Mississippi Attorney General Jim Hood has made the announcement on Wednesday December 3rd. that eligible borrowers with Countrywide Loans will be able to participate in the Nationwide Homeownership Retention Program. The program went into effect Tuesday, December 1st. and is designed to help borrowers who financed their homes through Countrywide with subprime loans or adjustable rate mortgages prior to Dec. 31, 2007. Bank of America bought Countrywide on July 1 and agreed to modify an estimated 400,000 loans acquired Countrywide Financial as part of an $8.4 billion legal settlement reached with 11 states in early October.

Terms of the Mississippi Settlement with Countrywide are as follows:

●Mississippi borrowers will get approximately $1 million in foreclosure relief benefits (.68% of total) and approximately $500,000 in penalty and fee waivers and other assistance through the end of 2010

●Countrywide Financial will make loan modifications for seriously delinquent borrowers for Subprime and Hybrid Adjustable Rate Mortgages (ARMs), Pay Option ARMs, Subprime First Mortgage Loans

●Countrywide Financial will waive late/delinquency fees, not charging loan modification fees other than FHA or HOPE loans, and waiving prepayment penalties for specified loans

●Countrywide Financial will also provide a relocation assistance program for certain loans if the borrower voluntarily and appropriately departs from the premises

●Countrywide Financial will also make $150,000,000 payment on a nationwide or proportionate amount based on State participation to those borrowers who have experienced a foreclosure sale or are 120 days or more delinquent

Countrywide will be contacting borrowers who are eligible for assistance. The company has also set up a toll-free line to field phone calls on the program. That number is 1-800-669-6650.


http://www.ago.state.ms.us/
http://my.countrywide.com/media/Fina...sistance1.html