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One of the available loan programs offered by the government is the Countrywide Modification Loan Program. This plan is intended to help the many homeowners which are struggling to keep up with their monthly payments and may be well on the verge of losing their homes to foreclosure.
The company, Countrywide, has been known as one of the largest housing lenders of the United States. Unfortunately, it lost its title because it had a number of negative feedback on unethical strategies and principles. One of their biggest complaints was due to the confusing information which the staff provided. There was a big misunderstanding that caused such problems between Countrywide"s employees and the borrowers of the company. This problem occurred because customers seemed to hear contradicting information upon talking to various customer service representatives. These complaints frequented the online forums of various websites.
When Bank of America acquired Countrywide in July of 2009, a new policy set was scheduled for release for October. These new policies had a main goal of correcting previous errors and the consequences which were caused by its borrowers. Because of this, the new company now wants to work with the interest of the borrowers in mind so that homeowners can be assisted with their monthly mortgage payments. This will help their customers avoid foreclosures.
After a lawsuit was brought against Countrywide, the company released a new statement. This new statement informed interested borrowers that the company has developed a new plan in order to assist the many struggling homeowners. Several existing borrowers of Countrywide are having a hard time fully understanding the changes in Countrywide"s ethics. Even if they have been informed of Countrywide"s new policies, the customers did not know what benefit they will get and how they could get the new loan modification.
Countrywide has made things easier for borrowers who are unable to sustain their monthly payments because of financial difficulties. Under the new loan modification plan, the monthly payment of a borrower will no longer exceed 34% of their monthly income. Once a loan will be modified, borrowers will enter a program called a step-rate. The main goal of this program is to slowly reduce a borrower"s interest rate so that it will become manageable to borrowers. But currently, the loan modification has a limitation because only homes which are actually occupied by owners can be eligible. If you currently are a borrower from the institution, you should take a look at the Countrywide Modification Loan Program. Since it was acquired by the Bank of America, Countrywide has shown substantial progress.
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Source by Adam Hefner
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