Countrywide may help Florida homeowners avoid foreclosure

In a settlement reached in principle today between Countrywide and The State of Florida, Countrywide will work with thousands of Florida home owners moving them from adjustable rate mortgages to fixed-rate, fully amortizing loans.

The lender will suspend foreclosures that meet certain criteria while determining if they qualify.


Related Florida real estate views:

Florida vs Countrywide. Lawsuit filed.

Countrywide wants to help troubled home owners

Poor underwriting help fuel subprime mortgage mess


- Greg Staker 407-304-0255

Florida vs Countrywide. Lawsuit filed.

Search for homes

UPDATE October 7, 2008

Please read the following blogs for new information:

Countrywide and Florida reach agreement

Countrywide may help Florida homeowners avoid foreclosure

TALLAHASSEE, FL – Attorney General Bill McCollum today announced that his office has filed a lawsuit against Countrywide Financial, one of the nation’s largest mortgage companies, for allegedly engaging in deceptive and unfair trade practices. The Attorney General’s lawsuit claims Countrywide put borrowers into mortgages they couldn't afford or loans with rates and penalties that were misleading. Chief Executive Angelo Mozilo was also named in the lawsuit.

Read complete press release


Related Florida real estate views:

Countrywide wants to help troubled home owners

Countrywide wants to help troubled home owners

Testifying before a Senate Judicial Subcommittee an executive of Countrywide's written testimony included;

"Countrywide is committed to helping its borrowers avoid foreclosure wherever they have a reasonable source of income and a desire to remain in the property."

The full press release can be read here.