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 and will work to refinance approximately $10 billion in mortgages.
In the modification program, countrywide is working to identify and contact prime and subprime borrowers who are current but unable to qualify for a refinance and are likely to have difficulty affording an upcoming reset. As a result of this initiative, Countrywide will successfully modify $4 billion on loans for approximately 20,000 borrowers through the end of 2008.
If you are facing foreclosure and need assistance, contact your lender first because they may be willing to renegotiate your loan. If you still need help contact go to http://www.fha.gov/foreclosure/ to search to a non-profit counseling agency for free assistance. There are also for-profit foreclosure prevention agencies available. Make sure you research them for integrity and competence before you decide to hire them to negotiate with your lender on your behalf.