| Bank of America created Countrywide Bank in July, | | | | repayment. With the passage of time there will be |
| 2008 to take up mortgage lending as main activity. | | | | step-rate adjustment in interest payment. Those who |
| Those who have obtained mortgage loans for homes | | | | have already taken mortgage loan from Countrywide |
| from Countrywide and facing difficulty to pay off their | | | | and are using the home as their primary residence will |
| loans are being aware of its new plans to modify and | | | | qualify for new loan modification plans. |
| refinance such loans to help them to come out of their | | | | There are different plans for different types of loans. If |
| difficult situation. However, such homeowners will want | | | | you have taken FHA loans, you can avail Hope for |
| to know the procedure and qualification to get the | | | | Homeowners plan which refinances your loan by a |
| modification offered by Countywide. | | | | special equity sharing method to replace your existing |
| Firstly, if one uses the internet to do a little research on | | | | low home equity. If you avail this hope facility and sell |
| Countrywide loans they are most likely to get | | | | your home afterwards you will have to follow a siding |
| reactions of irritated homeowners mostly having | | | | scale to determine the amount of equity you have to |
| complaints of not getting full disclosure of loan terms | | | | pay to FHA. There are other plans too like bringing |
| from representatives of Countrywide or getting wrong | | | | down interest rate, lowering your principal etc. so that |
| information or of paying a lot more money due to | | | | you may recover a portion of lost equity. |
| some clerical errors committed by Countrywide staff. | | | | You should approach Countrywide in a proactive |
| All these do not prove that Countrywide has a good | | | | manner, in spite of its bad past reputation, to get |
| reputation in its business. Actually in 2008 State | | | | modification of your loan it you find that you are paying |
| Attorney General filed a lawsuit against it for its lending | | | | too high a portion of your gross monthly income to |
| business which harmed its customers. | | | | repay such mortgage loans. Bank of Americain its |
| After the lawsuit Countrywide made known they had | | | | endeavor to restore the reputation of Countrywide in |
| prepared new plans in orderly fashion to help | | | | the form of implementation of new loan modification |
| mortgage homeowners to get rid off their difficulty. It | | | | plans. Even without approach by borrowers |
| has decided to bring down the monthly payment so | | | | Countrywide is reviewing mortgage loans and |
| that troubled homeowners have not to pay more than | | | | intimating their new loan modification plans to the |
| 34% of their gross monthly income which makes it | | | | borrowers who have failed for more than 60 days or |
| easy for them to honor their commitment for | | | | are going to default. |