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Help with mortgage in Texas and foreclosure assistance
Receive mortgage and foreclosure assistance from Countrywide.
Texas families that are struggling with making their mortgage payments, and if their mortgage was originally from Countrywide, they may be able to receive mortgage help. Countrywide and Bank of America are providing funds to help homeowners as a result of a lawsuit.
The mortgage assistance program will pay out almost $10 million to customers who have falling behind on their payment or those who may have lost their homes. Another $5 in aid will be provided to Texas families who are either behind or defaulting on their loans, or if they have already defaulted on an outstanding mortgage. People who are on the verge of foreclosing can get up to $2000 if they “voluntarily and appropriately” turn over their residences to the bank, thus avoiding the lengthy foreclosure process.
Also, in October 2008 over $350 was paid out in aid. This $350 million will be paid in many forms. For example, Countrywide may reduce interest rates, provide a free loan modification, reduce the outstanding principal that is needed to be repaid, refine the mortgage, and more. Many different types of mortgages are eligible for assistance, including sub prime, hybrid adjustable rates, sub prime loans, and also the risk pay-option ARMs and interest only loans.
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