Open House
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Tacoma and South Puget Sound Real Estate Blog
Tuesday, October 21st, 2008
Posted by Brian Everstine @ 10:57:14 am

Some Countrywide/Bank of American borrowers may be eligible for cheaper loans beginning December as a result of the Homeownership Retention Program, the state Attorney General's Office announced this week.

The program applies to borrowers of certain loans that originated between Jan. 1, 2004, and Dec. 31, 2007, who are behind on payments or likely to fall behind. It also includes money for borrowers who lost their homes and those who face foreclosure.

"My office is taking every possible step to help our state's residents survive a series of devastating blows to our economy," Attorney General Rob McKenna said in his "Ask the AG" column. "By working together, we'll weather this financial tempest as we look forward to better days ahead."

Those who qualify will receive a letter from the Attorney General's office and Bank of America in December. More information is available at my.countrywide.com/media/FinancialAssistance1.html.

Countrywide won't start foreclosures on homeowners who likely qualify for loan modifications. Those who face foreclosure are encouraged to call Countrywide at 1-800-669-6607.

Updates one the program are available at www.atg.wa.gov/countrywide.aspx.

Anyone who is not a Countrywide customer but who is still concerned about if they are able to make their mortgage payments should visit www.atg.wa.gov/foreclosure.aspx for information, McKenna wrote. Counseling is available at www.homeownership.wa.gov or 1-877-894-HOME.

Categories: Foreclosure/bankruptcy, Misc. 7 comments

COMMENTS:

pepperrealty1 @ 11:05 - Tuesday, October 21st, 2008 Email
Just to add to this very important info it must be your owner-occupied residence. They are targeting the option arm loans to place them in a fixed rate status. The incredible part of the package is that they will re-appraise the property and form your payment based on the new appraisal.

You may qualify if you have an option arm and can still ba able to pay the new payment based on the NEW LOWER value and your current income.

It will help thousands. Others it will not. Lastly many will scream and shout because its unfair that they do not get the same benefit from their lender.

It truly will be a once in a lifetime break for those who qualify!
gigharborrltr @ 16:09 - Tuesday, October 21st, 2008 Email
I just received a call from Ocwen Federal Savings Bank. They are looking at a similar program of loan restructuring. We shall see if it will actually help as most of my dealings with them have been frustrating at best. Maybe these banks are starting to realize working with the home owner’s will benefit both parties.
JakeR @ 17:40 - Tuesday, October 21st, 2008 Email
http://www.TacomaUntapped.com/
Anyone know what happens to the homeowners who originally had CW loans but were later sold to another lender?
pepperrealty1 @ 21:42 - Wednesday, November 5th, 2008 Email
It appears they gave up on this blog. Ah well! Back to Seattle Bubble!
boomer7 @ 05:32 - Thursday, November 6th, 2008
Yup, it seems like it.

I was really hoping they were going to follow up on the "Tell us about your bargain properties" article.

Ray, I noticed you made a post over at Seattle Bubble about possibly doing an email list/newsletter of bargain properties that you come across. I think it's a great idea and would love to sign-up if you do.

pepperrealty1 @ 21:51 - Thursday, November 6th, 2008 Email
Boomer I have been blogging there for a year. Its my primary blogging post. I just posted one today. Its actually my GEM of the year......MLS# 28180896...The tenant is driving me nutts. Its a CASH COW. Yet I don't have time for it. You will not find anything comparable, that makes the same money, in Pierce, Kitsap, Mason, Thurston, or King County! I just posted it on Craigs List as well. Can you say......Turn-Key income.
officialkf @ 14:58 - Monday, December 15th, 2008 Email
The links don't work. Could you repost them.
Thanks!

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