Mortgage modification programsCountrywide Home LoansCorporate owner:
Bank of America.Department:Home Retention Division.Contact:Call the customer service telephone number on your loan statement.
Call (800) 669-6607.
Web site: www.homebycountrywide.com.Noted qualifications:Proven financial hardship.Target debt-to-income (DTI) ratio: 34 percent.Options:Temporary forbearance.
Repayment plan for missed payments.
Interest rate reduction.
Extension of loan term.
Re-amortization of loan balance.
Deed in lieu of foreclosure.
What these terms mean.Letters:
Letters are being sent to borrowers who are 60 days delinquent or who are deemed likely to become delinquent based on a computer model that crunches the borrower's credit score, payment history, debt-to-income ratio, home value, interest rate reset and other factors. If you don't get a letter, that doesn't necessarily mean you won't qualify.Learn more about obtaining mortgage modification help. advertisementRelated Links:First-time homebuying regretsTop 10 states for foreclosure: April 2012April 2012: Top 10 states for foreclosureRelated Articles:Finding the right lender Pick fixed rate or ARM? Subprime mortgages
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Mortgage servicers are spending more time on borrowers who are behind on payments than those who are current, according to a new J.D. Power study.
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