New Mexico mortgage and foreclosure assistance.

Countrywide/Bank of America New Mexico Settlement

The New Mexico Attorney General’s office has come to an agreement with Countrywide Home Loans and Bank of America that it says will help many people avoid foreclosure. Assistance will be available to struggling families and it will stop the loss of their homes.

The exact modified loan terms available for New Mexico borrowers will vary according to their circumstances. The mortgage assistance provided may include an automatic freeze or reduction in interest rates, waiving fees, conversion to fixed-term loans, and even a reduction in principal owed. Generally borrowers will need to pay a lower mortgage payment going forward.

The goal is to provide the New Mexico resident with a new, set payment. The total first-year payments of interest, principal, taxes and insurance will be targeted under the mortgage loan modification program to equate to 34 percent of a borrower’s total income (or 25 percent of income for borrowers for whom insurance and taxes are not escrowed). This should make the home more affordable. Find additional Bank of America mortgage assistance programs.

As part of the settlement terms between Countrywide and New Mexico, Bank of America will make available monetary payments to qualified borrowers who have experienced a foreclosure sale. This will be targeted at those who were more than 120 days late or more delinquent soon after their loans were originated, with their first payment due starting in January. Dial 1-800-669-6607

Foreclosure Mediation

The state of New Mexico has also initiated a foreclosure mediation program. It involves negotiations. This is another option for people who are behind on their mortgage, who need some form of professional assistance and guidance, or who are facing a foreclosure. Learn more on the mediation program and how this option can provide you with support or some other form of financial relief.

 

 

 

 

Non-profit counseling in New Mexico

The federal government has certified several non-profits as HUD agencies in New Mexico. The services are available for free to lower income families. Homeowners can stop by or contact these locations for a wide variety of services. Learn more.

Housing counseling, foreclosure assistance and even rental counseling programs

The state created an agency back in 1975 to address a wide variety of housing issues that New Mexico homeowners and even renters may experience. The New Mexico Mortgage Finance Authority may be the leading non-profit organization that operates across the state. The organization can address all those common issues, including foreclosure, first time buyer, and rent problems that people experience. Read more on New Mexico government foreclosure and housing programs and resources.

Keep Your Home New Mexico

Anyone facing foreclosure, either due to unpaid utility bills, taxes, or a mortgage, can call for help. This is a free service to all residents across the state, no matter their income. The program is supported by non-profits in New Mexico as well as the Attorney General.

Many assistance programs are coordinated by Keep Your Home. Representatives can direct the homeowner to financial aid programs for paying their mortgage, legal aid programs, counseling, and much more. The goal is to find some form of solution to stop the foreclosure process. Call 1-800-220-0350.