Bank of America announced its new Countrywide loan modification program as part of a lending abuse settlement.  This loan modification will offer systematic mortgage loan modifications for nearly 400,000 Countrywide customers nationwide.  This new program has earmarked as much as $8.7 billion dollars to assist Countrywide loan modification applicants achieve affordable and sustainable mortgage payments designed to head off defaults and foreclosures.

Many troubled homeowners with a Countrywide home loan originated prior to December 31, 2007 will have the opportunity to convert their sub prime loans or adjustable rate mortgages.  This Countrywide loan modification will include lower, fixed interest rates, principle reduction or a change in the loan term.  The plan also includes a foreclosure freeze for borrowers who are likely to qualify until Countrywide has determined their eligibility.  The plan ranks as one of the largest predatory-lending settlements in history.

Bank of America noted that employees will be trained to carry out this Countrywide loan modification program by December first, and would then begin reaching out to eligible customers.  Officials acknowledged the program is not perfect, but said they have some money for people who already lost their homes and they have money for people who may get foreclosed on later.  And there are some very significant payment reductions for people that will allow them to stay in their homes.

What are the primary features of this Countrywide loan modification program? 

• Loan modifications featuring reduced interest rates, reduction in principle balance
• Suspension of foreclosures on delinquent loans while loan modifications are being reviewed
• Waived late fees
• Payments to delinquent borrowers or homeowners already foreclosed on
• Waived prepayment penalties for borrowers whose loans are modified, paid or refinanced.
• Additional payments to borrowers who can’t afford their monthly payment after loan modifications and who lose their homes to foreclosure in the future

If you are stuck in a sub prime or adjustable rate mortgage loan, then this Countrywide loan modification may be the second chance you need to get back on track.  Get started now to learn about how to qualify for this new program so you will be prepared to work with Countrywide loan modification representatives.  There is alot of information available online about loan modifications, but one of the most complete and up to date sources that will teach you everything you need to know is The Complete Loan Modification Guide.  This is a low cost, easy to follow Guide that you purchase and download right online.  You will be given step by step directions on how to complete your Countrywide loan modification application to assure it will be approved.  The Complete Loan Modification Guide handbooks provides you with all of the required forms and gives you detailed instructions on how to complete them properly.  You also learn how to write a compelling hardship letter, what your legal rights are and invaluable

Home Edition Loan Modification Kit

negotiating tips to ensure you get the very best loan modification.  Don’t miss out on the opportunity for a Countrywide loan modification-get informed and be prepared.

If you would like more information about loan modifications, please visit us at: http://www.myloanmodificationcenter.com