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Oct.08

9:50 PM ET

Wednesday, 8 Oct 2008

Help Is On the Way for Homeowners In These States

Posted By:Carlo Dellaverson

Topics:Housing | Mortgages | Real Estate | On the Money | Personal Finance

Companies:Countrywide Financial Corp | Bank of America Corp

A viewer on Wednesday’s show called in to ask about how the new Bank of America/Countrywide remodification agreement would help her stay in her home. In short, Bank of America agreed in the face of a lawsuit over deceptive mortgage practices to modify troubled mortgages from Countrywide, which it acquired last year, with up to $8.4 billion for customers in 11 states. Residents of the following states stand to benefit from this agreement:

Arizona
California
Connecticut
Florida
Illinois
Iowa
Michigan
North Carolina
Ohio
Texas
Washington

According to our economist Joel Naroff, this settlement is likely just the beginning. More help is on the way, he predicted. But for now, if you need help staying in your home and you live in one of the above states, there is a ray of hope.

Carmen added that you can call Countrywide’s hotline toll-free at 1-800-669-6607 or visit the Web site of the California Attorney General, who led the suit that ended in this settlement. And don’t be hesitant to file a formal complaint if you feel your mortgage has been unfairly handled, she said.

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