Good News for Countrywide Borrowers

From the Virginian-Pilot:

Countrywide Financial Corp. has agreed to cut interest rates and provide relief to more than 8,900 troubled Virginia homeowners to help prevent them from going into foreclosure, the state attorney general’s office announced Monday.

Virginia joined a nationwide settlement between state attorneys general and the home loan giant, which was acquired in July by Bank of America. Designed to help those most at risk of defaulting on their mortgages, the settlement will provide as much as $212.8 million of relief in Virginia, mostly in the form of loan modifications.

Some of those states had sued Countrywide for deceptive business practices, alleging the lender had misled consumers on the escalating nature of the loans. The institution agreed to provide $8.4 billion in loan modifications to as many as 397,000 homeowners across the country.

If you have a loan financed by Countrywide before 2008, read this article:

Mortgage giant offers relief in Virginia to buyers on brink

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