Calabasas, CA (Vocus) September 2, 2007
Help is readily obtainable for homeowners who are experiencing difficulty meeting their monthly property loan mortgage payment. Countrywide Monetary Corporation (NYSE:CFC), by means of its Property Ownership Preservation System, recommends many techniques that could allow borrowers to handle their mortgages, steer clear of foreclosure and preserve their most valuable asset, their residence.

Countrywide understands that unexpected life events can negatively effect a persons financial scenario. The best three factors for foreclosure are curtailment of revenue, divorce and significant illness events that can affect anybody at anytime, stated Michael Gross, Managing Director, Loan Administration of Countrywide House Loans, Inc. Moreover, elements such as increasing interest rates on adjustable-rate mortgages combined with the inability to refinance due to market place conditions are placing an further strain on borrowers.

Via its homeownership preservation program, Countrywide reaches out to distressed home owners in their own communities by sending workout teams to meet face-to-face with borrowers. Seminars are also hosted around the country to assist borrowers stay away from foreclosure, teach foreclosure scam awareness and in some situations offer you loan workouts on-web site. To date, Countrywide has helped over 35,000 property owners hold their homes.

Right here are some measures borrowers can adhere to when they are experiencing difficulty or concern about meeting their month-to-month mortgage payment:

If borrowers are delinquent or know that they will be, they need to get in touch with their lender right away. The sooner the lender is contacted, the better the likelihood of establishing a profitable residence retention strategy. Although every single predicament is exclusive, most lenders may be capable to offer you 1 of the following choices: