out if you are one of the 7 to 9 million homeowners who may
be able to benefit from Making Home Affordable. Visit here.
Need urgent help? Contact the Homeowner's HOPETM Hotline: (888) 995-HOPE
* My disclaimer: I am NOT an attorney or a tax professional. I am a licensed Realtor. I simply write it as I see it. If you are facing financial hardship or have ANY questions regarding your mortgage, do not rely on what I write. Please consult an ATTORNEY or TAX ACCOUNTANT!!!
Thanks for reading!
Kelley A. Weimer
a house "SOLD" name!
Professional Real Estate Services for Preble County OH and beyond; including Eaton, West Alexandria, Brookville, Lewisburg, Germantown, Camden and Lakengren.
Published Tuesday, May 05, 2009 12:17 PM by Kelley Weimer
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