Countrywide mortgage aid procedures |
|
|
There are also options available if financial circumstances have dramatically changed and the borrower can no longer afford
the home, needs to relocate or just wants a fresh start.
Early understanding of this will aid in the ability to sell the home and avoid a foreclosure. If the loan balance exceeds
the value of the home, early contact with the lender will help determine if there is a possibility to accept a reduced payoff amount.
Do you accept partial payments?
Partial payments are handled on a case-by-case basis and are based on specific criteria such as loan type and situation.
What percentage of borrowers can expect to get some type of workout of their mortgage?
In 2007, Countrywide helped more than 80,000 borrowers keep their homes. Countrywide borrowers avoid foreclosure 70 percent of the time when
they engage in loan workouts.
 |
| Find your lender |
|
|
|
|
Are there any fees involved in the workout process?
Typically, there are no fees for the workout process. However, some investors may require a fee for administrative expenses related to
loan processing. Meanwhile, if fees accumulated over the natural course of servicing the loan -- such as attorney fees, inspections or
escrow fees -- these will still need to be paid.
Does the process differ depending on whether you are a borrower who is missing a regular payment or
a borrower whose mortgage is about to reset?
There are established relief programs for borrowers with a subprime hybrid adjustable-rate mortgage, or ARM, loan. In some cases, the rate
can be set back to the most recent rate or the initial loan rate based on the individual's circumstances. There are additional programs
available for borrowers with a different loan product who may have missed a payment and have demonstrated a hardship.
Is it helpful if they contact a credit counselor who can work with you on the process?
We certainly work with credit counselors, and some borrowers may find their assistance helpful, but we will work directly with
borrowers as well.
Borrowers can contact the nonprofit Homeownership
Preservation Foundation (HPF) at (888) 995-HOPE, or (888) 995-4673
for free foreclosure prevention counseling. The cornerstone service
of the Minneapolis-based HPF, the Homeowner's HOPE hot line is a
free 24/7 counseling service that connects borrowers with expert
HUD-approved counselors to help find a solution to overcome financial
difficulties and possibly avoid foreclosure.
For more information about HPF or the Homeowner's HOPE hotline, visit
995hope.org.
For additional foreclosure prevention tools and resources for homeowners, visit
Countrywide's HOME site (Homeownership Mortgage Education).
If the borrower is using a representative, like a nonprofit housing counselor, attorney or a trusted friend or relative,
lenders will need a written authorization signed by the borrower granting permission for the mortgage company to communicate personal
financial information to the representative.
Borrowers are urged to beware of foreclosure "rescue"
scams. Unfortunately, scam artists seek to prey on the desperation
of people who are willing to consider nearly any option to keep
their home. Borrowers need to be wary as they pursue ways to avoid
foreclosure.
|
| Borrowers are urged to: |
|
|
| • |
Make sure credit counselors work for a HUD-approved organization. |
| • |
Beware of anyone who offers to buy their home and "help" buy it back later. |
| • |
Avoid offers that require a payment for counseling and other help. |
| • |
Not sell their home without first talking to their lender. |
|
How did it go? Tell us about your experience using
this information to work out a solution with your lender.
|
