Good Financial News?
Tuesday, October 07, 2008
Countrywide Mortgage has just started a new program in light of the current market scenario.
The program starts December 1, 2008 for current Countrywide customers only, and owner occupied customers only.
The centerpiece of the program is a proactive loan modification process to provide eligible borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as rate resets or payment recasts. Various options will be considered for eligible customers to ensure modifications are affordable and sustainable.
First year payments of principal interest, taxes and insurance will be targeted to equate to 34% of the borrowers income.. Modified loans feature limited step-rate interest rate adjustments to ensure annual principal and interest payments increase at levels with minimal risk of payment shock.
Other Modification options include: FHA financing under the HOPE for Homeowners Program, Principle reduction on Pay Option adjustable rate mortgages and possible rate reductions. Countrywide has committed up to 8. 4 Billion dollars to help up to 400,000 families.
Customers who have questions about their eligibility and wish to retain their home ownership should call 1-800-669-6607 or log onto www.countrywide.com
The program starts December 1, 2008 for current Countrywide customers only, and owner occupied customers only.
The centerpiece of the program is a proactive loan modification process to provide eligible borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as rate resets or payment recasts. Various options will be considered for eligible customers to ensure modifications are affordable and sustainable.
First year payments of principal interest, taxes and insurance will be targeted to equate to 34% of the borrowers income.. Modified loans feature limited step-rate interest rate adjustments to ensure annual principal and interest payments increase at levels with minimal risk of payment shock.
Other Modification options include: FHA financing under the HOPE for Homeowners Program, Principle reduction on Pay Option adjustable rate mortgages and possible rate reductions. Countrywide has committed up to 8. 4 Billion dollars to help up to 400,000 families.
Customers who have questions about their eligibility and wish to retain their home ownership should call 1-800-669-6607 or log onto www.countrywide.com
