I was the victim of a Countrywide loan. I got a bad mortgage. I was caught up with Countrywide. I hear these statements and similar sentiments every day in the office.
As of August 22, 2014, an historical settlement was entered into between Bank of America and the federal government. This settlement provides $7,000,000,000 in relief. Yes, you heard that correctly, 7 Billion Dollars!! to homeowners who had mortgages at anytime with Countrywide. The relief will come in the form of long term mortgage modifications with incredibly low interest rates, some as low as 2% for the life of the loan. In addition, the settlement will provide for principal reductions. A principal reduction reduces the balance of your loan if your home is worth less than the amount of your mortgage. With a principal reduction, your balance is lowered to the fair market value of your home today.
What This Means for You
Modify Your Countrywide Home Mortgage
The settlement means that there are great terms out there if you can qualify for a mortgage modification. But don’t think you can try this on your own. The settlement does not make the mortgage modification process any easier. The modification process is the same. The pot of gold from the settlement is yours for the taking if you work with us to get you a great mortgage modification.
Only an attorney well versed in loan modifications can tell you if you may qualify for a mod. Companies or out of state law firms soliciting your business and promising you the moon are scams. They are getting rich off of the money you gave them to modify your loan but they could care less if your loan is modified properly or not. In addition, disregard your mortgage company. Your mortgage company is looking out only for their bottom line. They do not care about you nor does the mortgage company representative you speak with on the phone. Regardless of what your mortgage company tells you, you do need assistance to successfully modify your mortgage. The programs available for your particular loan and the guidelines required to modify your loan change at least weekly. In addition, based on how your loan was sold in a pool to investors, the statistics on the performance of the loans in your pool is instructive for us to get you the best modification possible. Further, every number and document submitted in your loan modification packet can have a profound difference on the outcome of the mod. Do not blindly submit a loan mod packet without proper legal assistance.