Foreclosure Rescue: Countrywide Helps Save Over 35,000 Homes From Foreclosure

October 3rd, 2007

Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider. Being a member of the S&P 500, Forbes 2000 and Fortune 500, this is a company that knows its business. The company purchases, securitizes, sells, and services residential and commercial loans. It provides loan closing services such as credit reports, appraisals and flood determinations. It also offers banking services. The services include depository and home loan products. In its ongoing effort to curb foreclosures, Countrywide Financial Corporation is actively working with borrowers who are experiencing financial challenges in real estate. Utilizing various methods to help homeowners to tackle foreclosures, the company has been speedy in providing assistance to anxious homeowners. Through loan modifications, repayment plans, postponement of payments and refinancing, Countrywide extended its preservation assistance to approximately 35,000 mortgages this year.

As part of this effort to revive real estate slump, Countrywide has completed more than 17,000 loan modifications. The target is 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. The company’s number one priority is to tackle the foreclosure problem and help borrowers stay in their homes without being affected so deeply by the foreclosure crisis.

A problem that most homeowners face is in connected with a Countrywide representative. This is not easy at all. In fact, 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. This is a way to mobilize grassroots efforts to contact and counsel distressed borrowers, particularly in communities that are experiencing unusually high foreclosures.

There is a realization that no one benefits from foreclosure, and counseling. So home owners who are behind in payments are helped by the Countrywide home retention team at 800-669-6650.

Around 2,700 highly-trained home retention specialists have succeeded in reaching out to distressed homeowners in their own communities by setting up face-to-face meetings through various means. There are foreclosure prevention workshops, teaching home owners about possible foreclosure scams; and offering loan workouts on-site..

The Fed has also taken a number of steps to bring some peace into the turbulent crisis. But things don’t look too rosy on the market because the statistics point to continuing dip in home prices. This is despite the fact that analysts predict a possible cut in the federal funds rate, which is the rate commercial banks charge each other for short-term loans. Thus, gradually, this kind of sincere effort is bringing back smiles in the real estate scenario.