Countrywide continues being a huge issue for my subscribers. Here are some important facts.

As Aaron Krowne writes in his terrific I Am Facing Foreclosure blog:

2007-11-24

""There is a reasonable possibility of a dividend cut," Schumann said. "If this dislocation proves to be longer in duration, or if conditions materially worsen, we believe that could further pressure Countrywide's financial position.""

"Countrywide has become a poster child for the housing crisis and having lost nearly $25 billion in market value over the last nine months. Countrywide has already laid off about 12,000 employees and some insiders expect that to rise to 20,000 as mortgage originations plummet."

As usual, we are shocked.

And we have heard stories of Countrwide loss mitigation people who have hundreds of files they can't even touch because their workload is so overwhelming. Thanks Ben Jones for your excellent real estate blog

 “Countrywide is facing mounting foreclosures and loan delinquencies from borrowers who were hoping to refinance before their low-interest teaser rates soared. The company has said that nearly 24 percent of the $118 billion in its subprime servicing portfolio is in some stage of delinquency. That equals about $27 billion.”

And as we've discussed here, the resetting Option ARMs doesn't look promising either for those facing an option ARM reset. You should already be on my high quality list but if you are not, please enter your name and email and I'll give you instant access to my 25 page insider's report Keep Your Home, along with very detailed emails on slashing your debt and stopping foreclosure…including access to an upcoming teleseminar. Your privacy always assured and easy unsubscribe (if you would ever want to, but you will love the information.)

A deed in lieu involves your giving your property back to Countrywide via a grant deed or warranty deed. You must have a written agreement with Countrywide loss migitation people in order to do a in lieu of foreclosure Countrywide deal. And you should make sure to negotiate how they report your credit to the credit bureaus, and what happens to their financial losses — you don't want them reporting a foreclosure, and you don't want them coming after you for any deficiencies.