Countrywide - has a heart and a brain? Part 2.

I told you I would follow up on my last post regarding Countrywide offering to immediately reduce my friends interest rate. The question was "what would they do about the three months back mortgage payments". Well the good news is that they are willing to work with you on the back payments. The bad news is that it has to be done through the "work out department". So now begins the process of faxing and calling the work out department to see if they will grant the modification of the loan to take care of the overdue balance.
If you have a customer near foreclosure they may be getting a similar letter. Only time will tell if this is going to work for the people who need so much help out there. Contact me at pete@MortgageProcessor.com if you have any additional information on this program or success stories!