Looking for Info - Need Advise.

[Crosswolf]

First off, I was wondering if I'll be eligible for the National Mortgage Settlement.
My details are;

• My 1st and 2nd mortgages are serviced by BofA.
• The investor for both is the Bank of New York Mellon (via MERS)
• Interest Rate: 1st=9% & 2nd=13%
• Neither is FHA backed.
• Both were sold to Countrywide and taken over by BofA
• I'm currently underwater and have never missed a payment.

I've tried to rifi in the past and was told that I didn't have enough equity (duh) or the investor didn't approve for a mod.

Any help or advice is appreciated.

- C

[Evan Bedard]

Welcome and thanks for joining the community.

It is really unknown who is going to qualify for the national mortgage settlement as servicers will send letters to those who are eligible. It will take time to figure out which individuals are eligible for help from the settlement. If you are eligible, you should receive a letter in the next 6 to 9 months.


In the meantime, you can learn about the National Mortgage Settlement from its website, including


Who is eligible for help?
The details of the settlement
Scams related to the settlement



The settlement will provide assistance for eligible
Homeowners needing loan modifications
Borrowers who are current, but underwater and in need of refinancing.
Borrowers who lost their homes to foreclosure.


Learn more about the National Mortgage Settlement.

[Crosswolf]

First off, I was wondering if I'll be eligible for the National Mortgage Settlement.
My details are;

• My 1st and 2nd mortgages are serviced by BofA.
• The investor for both is the Bank of New York Mellon (via MERS)
• Interest Rate: 1st=9% & 2nd=13%
• Neither is FHA backed.
• Both were sold to Countrywide and taken over by BofA
• I'm currently underwater and have never missed a payment.

I've tried to rifi in the past and was told that I didn't have enough equity (duh) or the investor didn't approve for a mod.

Any help or advice is appreciated.

- C

Let me add that the 1st is a 30yr fixed & the 2nd is a 15yr fixed.
The balance on the 1st is $128,785 & the 2nd is $27,571
Current value of the house is $117,100

[Evan Bedard]

Let me add that the 1st is a 30yr fixed & the 2nd is a 15yr fixed.
The balance on the 1st is $128,785 & the 2nd is $27,571
Current value of the house is $117,100

Unfortunately, with a settlement/program such as this it is only going to help a certain amount of homeowners and these banks will choose those who are eligible. Even if you seem to be the perfect candidate for the settlement and meet all the requirements, it will ultimately be up to your servicer to decide who will receive assistance under the settlement..