RISMEDIA, Sept. 26, 2007-In its ongoing effort to curb foreclosures, Countrywide Financial Corporation is actively working with borrowers who are experiencing financial challenges. Utilizing various methods to help homeowners, including loan modifications, repayment plans, postponement of payments and refinancing, Countrywide has provided homeownership preservation assistance on approximately 35,000 mortgages so far this year.As part of this effort, Countrywide has completed more than 17,000 loan modifications and is on target to complete nearly 25,000 in 2007. Loan modifications involve changes in one or more of the loan terms that bring a defaulted loan current and provide sustainable affordability.
“Our number one priority is to help borrowers stay in their homes,” said Steve Bailey, senior managing director of Loan Administration. “Countrywide has the right tools, processes and staff to help homeowners avoid foreclosure.”
A significant barrier to helping homeowners is getting them connected with a Countrywide representative. Countrywide personnel engaged in telephone outreach contact with delinquent borrowers are trained to assist customers in getting the help they need. Twenty percent of borrowers never make contact with the company during their foreclosure process.
In addition to direct outreach, Countrywide’s efforts include working with non-profit and community groups across the country to create grassroots efforts to contact and counsel distressed borrowers, particularly in communities that are experiencing unusually high
“There is an unprecedented effort among lenders, investors, community groups and the industry to work together to help homeowners,” said Bailey. “No one benefits from foreclosure, and counseling and intermediary support from these groups can be fundamental to the success of our borrowers.”
Countrywide encourages consumers who face an increase in their mortgage payment or fear falling behind on their payments for any reason to call the Countrywide home retention team at 800-669-6650.
Additional foreclosure prevention tools and resources are available on
Countrywide’s H.O.M.E. (Home Ownership Mortgage Education) Web site at
These efforts are part of Countrywide’s comprehensive homeownership preservation program, which consists of 2,700 highly-trained home retention specialists. Countrywide reaches out to distressed homeowners in their own communities by setting up face-to-face meetings through various means; hosting seminars around the country to help borrowers avoid foreclosure; participating in foreclosure prevention workshops, teaching them about possible foreclosure scams; and offering loan workouts on-site.
For more information, visit http://www.countrywide.com.
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