Countrywide Home Loan Foreclosures
Home foreclosures are the end result when property owners fail to pay their mortgage for usually 3 months. When the bank decides to start the action, they file a public default notice. If the mortgage is not paid and the property owners does not sell the house, then the lender has the option to take back the home. When lenders decide on this option they normally do it to sell the home on the open market. Real Estate Owned (REO) properties are properties that the bank has foreclosed on. Countrywide home home loan foreclosures have been on the rise over the previous six months. Fortunately Countrywide is actively taking a position in aiding present clients pay off their mortgages while encouraging new clients to get their mortgages with them.
Countrywide is offering non-countrywide customers a 5.75% rate on a 30 year refinance home loan while existing countrywide customers receive a rate based on their past payment history. Countrywide home home loan foreclosures have been on the increase as existing customers are not able to meet their payments. As I mentioned before, Countrywide is creating alternatives to assist their customers pay off their home loans. What are these methods?
One alternative that Countrywide could offer you is reducing your home home loan interest rate. Interest rates make an enormous difference when it comes to paying a home mortgage payment. For example, if you purchased a home for $150,000 at a 5% interest rate then you will have paid $7,449.74 after 1 year of paying your monthly payment of $805.23 on time. So if Countrywide lowered your interest rate only 1% then you will have paid $5951.92 after 1 year of paying your monthly payments on time. That is a difference of $1,497.82 a year. The bottom line, interest rates make a an enormous difference on your payoff amount.
Another method that Countrywide is using to aid customers pay their home loans off is through refinancing their home mortgage. Let's say you currently have a 15 year mortgage at $150,000 with a 7% interest rate. You are finding it hard to make these payments so you look into refinancing your mortgage to a 30 year note instead of fifteen. With the mortgage rate remaining $150,000 at 7% interest rate for thirty years, your payment would be reduced from $1,348 to $998 which is a difference of $350 a month. That amount in today's economy would pay for your gas to and from work.
Countrywide home home loan foreclosures have been on the rise over the last 6 months, it is encouraging that they are finding ways to aid their customers. If you are having problems making your payments you should look into refinancing your current home mortgage.
For foreclosure listings, free reports. and the best guide on buying home foreclosures go to: home foreclosures wny If you would like to publish this article and others, go to: Home Foreclosures
Published March 29th, 2008
Filed in Real Estate
