If you are trying to get a Countrywide loan modification, there are a few important issues you need to learn about.
If your mortgage is serviced by Countrywide and is either a subprime or pay option type mortgage originated prior to December 31, 2007, then you may qualify for assistance through the Countrywide National Homeownership Retention Program. After December 1, 2008, Countrywide/Bank of America began reaching out to more than 400,000 customers potentially in need and work with them to find the best possible Countrywide loan modification solution. For more detailed information about the Countrywide National Homeownership Retention Program, read the Press Release.
If you need assistance in writing a hardship letter for your Countrywide Loan Modification, get all the insights in our Hardship Letter section. And to do everything yourself, find the DIY Kit in our Do It Yourself section.
Get advice from a trusted source.
There are quite a number of great and trustworthy partners available that offer home preservation counseling:
U.S. Department of Housing and Urban Development The U.S. Department of Housing and Urban Development (HUD) offers assistance to homeowners in need, including mortgage assistance and free or low-cost home ownership counseling. To find the nearest counseling agency in your area, please call 1.800.569.4287 or go to www.HUD.gov.
Neighborhood Assistance Corporation of America The Neighborhood Assistance Corporation of America (NACA) helps borrowers to keep their homes. It combines home preservation options with NACA’s comprehensive Home Save approach, which includes individual counseling and the development of a documented affordability budget. To participate in NACA’s Home Save Program, please complete the Mortgage Questionnaire using the link below. www.naca.com.
NeighborWorks America Center for Foreclosure Solutions The NeighborWorks Center for Foreclosure Solutions was created to preserve homeownership in the face of rising foreclosure rates. They are a founding member of the national partnership of lenders that launched the Center. In cities and states with high rates of foreclosure, the Center works with local leaders to create sustainable foreclosure intervention programs. www.nw.org.
Homeownership Preservation Foundation (HPF) The Homeownership Preservation Foundation creates partnerships with local governments, nonprofits, and lenders to help families overcome obstacles that could result in the loss of their homes. Talk to their foreclosure prevention hotline at 1.888.995.HOPE. www.995hope.org.
ACORN Housing ACORN Housing provides free counseling to low- and moderate-income homebuyers. In a special project to help Katrina victims, ACORN Housing to helped identify solutions for those customers who lost their homes. Their Home Equity Loss Prevention (HELP) Hotline is 1.888.409.3557. www.acorn.org.
National Foundation for Credit Counseling (NFCC) The National Foundation for Credit Counseling is comprised of over 100 nonprofit, community-based agencies with more than 900 local offices throughout the country. We sponsor special training for NFCC counselors to teach best practices for foreclosure prevention and loss mitigation counseling.www.nfcc.org.