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| Countrywide believes keeping owners in their homes is just as important as assisting individuals in achieving homeownership. We understand that financial setbacks are sometimes unavoidable, and we are committed to offering options to customers who have met with temporary hardship. The company reaches out to these customers in a variety of ways:
- Phone Counseling Teams. We employ dedicated teams of trained counselors, available by phone to assist homeowners who have fallen behind on monthly payments. The teams contact customers and ask if they can be of assistance. These specialists then work closely with homeowners, explaining options such as modified loan payment assistance and other forbearance programs.
- Friendly, Personalized Resource Mailings. Countrywide recognizes that homeowners are sometimes reluctant to contact a lender when payments are in arrears. We send videotapes and postcards, both of which invite homeowners to call us about making arrangements. These efforts ensure customers that we are flexible, care about keeping them in their homes, and are ready, willing and able to offer them assistance.
- Counselors in Communities. Countrywide extended its outreach to distressed homeowners in their own communities. Small workout teams of counselors travel to Countrywide offices to meet face-to-face with homeowners who need their help. This highly successful effort, launched in 1999, has assisted hundreds of homeowners who were facing financial difficulties.
There are several workout programs available to Countrywide's borrowers. To decide which alternative best meets the borrower's individual situation, our counselors work one-on-one with customers to find a solution. Program options include repayment plans, loan modifications and advances.
In the highly unfortunate instances when borrowers are unable to improve their financial situations, Countrywide still offers solutions. Though these options may result in the sale of the property (often at a loss), the stigma and emotional trauma of a formal bankruptcy or foreclosure proceeding may be avoided--and there may also be less impact to the borrower's ability to obtain credit in the future.
At Countrywide, maintaining the dream of homeownership is every bit as important as achieving the dream. We are dedicated to ensuring that our customers receive the help and assistance they need throughout our relationship with them.
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