National Mortgage Settlement

[Notch Johnson]

I was told by B of A minion that I qualify for refi under National Mortgage Settlement. B of A will contact me "within 60 days of legal and regulatory final approval."

Anyone have any idea when the hell that will take place?

[Evan Bedard]

I was told by B of A minion that I qualify for refi under National Mortgage Settlement. B of A will contact me "within 60 days of legal and regulatory final approval."

Anyone have any idea when the hell that will take place?

From my understanding it could be up to 4-6+ months before this settlement is fully completed and servicers start sending out letters to homeowners who qualify..

[nalagirl]

I too am in Loan Modification, but was told that I qualify for the GLobal Settlement? I am in underwriting as we speak since January 24,2012...how long will the process be. Can Bank of America proceed Foreclosure if I in a process of a loan modification? I was told by my Attorney General of my state states they are not to allow any foreclosure process, is this true? Can someone let me know if they are in the same situation or anything i must know. I too was in the process of a loan modification for the past 3 yrs and denial after denial, but only recently our documents were at 100% and is in approval state...when will I hear an outcome.

[Preparingfordefault]

I was told by my 'rep' that foreclosure can proceed even if a modification app is still under review... she said, contrary to what people 'think' foreclosure and modifications are 2 entirely separate areas and just because you're trying to get a mod you will not stop the process.

Mind you, the woman I'm dealing with is like a robot and typically has zero facts straight about my account or anything else. I asked about the new settlement and she told me, they have no info on it yet BUT in the very same breath said if I had qualified I would have been notified by now. This made no sense to me since that conversation was maybe 2 weeks after the settlement was announced and there's NO WAY that BofA had already identified the few people it would be offered to in it's entirety.

For those that were notified, how were you notifed? Was it in a BofA envelope? Did it come via Fedex or regular mail? OR a phone call? I received something this week stating that I qualify but to be honest it looked like junk mail/advertisement and no where does it say BofA so I threw it out.

NJ- 10 mos.

[Evan Bedard]

.how long will the process be. Can Bank of America proceed Foreclosure if I in a process of a loan modification? I was told by my Attorney General of my state states they are not to allow any foreclosure process, is this true? Can someone let me know if they are in the same situation or anything i must know. I too was in the process of a loan modification for the past 3 yrs and denial after denial, but only recently our documents were at 100% and is in approval state...when will I hear an outcome.

As preparingfodefault mentioned, the foreclosure process does not stop if you are in review for a loan modification. However, if your servicer ends up setting up a sale date and your review is not yet complete, they should postpone the foreclosure until a final decision has been made..

[Evan Bedard]

For those that were notified, how were you notifed? Was it in a BofA envelope? Did it come via Fedex or regular mail? OR a phone call? I received something this week stating that I qualify but to be honest it looked like junk mail/advertisement and no where does it say BofA so I threw it out.

I do not know anyone who has been sent out a letter in regards to the settlement and frankly it sounds like the rep has no idea what she is talking about.. Again it could be months before we see anything come from the settlement..

[nalagirl]

So I called the Executive offices of BOA and that they stated that depending on what type of Loan modification im in determines if they can proceed foreclosure? What do u mean depending on what type of Loan Modification.. my account manager at BOA can't even tell me what type of in house loan modification im in...grrrrr im getting fraustrated.. So my Attorney General of my states stated to write them a letter that being that im in Loan Modification that they should not go through foreclosure. What irriatates me also i spoke to my account manager that same day later that day i received my foreclosure letter stating they will proceed to foreclosure. I told my account manager that I spoke to you the same day and why didnt u tell me. He stated that being that he is my account manager all letters that are sent to me by BOA will be by him which he was not even aware of. How screwed is that.

[CalOkie]

did they have any details about the national mortgage settlement as to implementation?

[Evan Bedard]

So my Attorney General of my states stated to write them a letter that being that im in Loan Modification that they should not go through foreclosure. What irriatates me also i spoke to my account manager that same day later that day i received my foreclosure letter stating they will proceed to foreclosure. I told my account manager that I spoke to you the same day and why didnt u tell me. He stated that being that he is my account manager all letters that are sent to me by BOA will be by him which he was not even aware of. How screwed is that.

Unfortunately, even in the process for a loan modification your servicer can continue with foreclosure proceedings, whether it is a HAMP modification or traditional in-house modification they will generally continue foreclosure proceedings.. However, they should not allow a foreclosure to go through if a modification is still in process and a decision has yet to be made..

[nalagirl]

Thank you Evan.
im just afraid they will go against my back and give me a sale date with out me not knowing.

[davephx]

Under the HAMP agreements they are not "suppose" to sell the home while under HAMP modification consideration. But the hour after they decline they can. Yes HAMP-Admin has denial letter requirement, period to protest, get NPV results etc. But like most of the HAMP rules, the banks ignore most and since no law they get away with their fraud.

And we have heard horror cases of "oops we sold the home" when the modification dept had no clue that the home was sold by the foreclosure dept. That is why you have to monitor whoever is doing the foreclosure sale.

Huge uproar in 4 Congressional hearings on this "dual track" process of moving forward with foreclosure time clock while being reviewed for a modification. Dems upset, Republicans wanting to move foreclosures to sale as soon as possible and not have any interference with the banks foreclosing and making their huge foreclosure profits.

[RickyC]

The company I work for just received a mod for a client from bank of America that refers to the department of justice settlement.

It is just a trial plan so it is not official yet, but it does say that he will receive a "significant principal reduction" of $240 k, once it is permanent.

This is bank of America and is the only principal reduction I have ever seen from them.

Evan, I really appreciate all that you and the other contributors do for the public with this forum. While I don't post much, I have learned tons of information and have been able to use this information at the law firm I work for. I can send you a copy with borrower's information crossed out so you can see it for yourself. If I didn't see it myself I wouldn't have believed it...

[CalOkie]

Great info Ricky - did this person already have a modification of some kind or 60 days late in January? Or was this a principal reduction attached to a refi?

[CalOkie]

I would also redact amounts, etc. just to make sure you don't get into trouble. Put a different generic amount in so that you don't violate any confidentiality. Sorry to be a buzzkill.

[CalOkie]

Here is a great link about refinance pitfalls under the settlement...


The refi that keeps on taking | Bankrate.com

[gampola]

So I called the Executive offices of BOA and that they stated that depending on what type of Loan modification im in determines if they can proceed foreclosure? What do u mean depending on what type of Loan Modification.. my account manager at BOA can't even tell me what type of in house loan modification im in...grrrrr im getting fraustrated.. So my Attorney General of my states stated to write them a letter that being that im in Loan Modification that they should not go through foreclosure. What irriatates me also i spoke to my account manager that same day later that day i received my foreclosure letter stating they will proceed to foreclosure. I told my account manager that I spoke to you the same day and why didnt u tell me. He stated that being that he is my account manager all letters that are sent to me by BOA will be by him which he was not even aware of. How screwed is that.

HI nalagirl...Two weeks ago I got a PRINCIPAL REDUCTION from BOA for almost $147K and sent in my first trial payment.I was in the middle of mod and suddenly they made a deal with DOJ for $25B.I was one of the first to get such a deal.I m in Los Angeles and didnot pay my mortgage for two years.
The main criteria for the principle reduction is: your loan must have originated by countrywide and has to be non fannie or freddie..and ofcourse you must be behind and house must be underwater.
Check your loan docs to see what kind of loan you have..are u in california?

[gampola]

[QUOTE=CalOkie;395857]did DOJ Press Release | $25 Billion Mortgage Servicing (Foreclosure Fraud) Agreement Filed in Federal Court | Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledgethey have any details about the national mortgage settlement as to implementatio

Please click the link about the recent settlement and important phone numbers..

[gampola]

Check the link below I posted and call BOA number to find out your eligibility...for principal reduction, your loan must be countrywide originated,non fannie /freddie, must be underwater and behind payments etc...

[RickyC]

Cal, the borrower was over 2 years past due. He was put on the normal run around that is very common at boa. He was denied HAMP because of missing documents twice, even though we had proof of all the docs we sent.
When the client received the mod, the SPOC didn't even know that the borrower was approved. We'll see what turns out of this trial, but we are hopeful it works out well.

[gmazz]

Hi Guys, I have Citi 1st got hamped 2009. . .called 866 272 4749 talked to Vicki. . .really nice took my income, expenses and put me on hold. . .got back and said looks like I'm eligable!. . .told me to call back in one week. . .I'm at the floor of 2% interest but have a 2nd w/ SLS. . .default from bk in 2008. . .not paid in over a year. . .hope this helps some of you. . .good luck + God Bless!

[Daveerik]

I am in almost exact situation other than Citi mod is 3 years old, please keep us updated, but also any worries that a principal reduction may encourage your second to be more agressive if there is equity all of a sudden?

[nalagirl]

HI nalagirl...Two weeks ago I got a PRINCIPAL REDUCTION from BOA for almost $147K and sent in my first trial payment.I was in the middle of mod and suddenly they made a deal with DOJ for $25B.I was one of the first to get such a deal.I m in Los Angeles and didnot pay my mortgage for two years.
The main criteria for the principle reduction is: your loan must have originated by countrywide and has to be non fannie or freddie..and ofcourse you must be behind and house must be underwater.
Check your loan docs to see what kind of loan you have..are u in california?

Thank you Gampola, im in Hawaii, and yes my loan is orginated by countrywide and is not a non fannier or freddie, and been behind in my mortgage payment since August 2011 because BOA did not escalate my LOAN MODIFIcATION untill i started not paying it. I was on time for the past 3 years when I first started the LOAN MODIFICATION PROCESS but husband and I stated lets not pay the mortgage and now they started the process... during the 3 years, papers were lost papers were fax adn I was told that my LOAN with making home affordabe was denied 3x due to not signing in the correct places and also that my NET TO VALUE of my house is to high. I wish my loan modification will get approve... what was confusing is that we could not get approve for the making home affordable at one point because we were making too much money but we could not refinance because we made less money..how creul is that. I wish that I had found this website prior to filing a loan modification, just by reading this website with different forums, i should have done the forbearance modification first instead of not paying my mortgage at all. I had lack of knowledge in all of this untill i found this website. I thank you EVAN and your whole team for this, lets all UNITE and FIGHT. the beginning of the process 3 years ago i was pregnant to my 4th child and he is going to be 3 this year and at that time my husband was laid off for 15months...now we have fallen behind grrrrrrr....so now my loan modification is in the investors we will see and I will keep every one posted.. Congratulations to you GAmpola and i hope i get a prinicipal reductio too. Also Gampola was your property in foreclosure in the process? did you get a in house modification?

[MTS1969]

I was told by B of A minion that I qualify for refi under National Mortgage Settlement. B of A will contact me "within 60 days of legal and regulatory final approval."

Anyone have any idea when the hell that will take place?

4 years of no payments, countless mod denials, sheriff sale scheduled and cancelled by B of A last year, and currently working on a new mod. I decided to call B of A today regarding the settlement and was told that I indeed qualify for principal reduction.

I too was informed that they are waiting for legal and regulatory final approval. The rep said she was going to put me on a "survey" list and said as soon as the approval is done someone from B of A will contact me in regard to principal reduction. In the meantime she told me to continue with the modification process that I am already in and disregard the New Notice of intent to foreclose as I am (once again) in "work out status".

Guess I will just sit and wait and hope this goes through in a timely fashion .

[alikeith]

HI nalagirl...Two weeks ago I got a PRINCIPAL REDUCTION from BOA for almost $147K and sent in my first trial payment.I was in the middle of mod and suddenly they made a deal with DOJ for $25B.I was one of the first to get such a deal.I m in Los Angeles and didnot pay my mortgage for two years.
The main criteria for the principle reduction is: your loan must have originated by countrywide and has to be non fannie or freddie..and ofcourse you must be behind and house must be underwater.
Check your loan docs to see what kind of loan you have..are u in california?

Thats great! do you mind sharing how much you owed on your house, how underwater you were, payments ect? I had my file escalated and i am hoping to have the same thing happen. My loan was originated by countywide. Several years ago it was modified under the other settlement regarding Countrywide and Subprime loans. I am currently underwater though between $50,000 to $75,000 and am hoping for a principal reduction. I should know something within the next week or so according to my rep.

[gmazz]

Daveerik, I called Citi back and was told that I only"prequalify" my rep emailed me the workout pkg and said it is basically another mod. . .ok. . . so yesterday I rec'd two letters from Citi. . .

One letter dated March 30, stated:

"Due to a recent internal business change, I will be your new homeowner support specialist for the remainder of my treatment review period". . . .NO she is the same rep I have had since I started!

Second letter dated March 29, stated,

"we are disappoited that we cannot approve a mortgage mod under the goverment's Home Affordabe Modification Program (HAMP) The program does not allow more than one modification."

Re: am I worried about 2nd being in the $. .. even if Citi reduced my P the max which I think I read $50G. . .I would still be under H2O!. . .however, I somehow don't think it's gonna happen thanks to the "banksters." What a bloody mess!!!

Good luck on your attempt to get P reduction. . .keep me posted and I will do the same.

[nalagirl]

Hi there Alikeith, we bought our house at 915k, put down 120k and then when we were doing good we put 8k towards the prinicipal... we are at a 10 year interest only and then 30 year fix loan. I got pregnant my husband got laid off in 2009. Struggle and paid our mortgage. I am under water between 40k an hoping for a principal reduction. My balance now is 694k and hoping BOA at least give me a loan modification. I just hope they don't deny me because they will indeed make a profit out of my home. I was ignorant of this whole loan modification and wished i did a forbareance in the begining instead of not paying at all. I was scammed twice and paid a 3rd party over 3k each. =(. I wish i had known of this forum prior to what i have gotten myself into. My loan is not a frannie or freddie loan. I got denied for making home affordable and this is the last end of the string and praying so hard to get this loan modification done. So my BOA accounts manager is leaving his position and that im going to get another manager which i am irritated about i just hope it wont fail. BOA is requesting another RMA application just to make sure that my finances didn't change. do think this is the end and i will get a decision soon. My in home modification was sent to underwriting since January 24, 2012 and hope my papers don't get expired. I just spoke to my account manager stated that i am not qualified for the national settlement which i don't understand. Can someone let me know of that also. Sorry Alikeith i hope i answered your questions u asked me its just that im faustrted of the whole situation. last year i worked with a third party who promise they weren't going to f**k me over and yet they indeed did they informed me to not pay for my mortgage and now im stuck in the whole...=(

[alikeith]

Sorry to hear of your frustrations. I know the feeling oh so well. If i dont get a principal reduction, then i want to just walk away. My situation is even trickier as my HOA has a lien, as well as a judgement against me. they are waiting to foreclose until i find out what is going on with the bank. trying to get a mod that will include the past due HOA fees. I finally did contact the OOP and got assigned a helpful person. She had said we might know something by the end of this week. Right now i owe $194, 000 plus $15,000 in past due payments. Owe alot to the HOA as well. My condo is oirth between $138,000-$155,000. Not exactly sure.

[mayela]

Alikeith- Has the bank filed a NOD yet? Your story sounds exactly like mine.

Sorry to hear of your frustrations. I know the feeling oh so well. If i dont get a principal reduction, then i want to just walk away. My situation is even trickier as my HOA has a lien, as well as a judgement against me. they are waiting to foreclose until i find out what is going on with the bank. trying to get a mod that will include the past due HOA fees. I finally did contact the OOP and got assigned a helpful person. She had said we might know something by the end of this week. Right now i owe $194, 000 plus $15,000 in past due payments. Owe alot to the HOA as well. My condo is oirth between $138,000-$155,000. Not exactly sure.

[BleakFuture]

I called BofA just after the state attorney general global settlement to enquire if I can be apart of it. I just received a letter from BofA saying I'm not being considered for the settlement because my loan isn't owned by bank of america.

[cottage]

I am not sure this will help but ....I haven't made a payment since Jauary 2008 on a $500,000 mortgage @ 10.20 %. Same run around 3 apps approved then wrong dept then wrong this and that. I have represented myself and have made waves every where I can from AG to New York Times editor.

I am in foreclosure with $250,000 in penalties and back interest.....mortgage $500,000. I have a local bank willing to give me a mortgage for $500,000 and take BoA out. I have had a short sale offer being reviewed since February 3 2012 for $575,000. Sheriffs sale set for May 1, 2012 no redemption.

So I called Friday 11th until I got the attention of Jimmy Weddle 214 209 5217 told him this.....I want to settle for $500,000 I can close in 24hrs....or I will file Chapter 13 2 days before the Sheriffs sale and tie the house up for 5 years no rent no payments no taxes paid no insurance on your asset. 2 hours later Sheriffs sale cancelled/Department of Justice reviewing my case for "Principle Reduction".

Every one pull out of the top 5 banks and use local small banks leave Wall Streeters to bank with the crooks of Wells Fargo, BoA, and others. Threaten bankruptcy and be willing to do it/live free for 5 years....and never never give up until you are treated fair and you keep your house.

[gampola]

I am not sure this will help but ....I haven't made a payment since Jauary 2008 on a $500,000 mortgage @ 10.20 %. Same run around 3 apps approved then wrong dept then wrong this and that. I have represented myself and have made waves every where I can from AG to New York Times editor.

I am in foreclosure with $250,000 in penalties and back interest.....mortgage $500,000. I have a local bank willing to give me a mortgage for $500,000 and take BoA out. I have had a short sale offer being reviewed since February 3 2012 for $575,000. Sheriffs sale set for May 1, 2012 no redemption.

So I called Friday 11th until I got the attention of Jimmy Weddle 214 209 5217 told him this.....I want to settle for $500,000 I can close in 24hrs....or I will file Chapter 13 2 days before the Sheriffs sale and tie the house up for 5 years no rent no payments no taxes paid no insurance on your asset. 2 hours later Sheriffs sale cancelled/Department of Justice reviewing my case for "Principle Reduction".

Every one pull out of the top 5 banks and use local small banks leave Wall Streeters to bank with the crooks of Wells Fargo, BoA, and others. Threaten bankruptcy and be willing to do it/live free for 5 years....and never never give up until you are treated fair and you keep your house.

More power to you and good luck with your principal reduction..If I am correct,chapter 13 doesnt give you five yrs free rent..it will allow you to pay your missed pymts in five yrs and your regular mortgage pymt on top of that...means your mothly pymt will go up...

[BleakFuture]

On the gov website it said this settlement wont work for people with fmae or fmac. Bank of america tells me it also doesn't apply to fha and va loans. Who do I believe? I was thinking of making a complaint to the california dept of corps.

[alikeith]

Alikeith- Has the bank filed a NOD yet? Your story sounds exactly like mine.

No they have not. My HOA does have a default judgement to foreclose tho. Since my condo falls under the old condo act, even if the HOA forecloses first, the mortgage has priority. So the HOA still wont get anything. We then plan to file bankruptcy.

[sac42375]

Hello Gampola
I am in CA as well with Bank of America loan formerly Countrywide and we too were told that we are eligible for the principal reduction. We haven't received any paperwork on it though and I was wandering did they write down your principal to current market value? How underwater are you? Is this really too good to be true???

[mayela]

How are you able to tie up the home for 5 years with bankruptcy?

I am not sure this will help but ....I haven't made a payment since Jauary 2008 on a $500,000 mortgage @ 10.20 %. Same run around 3 apps approved then wrong dept then wrong this and that. I have represented myself and have made waves every where I can from AG to New York Times editor.

I am in foreclosure with $250,000 in penalties and back interest.....mortgage $500,000. I have a local bank willing to give me a mortgage for $500,000 and take BoA out. I have had a short sale offer being reviewed since February 3 2012 for $575,000. Sheriffs sale set for May 1, 2012 no redemption.

So I called Friday 11th until I got the attention of Jimmy Weddle 214 209 5217 told him this.....I want to settle for $500,000 I can close in 24hrs....or I will file Chapter 13 2 days before the Sheriffs sale and tie the house up for 5 years no rent no payments no taxes paid no insurance on your asset. 2 hours later Sheriffs sale cancelled/Department of Justice reviewing my case for "Principle Reduction".

Every one pull out of the top 5 banks and use local small banks leave Wall Streeters to bank with the crooks of Wells Fargo, BoA, and others. Threaten bankruptcy and be willing to do it/live free for 5 years....and never never give up until you are treated fair and you keep your house.

[TomEason]

mayela & cottage

I was wondering that too. A Ch7 BK will only delay a FC about 3 months or so. The lender will move the BK court to lift the automatic stay and the FC will proceed.

Far from a 5-year reprieve!

[Cat Damiano]

Well that post was three weeks ago, another one and done, lol. I will be amazed to hear how they will go through a Chapter 13 without making any payments considering a Chapter 13 bk makes specific provisions for payments to certain secured creditors such as the lender.

[TomEason]

Hi Cat

Thanks for your post.

To further clarify, in a Ch13, the consumer has no choice who gets paid, as the BK trustee has complete control of that BK estate, and creditors get paid according to the approved Ch13 plan.

[Cat Damiano]

Correct, and with that being said, I am thinking we are not going to hear back from this member.

[TomEason]

Correct, and with that being said, I am thinking we are not going to hear back from this member.

You mean we've been beating a dead horse, LOL?