Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers-Long Beach Real Estate

Owners of Long Beach Homes and Long Beach Condos who are occupying their homes are finally being offered an option to save themselves from Short Sale and Foreclosure through Bank of Americas new relief program for Countrywide customers.  Restrictions do apply so be sure to read all of the details in the related links.

Countrywide customers finally get some relief through the Bank of America Nationwide Homeownership Retention Program.

Program
will systematically modify troubled mortgages with up to $8.4 billion
in interest rate and principal reductions for nearly 400,000
Countrywide Financial Corporation customers nationwide.

• Read the press release to learn more about this announcement.
• Learn more about the Homeownership Retention Program with this Fact Sheet Overview.
• Additional information for customers who may need additional Financial Hardship Assistance.

Beginning December 1, 2008, Countrywide will proactively contact
subprime and Pay Option ARM borrowers whose loans are scheduled for an
interest rate change.

This program is designed to try to keep homeowners in their homes by way of affordable mortgage payments for borrowers who financed their homes with subprime loans or pay
option adjustable rate mortgages serviced by Countrywide and originated
prior to December 31, 2007.  Countrywide will forestall the foreclosure process until a decision regarding eligibility is made for qualified recipients.

Modification options include, among others:

• FHA refinancing under the HOPE for Homeowners Program;
• Interest rate reductions, which may be granted automatically through streamlined processing; and
• Principal reductions on Pay Option adjustable rate mortgages that restore lost equity for certain borrowers.

One of the requirements for eligibility is occupying the home as your primary residence.

As part of agreements to resolve outstanding claims
against Countrywide by certain states, borrowers in participating
states will additionally be eligible to access their share of:

• A Foreclosure Relief Program of
  $150 million on a nationwide basis for payment to eligible Countrywide
  servicing customers who suffered foreclosure or are currently at
  serious risk of foreclosure having made only minimal payments since the
  time their mortgages were originated by Countrywide; and
• An
  additional program, projected to make payments up to $70 million to
  support customers with loans serviced by Countrywide who face imminent
  foreclosure, providing financial assistance with their transition from
  home ownership.

As part of the
state agreements, Countrywide is further committing to eligible
borrowers in participating states that it will waive late fees
associated with a borrower’s default in finalizing modifications under
the program.

If you have a home loan through Countrywide and your home is in jeopardy this is a great opportunity for you to work out a plan to keep your Long Beach homes by re-arranging your mortgage through these new programs.  Please read the entire press release>>>>>>>>

Posted on October 7, 2008 by Laurie Manny