Countrywide Financial Corp. and the state of New Jersey resolved allegations that the mortgage lender put borrowers in risky subprime loans.
The judgment calls for a no-fee, streamlined loan-modification program and sets aside $3.67 million for New Jersey borrowers and for foreclosure-mitigation programs.
Bank of America Corp., now the owner of Countrywide, is retiring the Countrywide name in April as it works to distance itself from the brand. The Countrywide brand, once known for innovation and its dominant market share, became a symbol of loose lending practices, aggressive salesmanship and risky mortgages once the housing market collapsed in 2007.
“I am pleased by the agreement with Countrywide Financial,” Governor Jon S. Corzine said.
{ 13 comments… read them below or add one }
Is there any help for a former home owner whose triplex was foreclosed upon by countrywide? Was any money set aside for us?
I was living in one of the units.
Please send replies to:
Thank you, Johnnie or Sheila Sampson.
Is there any help for me? I use to own a triplex where I lived in one of the units
that was foreclosed upon by one of countrywide subprime mortgages.
I need help too… I’ve had my house foreclose by Countrywide and before it got foreclosed Countrywide never even did anything to help me save my home. They are ruthless and all they want is to foreclose so they can collect the PMI w/ what they call “CREDIT DEFAULT SWAP.” How rude! My house hasn’t been sold to a third party yet, and I want to get and determined to get my house back since Countrywide never did anything to help me. I think they foreclosed on my house illegally. I know they’re suppose to at least help the homeowners save their home but they never did. Countrywide sucks!
Can a loan modification be accomplished for a conventional 1st and 2nd loan which is not delinguent? My value,I am told is keeping me from getting this done, not income or credit. I do have some violations that I believe occured on timely disclosure and a lack there of on the 1st mortgage origination.
I also need help. Countrywide is trying to foreclose on my home. I am 60 days late on payments due to being layed off work & they sent me to collections, plus tacted on almost $100 late fee’s, sent me to credit reporting agency & several nasty calls/letters. I called them immediately as soon as I lost my job, plus sent hardship letter explaining situation & asking for help & this was back in December 2008 & still denied help. Countrywide should be investigated by the government to whom ever has a current loan w/them, when Countrywide reports delinguent to the credit agency’s on the home loan. This company has no heart.
I Have problems with my mortgage w/ CountryWide, I am apply for loan modification, Bank send modification w/ High
Down payment and same monthly payment and
the same interes 7.25%, I am reject modification for review and bank start on
auction, Not want nothing.
Please help me – Lou
I have 11 months I have not pay my mortgage and still waiting for Countrywide to modify my loan, I contacted HUD and Community Housing Works to help me with CW to modify my loan.
countrywide gave me a loan for $175,000 house for self employed individuals. I had only made $9,000 the last 2 years and all I had to do was prove I was self employed and not show income. I made my house payments every month with the help of roommates and after two years interest went up to 9.44 and they refused to help me unless I was behind. I can not refinance cuz no bank will loan me money with that kind of income and I stopped making payments. Want to save my house. I am with in the guide lines to file bankruptcy and give back the house, but I love my house. What can I do?
I called Countrywide about the Obama’s plan to save my unique home (underwater) but they don’t want to help us. Who is responsible to applied the rules to save many houses if Countrywide doesn,t want ?
I called Countrywide/ BofA and they offered me a Loan Refinance rather than a Loan Modification to which they still wanted $4,000.00 in closing costs (this obviously did not help me). After calling back the 4th time, a young girl did say they would be offering loan modifications to those current on their payments, but the priority was given to those in current foreclosures and to be patient about 4-6 weeks. Hoping for a miracle!
I ALSO HAVE A LOAN WITH COUNTRYWIDE I REFI WITH THEM BACK IN AUG. MY HUSBAND HAS BEEN OU OF WORK SINCE JANUARY 2009. I TRYED TO GET A LOAN MODIFICATION THRU COUNTRYWIDE BUT AFTER ME WAITING SEVERAL MONTHS I WAS DENIED THE LETTER THEY SENT SAID WE DIDN’T GET BECAUSE WE DONT MAKE ENOUGH MONEY HAS IS IT POSSIABLE TO GET HELP IF EITHER WE MAKE TO MUCH OR TO LITTLE I THOUGHT THATS WHAT THE LOAN MODIFICATION WAS FOR PLEASE IF ANYONE HAS ANY INFO LET ME KNOW THANKS
yo tengo mi propiedad countrywide el cual yo compre com un 80.20 con un interes artisimo y una penalida de dos ano alos 2 ano fuy a refinanciar y ya la propieda no valia el valor que yo abia comprado no pude refinancial al contrario me subieron mas el intere el pago me aumento y me dijeron que podia subil asta un 14% ya estaba en un prestamo en casi 11y el otro en mas de un 11.225 perdi el trabajo y no pude pagar mas la propieda y desdeentose estoy en el programa de modification y asta hora no me allegado nada yo no quisiera perder mi propieda ya que hay vive toda mi familia yo no estoy en desacuerdo en pagar lo que debo si me lo pusieran al final der prestamo yo lo pagaria quisiera que me alludaran sinmas esperando su contesta atentamente yosniel ortega..
I feel like I have had the rug pulled out from under me! We pleaded with Countrywide for a year to modify our mortgage as our income was depleting. They advised us over and over to let our home go into foreclosure and then they would be able to help us. We finally gave in after borrowing and maxing out credit cards. now that we have done what they told us to do…go into foreclosure, they tell us that there is nothing that they can do for us. To top it all off we are being faced with late fees, attourney fees, and who the heck knows what other fees! It just doesn’t seem right. Anyone else in the same boat?