MyCountrywide Experience with Loan Modification
So if you got a loan from MyCountrywide with an ARM, like many borrowers, you planned on refinancing quickly. Thanks to lenders like MyCountrywide, the American dream of investing in a home became possible for people that would have been disqualified in the past.
As interest rates kept dropping, people decided to risk the terms of an ARM (never suspecting the recession). Unfortunately, many people are unable to pay their loan back on time. Instead of being able to refinance with a fixed rate, the ARMs have ballooned and borrowers are facing foreclosure.
If you have been hit by the subprime mortgage fiasco like 500,000 other homeowners, you may have seen your ARM balloon. Before Obama instituted the American Recovery and Reinvestment Act on February 18, 2009, foreclosure looked eminent for most of us.
Now, MyCountrywide offers to over 400,000 of their borrowers new terms for the loan. This is a win-win for both parties. Going through refinancing at a cheaper interest rate is much cheaper than a foreclosure any way you look at it. In some cases, they have even lowered the principal balance to keep borrowers in their home.
I was one of the many people that found their interest rates on the ARM mortgage sky-rocket due to three late payments in the past year. When it came time to refinane, I was in a jam. Since I lost my job due to the recession, my payments were constantly late.
Plus my $220,000 mortgage was on a house now worth $150,000! I called MyCountrywide as soon as I found out about the stimulus Obama was offering. Well, it was a nightmare. I didn’t know how to write my hardship letter. I was missing financial documents that I never dreamed I would need.
Finally, the process is at an end, but I wish there were more resources to guide me along the paper trail. It is really important to research and utilize a checklist. One of the best things you can do is get a free guide to help you through the process from a site like, http://www.freeloanmodificationreport.com/.
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