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What is the status on loss mitigation?


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The bailout is at least partly underway and partly revised. How do we know which option arms or subprime loans are about to be adjusted/marked to market etc?? I know Countrywide just released an awesome program to mark those loans overdue 60 days or those soon overdue to 95% of current market value with elimination of negative amortization and special 2.5% interest. Other banks I hear are offering conversion to 50 year low interest fixed loans.

What concerns me is that it is almost luck of the draw. Depending on who the loan is with or who it got sold to you might be in or out of luck. Is there anything that levels the playing field? Banks may or may not reach out, or may offer very little. I applaud BOA and Countrywide for being proactive....I just wish my loan was with them.

My Mortgage company is Aurora a division of Lehman Bros. Has anyone done anything with them????

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