Countrywide Customers: Mortgage Help is on the Way for Many
CNN.Money.com is reporting that Bank of America has announced a plan to cut mortgage payments on loans held by its Countrywide division. The program targets holders of subprime adjustable rate mortgage (ARMs), subprime fixed rate loans and option ARMs, but prime and Alt-A borrowers, who did not document their income, will be eligible as well.
Countrywide is now owned by Bank of America (as of July, 2008) and the Countrywide/Bank of America plan is designed to settle complaints filed against Countrywide by several state Attorneys General over predatory lending practices.
This foreclosure prevention plan will start in December and will reduce mortgage payments for eligible homeowners to no more than 34% of the borrower’s gross income. Countrywide is now in the process of screening its files and will notify eligible borrowers.
Filed under Consumer protection, Foreclosure issues by 
Comments on Countrywide Customers: Mortgage Help is on the Way for Many
will this be available to borrowers who have filed for chapter 13 but not confirmed yet?
I am a single parent with one child, I am currently out of equity in my home, credit cards are maximized to dept of $50,000, with noto more credit and cannot pay the monthly fees. I am currently with Country Wide for a $328,00.00 on the first loan and equity line with Country Wide of $29,000. I cannot get them to recognize my devasting situation. I have tried Money Market Internation, Laywer, Hud Housing efforts in New Haven, CT. I QUALIFY for a LOAN MODIFICATION ….. ICANNOT PAY DECEMBERS mortgage .
My current income is $2000. a month…PLEASE HELP
I qualify for LOAN MODIFICATION and HAVE a unverified income mortgage , which was advised by COUNTRY WIDE . I am unable to reach them to hear my situation , and cannot pay DECEMBERS MORTGAGE for the first time…..
Please contact me … I have been trying for 3 months to be heard…