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
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.
If you are looking for a mortgage, make sure to avoid these common mistakes.
... Read more