Countrywide / Bank of America mortgage and foreclosure assistance

The foreclosure and mortgage assistance program launched by BOA and Countrywide will help homeowners by modifying troubled mortgages in a systemic way. Currently they plan on providing almost $9 billion in both principal and interest rate reductions to over 400,000 customers across the country.

Countrywide has gone thru lawsuits with several states, so the result is that the Countrywide mortgage assistance program was developed in partnership with numerous state governments and Attorney Generals. The goal of the mortgage help being provided is to provide both sustainable and affordable monthly mortgage payments to borrowers who financed their homes with sub prime loans, pay option mortgages, or adjustable rate mortgages.

Mortgage counselors from both Countrywide and Bank of America have been empowered to provide mortgage and foreclosure help to eligible borrowers by providing them with new mortgage options and financial support . They will be proactively contacting customers customers across the nation to offer them their assistance. In addition, they are delaying foreclosing homes and they have claimed that foreclosure sales will not be initiated for any borrowers that may be to qualify for aid from this program until Countrywide/Bank of America has made a formal decision on the borrower's need for help paying their mortgage and until they have decided upon the borrowers eligibility in the mortgage assistance program.

Mortgage help will be provided by using a loan modification process that they insist will be fair to the homeowners, and the process will help all eligible homeowners who may be delinquent right now on their payments, and it may also help those who are likely to become delinquent in the future as a result of their mortgage contract, such as a future payment recast or an interest rate that will reset to a higher rate.

To continue, they will offer numerous options to eligible customers that will help ensure that the loan modifications giving to a customer is both affordable and sustainable by the customer long term. As an example of what is being considered, first-year payments of interest, property taxes, principal, and home owners insurance will be targeted to equate to about 34 percent of the borrower's total household income. In addition, the modified mortgages will also provide limited step-rate interest rate adjustments that will help ensure that annual interest and principal payments that need to be paid will increase at levels that give homeowners minimal risk of payment shock and falling behind in the future. Mortgage help provide in the form of loan modifications will be far reaching and extensive

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