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Countrywide settlement
If you or someone you know has a mortgage with Countrywide, relief could be on the way. {Verbatim from the Attorney General's office}:
Mississippi will be included in the national settlement with Countrywide Financial Corporation (CFC) that will allow eligible borrowers to participate in the company’s loan modification program, announced Attorney General Jim Hood.
The program went into effect yesterday, December 1, 2008, and was designed to help borrowers who financed their homes with subprime loans or adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Countrywide was bought by Bank of America on July 1, 2008.
Some terms of Mississippi’s settlement with Countrywide Financial Corporation include:
* Mississippi borrowers will get approximately $1 million in foreclosure relief benefits (.68% of total) and approximately $500,000 in penalty and fee waivers and other assistance through the end of 2010
* CFC will make loan modifications for seriously delinquent borrowers for Subprime and Hybrid Adjustable Rate Mortgages (ARMs), Pay Option ARMs, Subprime First Mortgage Loans
* CFC will waive late/delinquency fees, not charging loan modification fees other than FHA or HOPE loans, and waiving prepayment penalties for specified loans
* CFC will also provide a relocation assistance program for certain loans if the borrower voluntarily and appropriately departs from the premises
* CFC will also make $150,000,000 payment on a nationwide or proportionate amount based on State participation to those borrowers who have experienced a foreclosure sale or are 120 days or more delinquent
Countrywide will be contacting borrowers who are eligible for assistance. The company has also set up a toll-free line to field phone calls on the program. That number is 1-800-669-6650.
posted by .(JavaScript must be enabled to view this email address) on 12/03/08 at 09:52 AM. [printer version] Share |
COMMENTS
I don't have them, but I will say they picked a good name for themselves, as they screwed people countrywide, allegedly. I hope the payback meets perfectly with their deeds.
posted by Walt on 12/05/08 at 04:54 PM
Countrywide purchased my loan from WMC who refinance my existing home loan. Little did I know that WMC Mortgage Company had intentional put up all of 160 acres we owned when the documents we signed was on for 6 plus acre to build our home. We would not have known this fact if we had not been selling 5 acre plots in order to pay off our house. The problem was brought to CountryWide and they were advised that they deed was faulty and the legal descriptions of the land was incorrect and that they did not have a easement to get to the house. CountryWide agree to refinace our mortgage loan at at lower interest rate so that we would not be pentalized for early repayment of loan.
CountryWide cancelled our refinancing and forclosed on us after they told us that we did not have to paid our note until they got the title right. We believed them and they immediately started for closure against us and against us and sent notices to the people who had purchased 5 acre plots from us several years early. CountryWide refused to seek damages from LandSure title Company and devote all their legal muscle to force us out of our home. We had over 7 people that were going to purchase plots from us but after CountryWide file 7 incorrect forclosure notice against us, no one want to take a chance on this land. CountryWide destroy our credit and now are trying to evict us from our home. I wish the Attorney General Office would see if there are illegal activities comitted by WMC, CountryWide, LandSure Title Company. The funny thing about this is we were using LandSure Title Company to do a Title Search for the people purchasing a lot from us when they sent a letter to them stating that their was a lein on our land.
posted by Hot Sauce on 12/05/08 at 07:06 PM
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