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Virginia mortgage assistance and foreclosure help
Countrywide and Bank of America are providing mortgage help
The state of Virginia will be offering mortgage assistance thru a settlement between Countrywide / Bank of America and the state. The mortgage and foreclosure assistance is being provided to Virginia as the result of a lawsuit brought on by many states against Countrywide. Aid will be provided to over 10,000 Virginia families of the mortgage lender. This aid should help prevent mortgage foreclosures, and it will also provide additional foreclosure help to those that do end up losing their homes.
Bank of America and Countrywide will be providing over $200 million to help Virginia borrowers stay in heir homes by modifying their current loan, refinancing or reducing principal owed, freezing or greatly reducing interest rates. The lender may also decide the best option is to convert the outstanding loan to mortgages to fixed-rate mortgage with a low interest rate.
This mortgage assistance program will be available to all homeowners in Virginia who received a risky loan from Countrywide, such as a subprime adjustable rate mortgage or a pay-option adjustable-rate mortgage. The loan must have originated before Dec. 31, 2007.
You should contact Countrywide directly to see if you qualify for this mortgage help. While Countrywide is contacting borrowers through both the mail and phone, do not wait for a call from them and be proactive.
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