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Countrywide Home Loans
Corporate owner: Bank of America.Department: Home Retention Division.
Contact:
- Call the customer-service telephone number on your loan statement.
- Call 1-800-669-6607.
- Go to Countrywide's Web site.
Noted qualifications:
- Proven financial hardship.
Target debt-to-income ratio: 34%.
Options:
- Temporary forbearance.
- Repayment plan for missed payments.
- Interest-rate reduction.
- Extension of loan term.
- Re-amortization of loan balance.
- Foreclosure stay.
- Refinancing.
- Short sale.
- Deed in lieu of foreclosure.
Letters:
Letters are being sent to borrowers who are 60 days delinquent or who are deemed likely to become delinquent based on a computer model that crunches the borrower's credit scores, payment history, debt-to-income ratio, home value, interest-rate reset and other factors. If you don't get a letter, that doesn't necessarily mean you won't qualify.
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IndyMac Federal Bank
Government agency: Federal Deposit Insurance Corp.Contact:
- Call 1-877-908-HELP (4357).
- Go to IndyMac's Web site.
Noted qualifications:
- Inability to afford your current mortgage payments.
- Missed mortgage payments.
- Ability to make modified payments.
- May need to prove financial hardship.
Target debt-to-income ratio: 38%.
Options:
- Repayment plan.
- Interest-rate reduction.
- Extension of loan term.
- Conditional forbearance.
- Foreclosure stay.
- Principal deferral.
- Short sale.
- Deed in lieu of foreclosure.
Letters:
IndyMac sends out "invitations to apply" for a loan modification and ready-to-sign preliminary loan modification offers based on information that's on file (within the last six months). The offers require verification of income and expenses. Borrowers who have missed two payments are more likely to receive a letter.
Published Dec. 19, 2008
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