WE GOT IT!!!! DOJ Modification

[iowagirl]

I just want to say first of all thank without everyone here on these boards, I truly don't think we would have had the where-with-all to continue to doggedly pursue this resolution to our mortgage dilemma.

Finally, yesterday, we received the papers giving us the new modification offered by the Dept. of Justice. Our first trial payment is due soon and then 2 more after that. Our payment was reduced by over $400.00 and it now includes T/I.
It stated "If you complete this Trial Period Plan by making all payments as outlined below, any past due late fees will be waived, interest and advances that we paid on your behalf will be added to your principal balance, and your loan will be brought up to date . We will then permanently reduce your principal balance by the amount of $38,###.##.

This also stems the FC that was initiated over a month ago. Oh, happy days!!!!

[Cat Damiano]

Iowagirl,


Wow, I am so happy for you!!! YAY!!!!! Congratulations, your perseverance certainly paid off!

[freedomwon]

Iowagirl - A BIG Congratulations is in order. So glad you stuck with it & didn't walk away. You should be proud of yourself! Keep us posted on this thread as things progress!

[CalOkie]

I just want to say first of all thank without everyone here on these boards, I truly don't think we would have had the where-with-all to continue to doggedly pursue this resolution to our mortgage dilemma.

Finally, yesterday, we received the papers giving us the new modification offered by the Dept. of Justice. Our first trial payment is due soon and then 2 more after that. Our payment was reduced by over $400.00 and it now includes T/I.
It stated "If you complete this Trial Period Plan by making all payments as outlined below, any past due late fees will be waived, interest and advances that we paid on your behalf will be added to your principal balance, and your loan will be brought up to date . We will then permanently reduce your principal balance by the amount of $38,###.##.

This also stems the FC that was initiated over a month ago. Oh, happy days!!!!

Can you please share what interest rate they gave you?

Thanks!

[jayguy0710]

I just want to say first of all thank without everyone here on these boards, I truly don't think we would have had the where-with-all to continue to doggedly pursue this resolution to our mortgage dilemma.

Finally, yesterday, we received the papers giving us the new modification offered by the Dept. of Justice. Our first trial payment is due soon and then 2 more after that. Our payment was reduced by over $400.00 and it now includes T/I.
It stated "If you complete this Trial Period Plan by making all payments as outlined below, any past due late fees will be waived, interest and advances that we paid on your behalf will be added to your principal balance, and your loan will be brought up to date . We will then permanently reduce your principal balance by the amount of $38,###.##.

This also stems the FC that was initiated over a month ago. Oh, happy days!!!!

Iowagirl,

The letter you received was very similar to a letter I received from BofA (DOJ mod, principal reduction, make three payments, etC). I don't want to rain on this parade, and frankly I hope I'm dead wrong, but I just spoke with my BofA CRM and he said that the mod is a trial mod and after three payments the bank may or may not make it a permanent mod. I asked him what the rate was, what the principal was, if the payment included escrow amounts, and the answer to all of these questions was "that information is not known yet, the bank determined this trial payment amount and will notify you when it becomes permanent." I pressed him for more answers, but he wouldn't budge. I asked him how the amount of principal reduction was calculated and he said that "well, you can get UP TO that amount of principal reduced, the final amount will be determined when you make your trial payments". For me, the amount was over $100K, so I really, really wanted to know if that was possible.

I don't know your unique situation, so perhaps none of that matters to you but I just thought I'd share my experience since I literally just got off the phone with him.

I'm understandably leery of sending in three trial payments, then not hearing back re: a perm mod, then having to continue to make trial payments for many months, only to have them come back with a perm mod that is a lot less appealing than the one presented to me in the aforementioned letter. In my case, I'm not interested in keeping the home unless I receive a HUGE principal reduction - in fact, I was just walking away but decided to send in a loan mod application to delay things (HAMPster wheel) and see if there were any options available to me (not expecting much) ... then I got the letter you received and now I'm on the fence on what to do.

I guess my point is to tread carefully but again, I am not at all familiar with your situation so I could be way off base here. I welcome your and everyone elses' advice on this.

[Evan Bedard]

That is great news Iowagirl! I hope you do receive a permanent modification once the trial period is complete!!

[iowagirl]

Thank you everyone!! I am fairly confident that it will become permanent. We had been dealing with our state Attorney Generals office and a Non-profit liaison and they both seem confident that this is genuine. It's taken almost 19 months for this to have any sort of resolution. It does state specifically that when it does become permanent, the principal reduction, the interest and everything will be shown on the permanent loan docs. Our reduction comes fairly close to what would be accurate in our area. And while I admit I was overly excited to receive this, I do have certain reservations, just because of the nature of the Mortgage Lending Arena and what we have been through so far. So, thank you Cat, Freedomwon, CalOkie, and Evan.

And don't worry Jayguy, I'm not afraid to have to pick myself up again, and continue to fight. I've learned young, I'm a 2x Breast Cancer survivor initially diagnosed at 34 that went on to have 2 more children that are now 14 and 16, to always know that my glass is half FULL.

[Jeffrey L. Shurtliff]

I am glad you are gettin er done! You are an inspiration!

[iowagirl]

And people, I haven't been able to access my account online with BOA for over a year. I am now able to, so this DOJ Trial Mod must have unlocked that as well and they're making viewing your account and communicating much easier. See.....it's the little things that make life easier.

[Evan Bedard]

That is awesome news Iowagirl it looks like everything is right on track!!

[annie111]

Congratulations on your loan modification! We too were sent a Fedex package saying that our loan would be modified. (we have been fighting this for 2 yrs) We made our last trial payment in June and we just sent back the signed documents to BOA. My only concern is, we have a small amount of money that we received from our tax refund and now I am wondering if they will say, we no longer qualify because we have this money. It is enough to pay a few months worth of "original" mortgage payments. We put the money in there in case they continued the foreclosure proceedings, as we needed money for a place to live obviously and had previously wiped out our savings account of 35 years. Does anyone know if we will be required to send add'l documents, such as savings, checking etc. before they actually finalize a modification? This has me worried now. Our situation has not changed with the exception of our tax refund. Any comments would be appreciated. Thanks and best of luck to you.

[Evan Bedard]

It is enough to pay a few months worth of "original" mortgage payments. We put the money in there in case they continued the foreclosure proceedings, as we needed money for a place to live obviously and had previously wiped out our savings account of 35 years. Does anyone know if we will be required to send add'l documents, such as savings, checking etc. before they actually finalize a modification?

If the trial period is apart of the HAMP program you should not be required to send in any updated information before a final decision is made..

[annie111]

Thank you Evan for your response. It is indeed for the "Hamp" modification. I would hate to think that after fighting for 2 long yrs for this, that it could all be taken away now because we have a few dollars in savings from a refund. We will continue to be on "pins & needles" until finalized. Hoping it doesn't take months...

[Evan Bedard]

Since the HAMP guidelines were updated last year the chances of receiving a permanent modification are MUCH greater than it was when the program was first established because servicers must fully review your account prior to offering the trial period. Along with this servicers also do not request updated financials once the trial period is complete.

[tmc1128]

Did you get a certified letter ? we have been fighting with them for over a year and a half... We are now talking with Radian... hopefully they can help us..

[annie111]

Thus far, all of our documents have been received via Fedex but we have not received the FINAL documents yet. I encourage you to keep on fighting, don't give up. A year and a half is a long time. Hoping for the best to you and your family.

[Alice589]

Hi Iowagirl - Congratulations!! Still waiting to hear on our DOJ mod - but it gives me hope to see that some are going through!

[iowagirl]

But there's a little kink in this. Yes, we are in a DOJ modification, but the Attorneys for BONYM filed for a Decree of Foreclosure today and also canceled the Note and Mortgage. How can they do this behind BOA's back? Wondering how this if going to affect this DOJ mod? We are contacting our liaison at BOA and Iowa Legal Aid as well.

[Spiderco]

Iowagirl, I hope you get that cleared up and get your permanent mod. Please keep us updated.

I have yet to see anyone successfully complete the trial period. I know this DOJ process only started 3 months ago but we should start seeing some permanent DOJ modification stories.

[anansi]

Can anyone point me in the direction of how to apply for this DOJ modification plan...thx!

[Cat Damiano]

I had posted this in the other thread that you asked this question and will repost here;

You can contact the servicer that is handling your loan to see if you are eligible, the contact information is located on the home page of the settlement in the link that I provided.

Federal Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement

[anansi]

Thanks...I am actually on the phone with wells fargo trying to find someone who will answer questions about this program...of course there is the usual run around.

[Cat Damiano]

Are you calling the contact number on their announcement?
https://www.wellsfargo.com/downloads...settlement.pdf

Or you can call the executive team here;

1-800-853-8516

[anansi]

I called Wells Fargo: 800-288-3212 which was on the site..they then transferred me to loan modifications dept...who then tried to connect me to the original officer who had worked on my file in november (and indicated at that time there wasnt much hope of modification). He wasnt available, so I spoke with another officer in that department...who took me through another battery of questions..didnt seem to know anything about a specific DOJ program other that HAMP....which he then pronunced that we migh be eligible for under my current joblessness....I am expecting a call back from the original officer....should I be waiting or insisting on more info relevant to the DOJ program?

[anansi]

Wells Fargo Executive Complain office says that only loans owned by Wells Fargo and not just serviced are eligible for the AG/DOJ program. That excludes me since WF acquired my bank. They also said that the program is not a DOJ program but a Wells Fargo program and that the settlement was paid to the Attorney generals of participating states and has nothing to do with funding current programs. They also said that the banks can choose how they formulate any modifications so it will be different for each bank.

[cheri]

Hi all, I also think Im being reveiwed for the DOJ Mod? I have been fighting this for almost 4 years now and never gave up. What I understand about the DOJ mod, is that it has replaced the Hamp mod. The banks are being offered more money to modify under the DOJ mod. So we had to turn in all new paper work while we were still in reveiw for a HAMP/Traditional Mod, and start all over for the DOJ Mod. So I am under the impression the Hamp has been replaced with the DOJ mod, that is suppose to be similar to HAMP, except the banks are getting more money and incentive from the DOJ mod. Correct me if Im wrong?? because I am confused

[cheri]

Iowagirl, I hope you get that cleared up and get your permanent mod. Please keep us updated.

I have yet to see anyone successfully complete the trial period. I know this DOJ process only started 3 months ago but we should start seeing some permanent DOJ modification stories.

I hear the DOJ mods are happening alot faster than the HAMP mods, but I get nervous with any of these new mods just out, the HAMP mod was a disaster when it first came out .

[Cat Damiano]

Unfortunately the DOJ modification program is limited to loans that are owned and serviced by the five banks involved and it does not include the loans backed by Fannie Mae, Freddie Mac, or the government loans, so it wouldn't be taking the place of HAMP. However, if you do fall into the eligibility category of the DOJ modification program, it does seem to work out better.

[jerseygrl]

hello All,

my parents live in Jersey and this past week i helped them apply for loan modification with bank of america. !st we were getting calls from some companies and they were asking for $3000 for there services i am not sure if it was ok to pay someone to hlep you get a modification approved. The guy kept on saying its a full time job you wont be able to do it.

My parents are current on there mortgage the interest rate is 6.25% with BOA ...on june 21st i went with my parents and helped them apply for loan modification at one of the banking center with BOA. can anyone tell me how long this process takes? to get a decision? The loan modification guy from BOA said that we will get a decision in 45-60 days....now we are just waiting...any helpful tips?

[Cat Damiano]

Hi jerseygrl,


Welcome to the forum and thank you for joining.........

Please DO NOT let your parents get ****ered by any of these scam companies. They are the bottom feeders and prey on homeowners with hardships. If help is needed, it is out there for free, you can read about the free help options here;

Speak with a Housing Expert


The following link outlines the eligibility, the program, and the process with BofA;

Home Affordable Modification Program | Bank of America

[vmedina]

Can anyone please tell me how to apply for this DOJ principle reduction loan? I called BofA (my lender) and they are telling me to contact DOJ about their program, because they I cannot apply for it through them?? I don't get it when it sounds like everyone else got theirs from their lender. Please help--any info would help me!

[Spiderco]

Vmedina

Im not sure if you can apply for the DOJ mod. According to BOFA they are sending out 200,000 letters to homeowners that qualify for the mod. I didn't apply for the DOJ mod, I received a letter saying I qualified for a principal reduction and was given instruction to send in a paycheck stub or contact them with a supplied number.

[Cat Damiano]

Hi Vmedina,


Welcome to the forum and thank you for joining.........

As Spiderco mentioned, BofA is sending letters out to those that are eligible.

Among other criteria:

• you must be at least 60 days delinquent as of January 31, 2012 as well as at the time your loan is evaluated for the modification.
• you must owe more on your mortgage than the value of your home.
• your loan must be owned by Bank of America or held by a mortgage investor that has delegated authority to Bank of America.
• you must have a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of your gross household income.

If your loan is not owned by Bank of America or another participating investor, it will not be eligible for the program. Freddie Mac, Fannie Mae, the Federal Housing Administration (FHA) and the Veterans Administration (VA) are not participating in the programs provided under the settlement. Customers whose loans are owned or insured by one of those entities are not eligible for relief through these programs.



You will be notified by mail if you are eligible for a principal reduction. If you want more information about your potential eligibility, you can call 1.877.488.7814 (Mon-Fri 8am-12am ET, Sat 8am-8pm ET, Sun 3pm-12am ET).

[airahcaz]

Thank you everyone!! I am fairly confident that it will become permanent. We had been dealing with our state Attorney Generals office and a Non-profit liaison and they both seem confident that this is genuine. It's taken almost 19 months for this to have any sort of resolution. It does state specifically that when it does become permanent, the principal reduction, the interest and everything will be shown on the permanent loan docs. Our reduction comes fairly close to what would be accurate in our area. And while I admit I was overly excited to receive this, I do have certain reservations, just because of the nature of the Mortgage Lending Arena and what we have been through so far. So, thank you Cat, Freedomwon, CalOkie, and Evan.

And don't worry Jayguy, I'm not afraid to have to pick myself up again, and continue to fight. I've learned young, I'm a 2x Breast Cancer survivor initially diagnosed at 34 that went on to have 2 more children that are now 14 and 16, to always know that my glass is half FULL.

Let us know how it goes after the 3 trial payments. Does look promising

[timwald]

I just want to say first of all thank without everyone here on these boards, I truly don't think we would have had the where-with-all to continue to doggedly pursue this resolution to our mortgage dilemma.

Finally, yesterday, we received the papers giving us the new modification offered by the Dept. of Justice. Our first trial payment is due soon and then 2 more after that. Our payment was reduced by over $400.00 and it now includes T/I.
It stated "If you complete this Trial Period Plan by making all payments as outlined below, any past due late fees will be waived, interest and advances that we paid on your behalf will be added to your principal balance, and your loan will be brought up to date . We will then permanently reduce your principal balance by the amount of $38,###.##.

This also stems the FC that was initiated over a month ago. Oh, happy days!!!!

Hello! Congratulations!!! I was denied originally for DOJ mod. Bank of America said that we could afford mortgage payment. I was going through a separation and my wife now has a separate residents. I have resubmitted and the are reviewing me for DOJ again with just my income. The made me submit a Quitclaim deed and Separation Agreement. Do you know the income requirements is to be eligible. I was told that the payment must be more than 25 percent in order to modify. Any information and helpful tips would be great. I am currently in foreclosure but am in review. Very Very worried......

[timwald]

I did not receive a letter and am being reviewed for DOJ by Bank Of America. Already been denied once, now resubmitted second time without wife's income since we are separated. Where did you get this info on income eligibility and payment ratio?

[timwald]

Hi Vmedina,


Welcome to the forum and thank you for joining.........

As Spiderco mentioned, BofA is sending letters out to those that are eligible.

Among other criteria:

• you must be at least 60 days delinquent as of January 31, 2012 as well as at the time your loan is evaluated for the modification.
• you must owe more on your mortgage than the value of your home.
• your loan must be owned by Bank of America or held by a mortgage investor that has delegated authority to Bank of America.
• you must have a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of your gross household income.

If your loan is not owned by Bank of America or another participating investor, it will not be eligible for the program. Freddie Mac, Fannie Mae, the Federal Housing Administration (FHA) and the Veterans Administration (VA) are not participating in the programs provided under the settlement. Customers whose loans are owned or insured by one of those entities are not eligible for relief through these programs.



You will be notified by mail if you are eligible for a principal reduction. If you want more information about your potential eligibility, you can call 1.877.488.7814 (Mon-Fri 8am-12am ET, Sat 8am-8pm ET, Sun 3pm-12am ET).

I did not receive a letter and am being reviewed for DOJ by Bank Of America. Already been denied once, now resubmitted second time without wife's income since we are separated. Where did you get this info on income eligibility and payment ratio?

[tmc1128]

Congratulations to all who got the DOJ SETTLEMENT. I think we need to all write to Mr DeMarco that heads the Fannie Mae and Freddie Mac to approve this for the rest of us.. It makes me so upset knowing this is working for everyone , but he thinks this is not the answer, when it is and it is working.. We all bailed out the banks and everyone else. NOw we need the help.
Sorry ranting... We are going to lose our home, because it is with Freddie Mac... after all this time and all the modifications sent in. told one thing after another. we have had 4-5 different housing counselors with BOA in the past month. I call and leave a message when i will be available, as we have 2 relatives that are not doing good at all. when do they call, when we are not home..
FRUSTRATING, ANGRY AND SO UPSET.
THANKS FOR READING...

[razmik]

I've got the same thing and my first payment is due in the 1st of October. The reduction in principle will be done after the 3rd payment and I have to say that my principle reduction is a very BIG NUMBER, almost too good to be true but the agent who is helping me says it is true, which I am very happy and greatful. I also like to thank everybody in this forum from bottom of my heart because they helped a lot and I learn many new things from them.....NOW, I DON'T WANT TO BE GREEDY BUT ANYONE KNOWS IF THERE IS A RESTRICTION AS FAR AS A NEAR FUTURE SALE ON THESE DEAL. WHAT I MEAN CAN I SELL THE HOUSE AFTER I AM DONE WITH REDUSED MORTGAGE ASSUMING THERE IS AN EQUITY???

I just want to say first of all thank without everyone here on these boards, I truly don't think we would have had the where-with-all to continue to doggedly pursue this resolution to our mortgage dilemma.

Finally, yesterday, we received the papers giving us the new modification offered by the Dept. of Justice. Our first trial payment is due soon and then 2 more after that. Our payment was reduced by over $400.00 and it now includes T/I.
It stated "If you complete this Trial Period Plan by making all payments as outlined below, any past due late fees will be waived, interest and advances that we paid on your behalf will be added to your principal balance, and your loan will be brought up to date . We will then permanently reduce your principal balance by the amount of $38,###.##.

This also stems the FC that was initiated over a month ago. Oh, happy days!!!!

[timwald]

I've got the same thing and my first payment is due in the 1st of October. The reduction in principle will be done after the 3rd payment and I have to say that my principle reduction is a very BIG NUMBER, almost too good to be true but the agent who is helping me says it is true, which I am very happy and greatful. I also like to thank everybody in this forum from bottom of my heart because they helped a lot and I learn many new things from them.....NOW, I DON'T WANT TO BE GREEDY BUT ANYONE KNOWS IF THERE IS A RESTRICTION AS FAR AS A NEAR FUTURE SALE ON THESE DEAL. WHAT I MEAN CAN I SELL THE HOUSE AFTER I AM DONE WITH REDUSED MORTGAGE ASSUMING THERE IS AN EQUITY???

Im in my second review of DOJ. Denied first time with Wife and I, now doing it with just myself. Currently in foreclosure, my wife and I have separated and was left to clean up mess. Can you give me a better understanding of income qualifications. I have been told its above 25 percent;. I am not really underwater, however I lost all my equity in home, therefore could not refinance. I am currently about 29% income to payment. When they adjust, I read that they must adjust to the current going rates. I am with Bank of America. Please reply if you have had a DOJ Mod!!!!!!!!!