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Home foreclosures are the end result when owners fail to pay their mortgage for several months. When the bank decides to start the action, they file a public default notice. If the fees in arrears are not paid and the owners can not sell the house, then the lender has the right to take back the home. When mortgage holders choose this option they normally do it to sell the home on the open market. Real Estate Owned (REO) properties are properties that the bank has repossessed. Countrywide home home loan foreclosures have increased over the last six months. Fortunately Countrywide is proactively taking a stance in helping present patrons pay off their loans while encouraging new patrons to get their loans with them.

Countrywide is offering non-countrywide patrons a 5.75% rate on a 30 year refinance home loan while existing countrywide patrons receive a rate based on their past payment history. Countrywide home home loan foreclosures have been on the increase as existing patrons are not able to meet their payments. As I mentioned before, Countrywide is creating other methods to help their patrons pay off their home mortgages. What are these methods?

One option that Countrywide could offer you is lowering your home home loan interest rate. Interest rates make a huge difference when it comes to making a home mortgage payment. For example, if you purchased a home for $150,000 at a 5% interest rate then you will have paid $7,449.74 after 1 year of paying your monthly payment of $805.23 on time. So if Countrywide lowered your interest rate only 1% then you will have paid $5951.92 after 1 year of paying your monthly payments on time. That is a difference of $1,497.82 a year. Obviously, interest rates make a a huge difference on your payoff amount.

Another method that Countrywide is using to aid patrons pay their home mortgages off is through refinancing their home mortgage. Let's say you currently have a 15 year mortgage at $150,000 with a 7% interest rate. You are finding it hard to make these payments so you look into refinancing your mortgage to a thirty year mortgage instead of fifteen. With the mortgage rate remaining $150,000 at 7% interest rate for thirty years, your payment would be reduced from $1,348 to $998 which is a difference of $350 a month. This savings in today's economy would pay for your gas to and from work.

Countrywide home home loan foreclosures have been on the rise over the last six months, it is encouraging that they are creating ways to help their patrons. If you are having problems making your payments you should consider refinancing your existing home mortgage.