Countrywide Loan Modification - How can you be a principle of reduction

Some homeowners with Countrywide mortgages eligible for special loan modification, which permanently reduces their actual capital sum. So many homeowners are now struggling with a mortgage payment at home, who can not afford it, and we need more than the value of them. Imagine that the simple elimination of negative equity! But how do you know if you qualify? Countrywide, this provision for their payment of a predatory loan $ 8600000000Suit is one of the biggest factors in that state where you live

These are the states that were included in the National Action:

Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas and Washington.

If you live in one of these eleven states come your loan between January 1, 2004 and December 31, 2007, and also attempt to reduce contracting as a provision of your loan modification. Countrywide also agreed to provide qualified borrowers in those states of denial and criminal penalties for being late with new interest rates as low as 2.5%

Who is a qualified borrowers?

E 'was estimated that 400,000 homeowners to benefit from this program. If the loan is a pay option ARM rate infamous for the customer to increase with each payment, you are very likely to qualify. You can also benefit if the value of your home is below what we need you nor yourMortgage>.

Tennessee, Mississippi and Pennsylvania have also settled cases with Countrywide, the borrowers in these states should also know what special conditions may occur to qualify for loan modification.

Note that even if you do not live in one of these countries, your situation or are not entitled to a reduction of capital, you can still benefit from a regular Countrywide loan modification. In a loan modification without special provisions, the payment terms andInterest shall be adjusted to your manageable mortgage payment. These things are decided on a case by case basis, so if you have a Countrywide mortgage untenable, you owe it to yourself to find out what the loan modification for you to receive one.

You could make a difference in home foreclosure rescue.

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