California Countrywide Borrowers Have Chance to Get a Better Loan

Lender will spend $8.4 billion to modify subprime and adjustable-rate home loans

Bank of America has set up an $8.4 billion program to help borrowers stay in their homes. The program, which began Dec. 1, could help 400,000 Countrywide borrowers nationwide, including over 125,000 in California.

If you financed your home with a subprime or adjustable-rate loan through Countrywide Financial before this year, you may be eligible for a new loan that you can better afford.

Bank of America – which now owns Countrywide – agreed to this program to settle charges of lending abuse brought by the Attorney General’s offices of California and other states.

Bank of America/Countrywide is now contacting potentially eligible borrowers, mostly those who are behind on their mortgage payments or in danger of falling behind because of the features of their loans.

There are many other requirements. DCA suggests that consumers with home loans through Countrywide contact Bank of America or check Countrywide's web page for details. You can call their Homeownership Retention Division at (800) 669-6650.