Oct 08 2008
You Can Work With The Bank … If You Have The Time
Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.
The program was developed together with state Attorneys General and is designed to achieve affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Bank of America acquired Countrywide July 1, 2008.
Now that Bank of America has climbed aboard the loan modification train the other major lenders will follow in suit. When the dust settles after the economic crisis subsides, there will be only a handful of major banks remaining, namely Bank of America, Wells Fargo, and CitiGroup at the very top. If these banks sound familiar, it could be because they own an enormous percentage of the mortgages currently in effect in this country, either directly or through subsidiary companies.
If you are looking to save your home, this is very good news … providing it isn’t taken from you via foreclosure before you have a chance to modify your loan. The fact still remains: you are working against the clock. The banks would love to keep you in your house -if you qualify for loan modification- but they are too shorthanded and overworked to get all of the modifications done in the time needed. The legal system will keep moving forward and the foreclosure process will continue … unless you take it in your own hands to stall or stop the foreclosure in order to buy yourself the time needed to save your home.
For more information on how to successfully stall the foreclosure process and modify your loan, please visit www.ForeclosureDefenseSecrets.com.
