Published: October 30, 2007

Countrywide mortgages

Dear Home Owner,

We are writing to you because you got a mortgage from Countrywide or Full Spectrum Mortgage Company and many Countrywide home loans are going into foreclosure.  You may not be facing foreclosure today but you may be having some problems in the period ahead if you have an Adjustable Rate Mortgage (ARM).   Your payments may begin to increase every 6 months or every year.  Look towards the future.  Will you be able to afford your home in the next 2 years? 

We are the Philadelphia Unemployment Project, a non-profit organization that represents poor and working people and homeowners.  We are presently organizing home owners that have subprime and Adjustable Rate Mortgages (ARMs), with Countrywide or Full Spectrum, which is part of Countrywide.

Subprime loans have become a serious national issue and HUD has estimated that over 500,000 sub prime loans will end up in foreclosure in the near future.  Countywide has been one of the largest players in subprime lending.  These loans are causing considerable hardship to homeowners around the country.

We have met with Senators and members of Congress to apply pressure to Countrywide Mortgage Company to modify terms of loans, and make them more affordable. 

We will be having a meeting for Countrywide and Full Spectrum homeowners to discuss how to protect your home from foreclosure.  We will have free lawyers from Community Legal Services and HUD Certified Housing Counselors to help answer your questions and develop strategies for you to protect your homes from possible foreclosure.  There are no fees for any of this.  We are just working to protect the homes of Philadelphians with possible mortgage problems.