ACORN and Countrywide Financial Corporation announced on Monday an agreement to “substantially increases homeowner protections for subprime borrowers who have fallen behind on their mortgage payments.”
Countrywide and ACORN have partnered to formalize workout programs for subprime borrowers with all types of loans, not just hybrid adjustable rate mortgages (“ARMS”) with pending rate resets. Further, the agreement addresses home retention options and procedures for borrowers in various stages of mortgage delinquency, not just borrowers who are current in their payments. In these ways, the initiative broadens the approaches of Countrywide’s previously announced $16 billion home retention initiative, and the industry-backed HOPE NOW alliance program.
Countrywide customers experiencing a financial hardship and seeking further information about workout programs or counseling may call Countrywide’s Home Retention Division directly at 800-669-6650, or contact the ACORN Housing call center at 866-67-ACORN.