If you write your monthly mortgage check to Countrywide or Bank of America, you may be in good luck. The bank is unleashing a new program that will help homeowners across the nation afford their house. This innovative and aggressive foreclosure prevention program is the first of its kind from any US bank, and will hopefully help those close to losing their home keep grasp on the American dream.
Scheduled to become effective in December, the program caters mainly to the sub-prime and adjustable rate mortgages, but can help all borrowers considering their circumstance and eligibility. The new progam will cut monthly housing payments to no more than 34% of gross income, and hopefully invite other financial institutions to follow suit.
The bank sees this as a way to avoid foreclosures for not only their borrowers, but for the company as well. It is far less costly to cut costs in mortgage programs and interest rates, than to seize homes and sell them through the lengthy and costly foreclosure process. So, if you are a Countrywide or Bank of America mortgage holder, this could be a good day indeed.
To read the full article, please visit the link below.
http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?postversion=2008100615
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