Countrywide, the largest US mortgage lender, is going to offer help to 82,000 of its customers via changes in their loans. With adjustable rate mortgages adjusting up, many homeowners cannot afford their current payments. Countrywide is making changes on $16 BILLION (that is not a typo, it is a “B”) in loans.
This is a great first step. Countrywide recognizes a problem and wants to do the right thing to try to help people. What people forget is that Countrywide is in the lending business, not the home ownership business. Countrywide, and other lenders, do not want to own your home. They want you to own it, and to pay them for the money they lent you to buy it.
If you are a Countrywide customer, call them to see if this will affect you. Even if you are not with Countrywide, call your lender.