Countrywide under heavy pressure to help borrowers avoid foreclosure, announced an expanded program to help people with subprime mortgages stay in their homes.
The program created by the largest U.S. mortgage lender and the Association of Community Organizations for Reform Now, or ACORN, comes as hundreds of thousands of borrowers nationwide face rising rates on their adjustable-rate mortgages. It is intended to allow struggling borrowers refinance into less costly fixed-rate loans, or have their monthly payments frozen or lowered.
Michael Gross, managing director of loan administration at Countrywide, did not say on a conference call what the program would cost or how many borrowers might be assisted, but said he expects the program to last “many years.”
2 responses so far ↓
1 louise Papik // Apr 11, 2008 at 4:47 pm
I am a realestate agent and I am experencing alot almost 98% of my customers are in forclosure.They are walking away to rentals and leaving there properties.The criteria for a refy is with high fico scores and the customers that are in forclorsures can not meet it.I have a family member that was turned down by countywide because he now has his own business.He has is business doing well.But his mortgage is still at thirtyfive hundred a month.How long can a family of five pay a mortgage with an ajustiable mortgage before he is one of the stististics? If you can think of any programs to help all these people Iwould like you to share it.
Thank you
looking forward to hearing from you
Louise Papik
2 Cathryn T // Aug 14, 2008 at 11:21 pm
Countrywide purchased my first mortgage, from Litton loans. My total monthly mortgage cost per month is eleven hundred dollars. I earn twelve dollars per hour and live alone. Countrywide has not offered to help me. Their representative call several times a month boasting they can help me to refiance the loan. I have explained to their reps, hundreds of times, that their is a second on my home, owned by litton. It is like they must not keep notes in their system. Each time they say they can help, later they have to recant, for my ratio to income does not permit me to refi. I’ve been to the hope site, etc,, fha, fannie mae/mac,, etc. There is no help! Litton loan Co. carries approximately thirty thousand dollars on the second; And, Countrywide bought the first, which is approximately ninety three thousand dollar mortgage loan. There is a penalty if either are paid off before next year, 2009 of June. So, mortgage is a true mess, and I could not even sell at it at this time to cover the loans. Home properties were truly inflated when I was beguiled into getting this mortgage. I was really taken to the cleaners,, no one at that time was concerned about my ratio to income! And not until the day I signed papers did I see what the paper work was all about, percentage rates, etc,, I was quite “in the dark” and pushed to not back out of getting the mortgage. Really quite crazy.
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