Further Reading

Home foreclosures are the end result when home owners default on their mortgage for an extended amount of time. When the bank decides to start the action, they file a public default notice. If the defaulted fees are not paid and the home owners can not sell the house, then the bank has the right to take ownership of the home. When banks choose this option they usually do it to sell the home on the open market. Real Estate Owned (REO) properties are homes that the bank has taken back. Countrywide home home loan foreclosures have increased over the previous six months. Fortunately Countrywide is proactively taking a position in helping present patrons pay off their home loans while encouraging new patrons to obtain their home loans through them.

Countrywide is offering non-countrywide patrons a 5.75% rate on a 30 year refinance home loan while existing countrywide patrons receive a rate based on their past payment history. Countrywide home home loan foreclosures have been on the rise as existing patrons are not able to make their payments. As previously mentioned, Countrywide is developing alternatives to help their patrons pay off their home home loans. What are these methods?

One method that Countrywide could offer you is lowering your home home loan interest rate. Interest rates make a vast difference when it comes to making a home loan payment. For example, if you purchased a home for $150,000 at a 5% interest rate then you will have paid $7,449.74 after 1 year of paying your monthly payment of $805.23 . So if Countrywide lowered your interest rate only 1% then you will have paid $5951.92 after 1 year of paying your monthly payments . That is a difference of $1,497.82 a year. The bottom line, interest rates make a a vast difference on your payoff amount.

Another method that Countrywide is using to aid patrons pay their home home loans off is through refinancing their home loan. Let's say you are present have a fifteen year mortgage at $150,000 with a 7% interest rate. You are finding it hard to make these payments so you look into refinancing your mortgage to a thirty year note instead of fifteen. With the mortgage rate remaining $150,000 at 7% interest rate for thirty years, your payment would be reduced from $1,348 to $998 which is a difference of $350 a month. That amount in today's economy would pay for your gas to and from work.

Countrywide home home loan foreclosures have been on the rise over the last 6 months, it is uplifting that they are finding ways to help their patrons. If you are having problems making your payments you should look into refinancing your present home loan.