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Owners of Marin county homes and Marin county condos will finally be able to participate in the new Relief program provided by Bank of America for their Countrywide home loan customers.

The newly announced Relief program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide home loan customers nationwide.

Beginning December 1, 2008, Countrywide will proactively contact subprime and Pay Option ARM borrowers whose loans are scheduled for an interest rate adjustment.

While applying to Primary Residence only; the program’s intend is to keep homeowners in their homes by providing affordable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Countrywide will forestall the foreclosure process until a decision regarding eligibility is made for qualified recipients.

Modification options include, among others:

• FHA refinancing under the HOPE for Homeowners Program;
• Interest rate reductions, which may be granted automatically through streamlined processing; and
• Principal reductions on Pay Option adjustable rate mortgages that restore lost equity for certain borrowers.

As part of agreements to resolve outstanding claims against Countrywide by certain states, borrowers in participating states will additionally be eligible to access their share of:

• A Foreclosure Relief Program of $150 million on a nationwide basis for payment to eligible Countrywide servicing customers who suffered foreclosure or are currently at serious risk of foreclosure having made only minimal payments since the time their mortgages were originated by Countrywide; and
• An additional program, projected to make payments up to $70 million to support customers with loans serviced by Countrywide who face imminent foreclosure, providing financial assistance with their transition from home ownership.

As part of the state agreements, Countrywide is further committing to eligible borrowers in participating states that it will waive late fees associated with a borrower's default in finalizing modifications under the program.

If you have a home loan through Countrywide and your home is in jeopardy this is a great opportunity for you to work out a plan to keep your Long Beach homes by re-arranging your mortgage through these new programs. Please read the entire press release>>>>>>>>

Read the press release to learn more about this announcement.

• Learn more about the Homeownership Retention Program with this Fact Sheet Overview.
• Additional information for customers who may need additional Financial Hardship Assistance.

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

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