Countrywide loan modification - Who gets the reduction in principal and why?

A Countrywide loan modification that a reduction is the main services offered some homeowners, but the question of who to this very important function, and why? The cause of $ 8600000000 predatory lending that Countrywide has agreed to include a provision to reduce the amount of allowable debt on loans and in certain geographic areas. Unsustainable homeowner mortgage payments and now are struggling with their debt moreHome> worth it to know when they can benefit from this option of loan modification. Here are some useful information about who is out of question.

Countrywide has agreed to eligible borrowers loan modification in 11 States that have:

Waiver of fees and late penalties
Reduction of interest rates as low as 2.5%
Principal reductions on certain loans

400,000 borrowers in 11 states originally included in Countrywide suit eligible for this specialLoan modification range. They live in one of these states and your loan was created in 2007 between January 1, 2004 and December 31, you may qualify for a reduction of loan principal in your home. Here are the 11 states in the regulation of the original application:

Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas and Washington. Tennessee, Mississippi and Pennsylvania have also settled cases predatorsCountrywide so that borrowers can in these states a specific loan modification programs. If you live in one of these states, you may still be entitled to a Countrywide loan modification to reduce the monthly payment of a loan and avoid foreclosure.

Homeowners with fixed mortgage pay-option ARM loans where the balance can actually increase with each payment, are good candidates for a loan modification at the national level with a significant reduction.Borrowers who have more than their house is currently eligible for a bank to reduce the amount we owe, and a lower interest rate on a new affordable mortgage payment to arrive. Each case is examined individually and borrowers must still meet the criteria to be determined. Each home loans are locked in a prohibitive Countrywide should take time to learn how you could qualify for a mortgage loan modification on their lowerPayment.

loansecured orchardbankcard homeequityloan