|Foreclosures are the legal proceedings obtained by a lender to terminate security interest from a borrower. The process of foreclosure is applied on residential loans such as home loans by a bank. Countrywide home loan foreclosures are applied by the Countrywide bank on its home loan borrowers. The bank has merged with the Bank of America and since then they have been working together to see to it that all its customers are kept satisfied. This is done with the help of various assistance and foreclosure relief programs given out by the bank. Presently, the bank is giving out foreclosure relief programs in Arizona, Alaska, California, Delaware, Colorado, Florida, New York, New Jersey, New Mexico, Illinois, Hawaii, Georgia, North Carolina, Maryland, Michigan and so on. It covers almost the entire country of America and is planning to provide the same in other countries as well.
Countrywide Home Loan Foreclosures Program
Countrywide home loans has given out two foreclosure programs. One is the Foreclosre relief program and the second is the Relocation assistance program. Lets have a look at both of them one by one.
1. Foreclosure Relief Program:
The Countrywide bank along with the Bank of America has allocated around $200 million in the country under the foreclosure relief program. This has been done specially to provide relief to all those borrowers who had availed home loans directly from Countrywide bank between the year 2004 and 2007. The bank's assets in the year 2007 were the highest in the past years but it suffered a great blow in the recent economic meltdown. After its merger with the BofA the bank works under the Bank of America's banner. In order to determine your eligibility, you can contact the bank directly on their number 1-866-411-6987 or visit their official website.
2. Relocation Assistance Program:
Relocation assistance program is a program designed specially for assisting individuals in saving their homes from falling in to a foreclosure. The borrowers can agree on a voluntary basis to receive cash payments in order to ease their loan burden. With the help of the assistance program, Countrywide bank anticipates in paying more than $80 million to more than 40,000 people participating in the relocation assistance program. All the people participating would be prospective or current home loan borrowers. You can also contact them on the customer service number mentioned above.
For more information on Countrywide home loan foreclosures, you can log on to the link given below: