About Full Spectrum Lending

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In September, 1996, Countrywide created a new subsidiary called Full Spectrum Lending; If Countrywide loans performed poorly, the Countrywide brand would not be tarnished. “It was a careful entry, considered closely by those at the top of the company,” a former high-level Countrywide executive recalled. “We sat together and asked each other, ‘Would you make this loan with your money?"  By early 1998, Full Spectrum had thirty offices in seventeen states, and subprime loans accounted for about six per cent of Countrywide’s mortgages.

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In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.

 

Foreclosure Prevention Options

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Bank of America (Full Spectrum) participates in a wide variety of foreclosure prevention options.  Some of the more popular options are shown below.

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Hardest Hit Funds

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The federal government created the Hardest Hit Fund (HHF) to help homeowners in states that have been affected by economic downturns.  Your state's website will detail which programs are available and how to apply – from modification, financial contribution toward lowering your principal, funds to help you catch up on past due sums, or relocation assistance to help on first and second mortgages. Eligibility, level and length of financial assistance are determined by each participating state. Programs change frequently, be sure to check for updates.

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Forbearance 

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If you're going through a temporary financial hardship, mortgage loan forbearance may help you get your payments lowered or suspended for no more than 90 days.  To qualify, you'll need a to show a temporary financial hardship may include a loss of income due to a medical illness, death of a co-borrower, natural disaster or unemployment, and there must be a clear end in sight. For example, if you're unable to live in your home because of a flood and you're waiting for an insurance payment to cover additional living expenses, like staying in a hotel

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FHA Modification

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An FHA modification may lower your monthly mortgage payment.  You are eligible if you're having trouble paying your mortgage due to an increase in your mortgage payment or a reduction in your income

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Bank of America Home Loan Modification

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Bank of America has many modification programs that may make your payments more affordable – even if you no longer live in the property.

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Home Equity Modification

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If you've had a financial hardship, you may qualify for a modification to your home equity loan or line of credit term, interest rate or monthly payments, or a combination of these.

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Homeowner Counseling Services

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HUD is a U.S. government agency that works to increase home ownership, supports homebuyers, and offers government help for homeowners. HUD offers free or low-cost foreclosure prevention counseling throughout the country.  To find out where the nearest counseling agency is in your area, please visit www.hud.gov or call toll free, 800 569 4287 for more information

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Cooperative Short Sale

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If you were evaluated for a loan modification and did not qualify or were unable to complete the modification trial and are looking to settle your home loan debt to prevent foreclosure, this may be right for you. Plus, you may qualify for assistance with relocation costs.

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Deed in Lieu

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With a deed in lieu of foreclosure, or deed in lieu, you agree to transfer the title or ownership of your property to the owner or servicer of your loan in order to avoid foreclosure sale and satisfy all or a portion of the mortgage debt. If you have been evaluated but do not qualify for a loan modification and have been unable to sell your home through a short sale, a deed in lieu may be an option.

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Keep Your Keys

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Keep Your Keys is highly experienced in helping Full Spectrum homeowners stop foreclosure.    We have a thorough understanding of the current products Full Spectrum servicers offer as well as their internal processes to get them approved and completed.   With our 5 star reviews and exceptional customer service you would be hard pressed to find a better partner.   Leave your checkbook at home and contact us today for a no cost, no obligation, appointment to get started. 

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