If you obtained an adjustable-rate mortgage from Countrywide Financial and are having trouble making your monthly payments because of an interest-rate increase, you may be in luck. According to Associated Press report, “Countrywide to Aid More Borrowers,” by Alex Veiga, Countrywide “will expand programs to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have already fallen behind on payments.” The deal was brokered with national community advocacy group ACORN (Association of Community Organizations for Reform Now).

According to Veiga’s report, “borrowers with subprime hybrid adjustable-rate mortgages, which typically were issued with a low ‘teaser’ interest rate and then adjust higher after two or three years, could be offered the option of refinancing into a lower prime rate loan, or have their initial interest rate frozen for five years.”

We expect lenders to offer more and more of these programs, not only to help distressed homeowners but to keep themselves from having to deal with costly foreclosure proceedings, a huge inventory of repossessed homes, and angry mob of borrowers.

As we recommend in Foreclosure Self-Defense For Dummies, if you are having trouble making your mortgage payments, call your lender immediately. This is now more important than ever, so you can learn about any new programs your lender has in place to assist homeowners.

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