| A foreclosure process for countrywide financial is | | | | you by the court. In the hearing, if you are able |
| the only way left out to recover the money | | | | to provide a valid reason for the delay of the |
| from those homeowners who have been | | | | payments, you are given time to arrange and pay |
| defaulting on their payments. The bank takes this | | | | the funds, otherwise the process reaches the |
| step after a few warnings and the idea behind | | | | next level. |
| this is not to make you homeless but to recover | | | | * The next level is summary judgment hearing |
| the money which is bank's own property | | | | where in the court decides the total amount you |
| Let us understand this process on countrywide in | | | | owe to the bank including the late fees, interest |
| detail: | | | | rate etc. This happens after 45 days of the start |
| * Like I mentioned above, the process starts by | | | | date of the process. After this. Foreclosure |
| a warning notice that is sent by the lender to the | | | | auction takes place after 30 days. Your home is |
| homeowner. This is a notice to pay the amount | | | | sold off to the interested party and the payment |
| due on your loan within a specific time provided in | | | | received is given to the lender which covers your |
| that notice only. Now this notice is sent twice and | | | | debt and the leftover money is given to you. |
| if there is no response from your side, then a | | | | This is the foreclosure process for countrywide |
| legal notice would be sent to you by the court | | | | financial. But you can avoid this and save your |
| stating that, the lender has filed a case against | | | | home by going for a loan modification or |
| you for foreclosing the loan. This demands the | | | | refinancing your loan. In both the cases, your |
| payment in full. | | | | mortgage is modified with simple terms and the |
| * You are given twenty days to respond to this. | | | | loan is made cheap and sustainable. Both these |
| You should appoint a lawyer by this time and this | | | | are an offering of obama's stimulus package and |
| lawyer can appeal for an extension of time for | | | | are meant to save the homes of millions of |
| you. According to the foreclosure process for | | | | homeowners. So hurry up, just write down a |
| countrywide; if you do not give an answer within | | | | hardship letter to your lender and avoid |
| twenty days, a default judgment is given against | | | | foreclosure. |