Financial Hardship Assistance with Countrywide

If you are unable to make your payments, you need to be aware of the various options by Countrywide to assist in resolving the delinquency on the loan.

You can call Countrywide on its toll free number: (800) 669-6650

Make sure to have your loan number and property address ready when you call and the following:

• A brief explanation of your circumstances
• Recent income documents (such as Pay stubs, Benefit statements from Social Security, Disability, Unemployment, Retirement, Public Assistance.  If you are self-employed, you need to have your tax returns, or year-to-date profit and loss statement available for reference)
• Bank Statements and Tax Returns for Past 2 years

Your lender will be able to best explain to you the programs offered.

• Loan Modification – This option changes the terms of your loans without refinancing and may include adding delinquent payments to the balance of your loan
• Repayment/Special Forbearance Plan – Your lender, mortgage insurer and investor may agree to delay any foreclosure or other legal action if you promise to repay the delinquent amount over a specified period of time
• Partial Claim – You may be eligible to receive funds from HUD to bring your loan current

If you are not interested or unable to retain homeownership, these following programs are available:

• Short Sale – You may be able to sell your property at its fair market value even if the sale’s proceeds are less than what is owed on the loan.
• Deed-in-Lieu of Foreclosure – You may be able to deed the property to the lender/servicer and avoid a lengthy foreclosure.

If you are experiencing a hardship, let Countrywide know.  Hardships include: unemployment, reduced income, illness, divorce or disability, in which a Home Retention Counselor will be able to discuss with you.  Counselors are available Monday through Friday during business hours at 1-800-669-6650.  Make sure you have you loan number and property address ready when you call.

Foreclosures can become long-term consequences.  A foreclosure has very serious credit implications and are a matter of public record and reported to credit reporting agencies in the United States.  It becomes a part of your permanent credit file and will remain for up to 7 years.  Countrywide may be able to reduce or avoid the consquences of foreclosure.  Please contact Countrywide ASAP, to evaluate all possible solutions to avoid foreclosure.  Although, credit reporting will continue and your loan will be reported as delinquent until your loan is brought fully current.  Countrywide will continue normal servicing up to and including referral to foreclosure during the time it is reviewed.