Washington and 39 other states announced a landmark agreement in October 2008 in which Bank of America agreed to modify loan terms for Countrywide borrowers.
Nearly 10,000 Washington homeowners are expected to receive about $200 million in payment relief as a result of the agreement, helping them avoid foreclosure.
Bank of America's new Nationwide Homeownership Retention Program for Countrywide customers is now underway. Eligible consumers were contacted by mail. The most recent statistics available from March 31 show that 1,220 Washington borrowers have received modifications with expected savings of more than $20.5 million under the settlement so far. In addition, Washington borrowers have received more than $246,000 in relocation assistance.
If you hold a Countrywide mortgage, you can find more information about whether or not you might be eligible for relief through this settlement on Countrywide's Web site. Customers who fit these four criteria are eligible for relief:
- Hold a Countrywide-originated mortgage loan, secured by owner-occupied property.
- First loan payment was due between 1/21/04 and 12/31/07.
- Loan has been foreclosured or was more more than 120 days deliquent on 10/8/08.
- Made six or fewer payments over the life of the loan.
Relief funds and relocation assistance are also available to boprrowers who lost their homes. Borrowers who lost homes will receive a letter on Attorney General's Office letterhead notifying them of their eligibility for relief. Letters will be mailed soon.
If you want more information, you should call the settlement administrator, Rust Consulting, toll-free at 1-866-411-6987 (hearing impaired call 1-866-494-8397) or visit www.countrywidesettlementinfo.com. Anyone concerned they may be at risk for foreclosure should call right away to request immediate assistance. Free help and additional resources for consumers with foreclosure and mortgage problems can be found on our Web site at www.atg.wa.gov/foreclosure.aspx
This Web site will be updated as additional information becomes available.
Late Updated: July 2009