If you or anyone you know has a loan with Countrywide and they are having difficulty with their payments or will when their loan rate adjusts, now is the time to contact your Countrywide lender.  Countrywide is going to adjust the loans for “At Risk Borrowers”.

Countrywide announced plans to refinance or modify some $16 billion worth of loans for more than 80,000 borrowers who will soon hit an unaffordable rate reset, or those who have already fallen behind after their payments rose.  Further, Countrywide hired Marks’ Neighborhood Assistance Corporation as a contractor to help thousands more people. The nonprofit group will contact homeowners and figure out how much they can afford to pay.

The bank says it has identified 52,000 borrowers, who collectively have borrowed about $10 billion, that it believes it can move into prime loans or those guaranteed by the Federal Housing Administration.

Another 20,000 borrowers who have more severe credit issues but are current with their loan payments could be eligible for modifications of their loans. That group has loans totaling about $4 billion.

Finally, Countrywide said it will send letters offering pre-determined, pre- approved rate reduction for an additional 10,000 borrowers who are delinquent on payments on loans totaling $2.2 billion.

These were 3 great articles!