Countrywide Ohio Mortgage Assistance Program

Countrywide has made deal a with Ohio to modify poor mortgage loans and help people in need refinance. For those who have already lost their homes, Countrywide has agreed to pay a one time payment to thousands of families. The total being paid to Ohio from Countrywide Financial Corporation is about $44 million, which is part of a multi-state, $150 million settlement.

The Ohio Attorney General said that over 8,000 subprime mortgage customers in Ohio will be eligible for help and they will be offered modifications in order to make their home mortgages more affordable and easier to pay for those families.

In addition, the Attorney General said that about 4,000 borrowers who have had their homes sold in the foreclosure process will be offered relief payments of up to $1,500 as part of the Countrywide settlement.

Mortgage loans will be modified based on what families can afford to pay. The new mortgage offered will be no more than 34 percent of a homeowner's total income.