Countrywide To Firm Up Loan Modifications

Countrywide To Firm Up Loan Modifications

Home owners wishing to obtain a loan modification with Countrywide might want to re-think their options. Countrywide Financial, most widely known for excessive lending practices that brought to common defaults, presently has a lot bad debt on its books that it could need to firm up its loan modification service.

Home Loan Modification enables defaulting debtors to sort out new terms with Countrywide, to ensure that they are able to avoid foreclosures and remain on track. Countrywide started providing the service through their house Retention Department in the height of last years property bubble. However, because of the amount of demands arriving, many cases were postponed and led to foreclosures. The organization hit an exciting-time lower in 2008 and was lately bought by the Bank of America.

Using the change, the Loan Modification Department from the Law Offices of Marc R. Tow can also be taking measures to safeguard its clients. The firm, one of the main loan modification services in the united states, is only going to negotiate modifications with Countrywide for clients with viable cases and individuals who're in serious financial trouble.

Changes will also be expected in national loan modification guidelines. While loan modification continues to be available to debtors not in arrears, new laws and regulations may soon limit the service simply to individuals in personal bankruptcy or serious delinquency. This can allow lenders and loan modification companies to concentrate their focus on clients who're most in need of assistance.

The firm continues to assist clients with loans maintained by other companies. Besides loan modification, what the law states Offices of Marc R. Tow also provides help with loss minimization options for example short sales.