Countrywide Financial Corp Praised For Helping Beleaguered Homeowners
In a move unprecedented in the residential mortgage loan industry, Countrywide Financial Corp. has announced that it is modifying terms on their mortgage loans. Also it is taken other steps that has allowed 81,266 struggling mortgage borrowers to remain in their homes last year.
The lender has been under pressure from politicians and regulators to prevent foreclosures where possible. Lenders also often find that they are better off accepting lower monthly payments from a borrower than going through a foreclosure, which typically results in a large loss.
In a further 7,880 cases last year, Countrywide said, it agreed to “short sales,” in which the borrower sells the home for less than the loan balance and the lender agrees not to demand the remaining amount due.
Countrywide Financial Corp Praised For Helping Beleaguered Homeowners
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