Countrywide Refinancing $16B In Loans

Is your loan with Countrywide? They announced today that they would be working with borrowers to refinancing or modify their loans so that borrowers aren’t going to get slammed when their ARMs readjust. Their taking the hit because if they don’t and all these borrowers default, Countrywide goes under. What does this mean for someone who foresees their loan readjusting significantly higher in the near future? It’s a way out. It’s an opening.

The gun isn’t up to your head anymore, it’s up to Countrywide’s head (they don’t want to join the 50 other lenders that went under so far this year) and now is your opportunity to refinance and take action. If you have a Countrywide loan, call them. Call them right now before they start calling other people. In the beginning, if I was to hazard a guess, they’re probably going to want to get as many refinances on their books as possible so they can get this whole thing settled. As time goes on, the criteria for who gets to refinance or modify their loan will get tighter and tighter. You need to refinance to avoid foreclosure, you need to call right now.

So far this year, Countrywide has completed about 20,000 loan modifications — a figure that represents less than 5 percent of the more than 500,000 loans the lender reports were behind in payments as of last month.

Act now. Call 1-800-556-9568.