Payments to begin in first quarter of 2010
* Bank to offer $150 million to Countrywide borrowers
NEW YORK, July 23 (Reuters) – Bank of America Corp (BAC.N) said it has begun notifying Countrywide Financial Corp borrowers that are eligible for foreclosure assistance and plans to begin issuing checks to customers during the first quarter of 2010.
Bank of America, which purchased Countrywide last year, reached an agreement last fall with state attorneys general to make up to $150 million of relief available to certain borrowers who experienced a foreclosure, short sale or deed-in-lieu of foreclosure after taking out a Countrywide mortgage.
Countrywide was ground zero in the mortgage and housing industry meltdown that has cost U.S. banks hundreds of billions of dollars in credit losses and writedowns.
In June, Countrywide co-founder Angelo Mozillo was charged by the Securities and Exchange Commission with securities fraud and insider trading.
Rust Consulting, a third-party administrator, is managing the foreclosure assistance notification and payments to eligible customers in 40 U.S. states. (Reporting by Steve Eder; editing by John Wallace)
#1 by Kathy on July 25, 2009 - 11:01 am
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It’s sad that when we turned to Bof A for assistance they turned us down because they said the mortage is worth more than our home. We had a raise in or property taxes and now the mortage is eating away at our pay to paycheck with little left for other bills and medications and food.
I wouldn’t trust anything anyone says anymore they’re all just out to rich off the tax payers and get away with it.
#2 by debbie huttlin on July 29, 2009 - 10:00 am
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My account was with country wide, sold to BA. My loan comes due in Jan 2010. I am trying to Re Fi with BA prior to due date and not one trained employee can help. My loan is not showing in the BA network, however I receive monthly statements that my account has been paid ON TIME. Try and get questions answered regarding loan modification, re fiancing and property appraisal, Cyber net is used,,, not an actual appraisil, which lowers your home net worth vs a traditional appraisil. Is there help anywhere?
#3 by Paul on August 1, 2009 - 8:42 am
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I have been trying for 6 months now to get Countrywide to provide any assitance, as their message says we are here to help, however they have stone walled me and keep telling they are working on a program and it will take 30 to 45 days to find out that we didn’t qualify, but they will look at another plan and that takes 30 to 45 days only to find out didn’t qualify for that one. They also told me that a modification is NOT a reduction on the rate or an increase in length of contract. We have tried repeatidly to get them to change our note to 30 years and still no movement.
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#5 by kathy on September 1, 2009 - 3:50 pm
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I am so sick of Countrywide aka the evil empire and now Bank of Americia has taken over the same practices. I have over 40hrs of phone time logged with trying to get Countrywide to help modify the loan they sucked me into. I was realestate ignorant at the time my 2nd was up to 13.75% and still going up. I contacted Countrywide to refi and boy was I taken for a ride. I went from a 3o yr. fixed at 6.5% to a 40yr. fixed at 7.5% with a prepayment penalty tacked on. Now nobody wants to do anything. I now owe 136,200.00 on a house that appraises for 130,000.00. After being sent from department to department, being disconnected so many times I can’t count, I have still not received any help. First I made to much not that I’ve lost my job they can’t do anything because I don’t have any income. I sat in a branch office today for 2hrs. and was told to let my mortage lasp and that MAYBE then they can help. Then what happens when they fail to help again. Then I’m behind on my payments and everyone out there knows once you fall behind you never catch up. We all need help, where did the bailout money go? NOT TO US
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#8 by rreed2438 on September 22, 2009 - 11:06 am
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ive had my loans with countrywide for almost 18 yrs never late not one time boa takes over im one month late and now they want my house got i letter of accelerate for 800.00 and they dont want my house i wish they would sell my loan to someone else one month late im being treated like some seacond class person close to say here you know where ot stick it