Approximately 57,000 Floridian’s could be the recipients of Countrywide Financial’s mortgage relief 
program. Up to $1 billion has been set aside under a settlement with the state attorney, the Miami Herald said.
This agreement would reduce the principal and interest rates of homeowners, providing them with more affordable terms. Those who lost their homes due to foreclosure, and could not have made those payments in the first place, also stand to receive cash payments.The determining factor for this would be early default, generally within the first 6 months of receiving the home loan.
According to the Herald, “the settlement stems from a lawsuit by Attorney General Bill McCollum alleging that the mortgage giant used deceptive marketing tactics to sell risky, high-cost loans to Florida borrowers during boom years.”
Countrywide is said to have knowingly approved loans to homeowners who couldn’t afford the payments or were unaware of hidden payments or penalty fees.
As part of the agreement, Countrywide will have to suspend foreclosures on subprime and pay-option ARMS until they determine whether or not if they meet refinancing guidelines.
The attorney general’s office estimates that 52,000 borrowers will be eligible for the refinance program. A total of $17.7 million dollars in fees will be waived, the Herald said.
Countrywide Financial is now owned by Bank of America.
October 18th, 2008 at 5:26 pm
I keep hearing about relief and help is coming but all i am recieving are relentless repetitive phone calls. I have been summoned with papers for foreclosure. My kids were going to a private school which i volunteered at every morning but now my wife is homeschooling them. I can assure you and take responsibility for this aweful mess i am in but be assured the people at County Wide and these mortgage offices seem to have given me plenty of rope to hang myself. It did not help when i recieved a letter from County Wide stating someone in their company sold my personal information though i mailed in phoned in countless privacy opt out disclosures. Suprise someone has been trying to use my information. They have tried to use credit cards over the internet and i could not get my license renewed because i was supposedly arrested in Boston for drunk driving and other violations. the problem with that is i do not drink or smoke and was never in that city. I could continue to paint a grim picture but i will not. I am the sole provider for my family and continue to move forward. Somehow i am hoping that countywide or the state will step up to the plate and help me help myself and many others. I am off to work, pay taxes, vote and support our troops praying for a better America a better day. I guess we will see if by some miracle all that money given to the state and florida program for ailling homeowners will assist my family and i.