Country Wide Home Loans

Though many people acquired Country Wide home loans through the Country Wide Mortgage Company, which made four hundred and eight billion dollars in loans in 2007 alone, the company was recently purchased by Bank of America. As a division of Bank of America, Countrywide is in a stronger position to work with consumers who are having difficulties making their home mortgage payments. Since the government has passed the Troubled Asset Relief Program (TARP) to provide money to financial institutions for consumer loan modifications, customers with a Country Wide home loan have sometimes felt as if they have fallen through the cracks of their original mortgage company, Countrywide, and its new owner, Bank of America. With the dispersal of more than five hundred billion dollars through the TARP program, Country Wide home loan customers could certainly use their portion of it.

For the most part, customers who are having difficulty working out a new Country Wide mortgage payment plan are caught in a delay because of data exchange as the two companies merge their assets and employees. Several online websites have been established to help customers share valuable information about how they finally reached help in solving a Country Wide loan problem. One of the most helpful tips is to email the president of Bank of America Home Loans, Barbara Desoer. The email address is barbara.j.desoer@bankofamerica.com, and her office is extremely responsive to customer needs.

Bank of America is working as quickly as possible to aid previous Country Wide mortgage customers in adapting the terms of their original agreements to prevent financial distress. This may be through stretching the original Country Wide home loan repayment schedule over several additional years, by assessing a lower interest rate, or by waiving late fees that have accrued. Sometimes a combination of these changes will be made during a Country Wide mortgage modification process to put the home owner in a position to keep his or her house.

When it took over Country Wide Mortgage accounts in 2008, Bank of America agreed to modify as many Country Wide loans as possible to prevent those with a Country Wide home loan from entering foreclosure. Information and help for Countrywide borrowers may be found in several places. Homeowners who borrowed through Country Wide Mortgage and lost their home to foreclosure should contact their state Attorney General’s office or the settlement administrator at 1-866-411-6987, as each participating state has a separate lawsuit settlement fund for Country Wide loan customers. Customers who feel that they might qualify for a loan modification on their Country Wide home loans should call Bank of America at 1-800-669-6607.