Countrywide Home Loan Foreclosures

Home foreclosures are the end result when property owners fail to pay their mortgage for an extended amount of time. When the bank decides to start the process, they file a public default notice. If the defaulted fees are not paid and the property owners does not sell the house, then the lender has the option to take back the home. When mortgage holders choose this option they usually do it to resell the home on the open market. Real Estate Owned (REO) properties are houses that the bank has foreclosed on. Countrywide home mortgage foreclosures have increased over the previous six months. Fortunately Countrywide is proactively taking a position in aiding current clients pay off their mortgages while encouraging new clients to acquire their mortgages with them.

Countrywide is offering non-countrywide clients a 5.75% rate on a 30 year refinance mortgage while existing countrywide clients receive a rate based on their past payment history. Countrywide home mortgage foreclosures have been on the increase as existing clients are not able to make their payments. As previously mentioned, Countrywide is creating several options to help their clients pay off their home loans. What are these methods?

One method that Countrywide could offer you is reducing your home mortgage interest rate. Interest rates make an enormous difference when it comes to paying a home loan 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 . So if Countrywide lowered your interest rate only 1% then you will have paid $5951.92 after 1 year of paying your monthly payments . 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 clients pay their home loans off is through refinancing their home loan. Let's say you are present have a 15 year mortgage at $150,000 with a 7% interest rate. You are finding it difficult to make these payments so you look into refinancing your mortgage to a thirty year note instead of 15 years. 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. This savings in today's cost of living would pay for your gas to travel to work.

Countrywide home mortgage foreclosures have been on the rise over the last 6 months, it is refreshing that they are finding ways to assist their clients. If you are having problems making your payments you should look into refinancing your present home loan.

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