DOJ Global Settlement Interest Rate Relief

[flipper-26]

Does anybody have an idea when the banks will implement this section of the settlement. I could really use a reduction in my interest rate.

[Evan Bedard]

Does anybody have an idea when the banks will implement this section of the settlement. I could really use a reduction in my interest rate.

I believe they have already begun doing so and I recall one or two members here saying they were offered an interest-rate reduction through the DOJ settlement. Here check out the following thread you will find many other members inquiring about the DOJ settlement..

National Mortgage Settlement

[TJRey]

Does anybody have an idea when the banks will implement this section of the settlement. I could really use a reduction in my interest rate.

I just called BofA about this today and was told to wait another month for information to be sent to me. The CSR said the programs were taking longer to implement than expected, but that a “survey” had been submitted for my loan to be reviewed. My guess is those borrowers (like me) who are current, but underwater, will be the last to be serviced in this whole deal.

[Aspie Mom]

I spoke to BofA last week and was put on a 'waiting list' with no anticipated action date.

Didn't hang up that phone call with a whole lot of confidence.

[Evan Bedard]

I just called BofA about this today and was told to wait another month for information to be sent to me. The CSR said the programs were taking longer to implement than expected, but that a “survey” had been submitted for my loan to be reviewed. My guess is those borrowers (like me) who are current, but underwater, will be the last to be serviced in this whole deal.

Welcome and thanks for joining the community.

The program has been implemented and homeowners have recently begun receiving letters in regards to the settlement and this includes those who have been current on payments. If you type in "national mortgage settlement or "DOJ settlement" using the google search bar at the top of the page you will find a ton of information here about the settlement and find members who have been offered assistance under the program.

[TJRey]

Thank you, Evan. I'm putting on my reading glasses.........

[CASailing]

From what I can tell, several of us have received letters re: the Interest Rate Relief. But no one has actually has started the program. Many of us have called B of A and been told a variety of things, but the general message is that they have not started the Interest Rate Relief progam and to wait for them to contact us. The B of A website says that the program will be available "later this year."

I agree that they seem to be doing the modifications/principal reductions first and those of us who are current will just have to wait.

[Evan Bedard]

From what I can tell, several of us have received letters re: the Interest Rate Relief. But no one has actually has started the program. Many of us have called B of A and been told a variety of things, but the general message is that they have not started the Interest Rate Relief progam and to wait for them to contact us. The B of A website says that the program will be available "later this year."

Yes from my understanding the participating lenders have until November to send out letters to those who are eligible to receive assistance under the settlement..

[belltowncondo]

My mortgage is owned by B of A but Serviced by WF. Do you all know how eligibility for interest rate relief will be impacted by split owner/servicer situations? Thank you.

[Bennettfamily]

Hi, just signed up and kinda new. Yesterday I called the number to see if maybe I qualify for the BofA Interest reduction, I have been current on my first for last 12 mo's. I'm right at 100k neg. in equity with interest at 7.75 Orig. loan was taken in 2005 countrywide, 2nd also thru countrywide is 8.125 interrest only. I was told that I qualify for the program and they did over phone "survey" told me that I would rec. notification on approval in 30-60 days (seems to be the norm. of what i'm reading on all the dif. threads). I have yet to see ANY threads or post in which there has been a completed and approved Interest Reduction story .... does anyone know of ANYONE that this has worked for? I just don't want to get my hopes up. My mortg. has been a nightmare since 2005... have gone into foreclosure process several times...attempted the old modifications to no avail. (always denied due to i supposedly make to much) Have pulled self out of foreclosure 2x pretty much by draining my 401K with hardships. However, all back up now has been exhausted. For what I'm paying in house payments per month could walk away from this mess and rent a nicer, newer, bigger house for less. Only reason have not done so is due to sentimental value of home (we lost our son in 2007) I guess my main question is even though they told me I should qualify do you know how the "current on mortg." verbiage is? I've been current for past 12 mo's on my first, however just this last month on my 2nd I went 3 days over the 30days (33 days late). Is that going to exclude me or do they only look at the first? Any help understanding the true qualification process would be helpful since it's pretty vague on the BOA website.

[Cat Damiano]

Hi, just signed up and kinda new. Yesterday I called the number to see if maybe I qualify for the BofA Interest reduction, I have been current on my first for last 12 mo's. I'm right at 100k neg. in equity with interest at 7.75 Orig. loan was taken in 2005 countrywide, 2nd also thru countrywide is 8.125 interrest only. I was told that I qualify for the program and they did over phone "survey" told me that I would rec. notification on approval in 30-60 days (seems to be the norm. of what i'm reading on all the dif. threads). I have yet to see ANY threads or post in which there has been a completed and approved Interest Reduction story .... does anyone know of ANYONE that this has worked for? I just don't want to get my hopes up. My mortg. has been a nightmare since 2005... have gone into foreclosure process several times...attempted the old modifications to no avail. (always denied due to i supposedly make to much) Have pulled self out of foreclosure 2x pretty much by draining my 401K with hardships. However, all back up now has been exhausted. For what I'm paying in house payments per month could walk away from this mess and rent a nicer, newer, bigger house for less. Only reason have not done so is due to sentimental value of home (we lost our son in 2007) I guess my main question is even though they told me I should qualify do you know how the "current on mortg." verbiage is? I've been current for past 12 mo's on my first, however just this last month on my 2nd I went 3 days over the 30days (33 days late). Is that going to exclude me or do they only look at the first? Any help understanding the true qualification process would be helpful since it's pretty vague on the BOA website.

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

The in depth information in regards to the DOJ settlement programs can be found in the consent judgement which you can download on the right side of the following page under the settlement documents;

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

[brimorga]

Hi, just signed up and kinda new. Yesterday I called the number to see if maybe I qualify for the BofA Interest reduction, I have been current on my first for last 12 mo's. I'm right at 100k neg. in equity with interest at 7.75 Orig. loan was taken in 2005 countrywide, 2nd also thru countrywide is 8.125 interrest only. I was told that I qualify for the program and they did over phone "survey" told me that I would rec. notification on approval in 30-60 days (seems to be the norm. of what i'm reading on all the dif. threads). I have yet to see ANY threads or post in which there has been a completed and approved Interest Reduction story .... does anyone know of ANYONE that this has worked for? I just don't want to get my hopes up. My mortg. has been a nightmare since 2005... have gone into foreclosure process several times...attempted the old modifications to no avail. (always denied due to i supposedly make to much) Have pulled self out of foreclosure 2x pretty much by draining my 401K with hardships. However, all back up now has been exhausted. For what I'm paying in house payments per month could walk away from this mess and rent a nicer, newer, bigger house for less. Only reason have not done so is due to sentimental value of home (we lost our son in 2007) I guess my main question is even though they told me I should qualify do you know how the "current on mortg." verbiage is? I've been current for past 12 mo's on my first, however just this last month on my 2nd I went 3 days over the 30days (33 days late). Is that going to exclude me or do they only look at the first? Any help understanding the true qualification process would be helpful since it's pretty vague on the BOA website.

BofA has not done this yet for a single person according to the Mortgage Settlement Progress Report. From another post:

Here's the latest from the Office of Oversight!
"MORTGAGE SETTLEMENT MONITOR RELEASES PROGRESS REPORT"

https://www.mortgageoversight.com/wp...m_medium=email

See page 32. Other banks have started it, BofA is focusing primarily on short sales. This report is from Aug 29th, maybe it has changed, but BofA is clearly dragging it's feet on this relative to the other banks.

Total Mortgage Settlement.jpg

[TJRey]

Thanks for posting this, brimorga.

[brimorga]

Sorry the formatting is not good. It was hard to get the pics right in the post and then I got locked from editing since it took me over 10 minutes.

Net of it is, over 22,000 current loans have been refinanced at an average rate reduction of 2.1% with BofA not doing a single one.
It appears as though BofA is more concerned with cleaning up it's balance sheet and writing off bad debit than with helping anyone where BofA doesn't see immediate mutual benefit as well.

[Tbuck]

Hi, we are new to this forum and are glad to have found it. We too are current on our monthly payments, but underwater on our mortgage. We are not too underwater, but we have an interest only loan and need to refinance before it reamoratizes. At that point we will not be able to afford the monthly payment. We are hoping the settlement will help us with our situation so we can keep the house.

We've contact BOA and tell us to keep waiting. After pressing them, they tell us we should hear from them before the end of the year. Based on prior posts, it sounds like they have by November to do so. Keeping our fingers crossed.

[serverdude]

Thanks for posting some REAL information on this interest relief part of the program. It is nice to know what is... or in this case ISN'T happening across the board.

[flipper-26]

I was told by Sheena Davis of Bank of America that I need to have a 680 credit score to qualify. Is that true? I meet all other requirements. Thanks

[Evan Bedard]

I was told by Sheena Davis of Bank of America that I need to have a 680 credit score to qualify. Is that true? I meet all other requirements. Thanksi

Hey Flipper,

Which program are you trying to qualify for?

[flipper-26]

interest rate reduction

[serverdude]

The November monitor report shows some activity compared to the August report. I'm in MD and my state went from ZERO to 853 solicitations/offers with 54 completed. I have been told twice now that I qualify and watch for a FedEx package, but none as of today.

https://www.mortgageoversight.com/wp...s_11.19.12.pdf

Or simply use the map...

https://www.mortgageoversight.com/map/

Nationally BofA has reportedly completed 974 refinances and has 8897 solicitations/offers ourstanding. (Page 14)

[mpaterso]

When this finally happens it looks like we can expect a rate of 4.25% based on this press release from Bank of America:

$15.8 Billion in Mortgage Relief to 164,000 Bank of America Customers Delivered Through National Mortgage Settlement | Bank of America Newsroom

[serverdude]

Thanks for the news release link mpaterso. I had not seen that one. I'd be THRILLED with 4.25% right now. Would really help start working towards positive equity again. I am starting to feel like my run to the window when I hear the FedEx truck isn't completely a waste of energy these days. Maybe it will be a last minute Christmas present!

Thanks also for everyone who is posting real information and not just regurgitating the same tired links about what the settlement is.

[CASailing]

It sounds like they plan on being done with the entire settlement in February. I'm a little concerned that they said they were halfway through - a month ago- and we haven't been contacted yet. Anyone else find it strange that they are using FedEx when there are more secure and reliable means of contacting people? I mean, especially this time of year when parcels are getting swiped off of front porches left and right.....

[serverdude]

I'm guessing... by using FedEx they have a clear sign off of responsibility. But yes, it would be nice if coinciding with it was an email or other "primary form of contact" that said "you should be expecting a package with this tracking number". But on the other hand, all they have to do is offer. If you don't get it or don't respond, I doubt they care because it saves them a lot of money... er... it MAKES them a lot more money on your high interest mortgage. They only have to do the bare minimum to reach out. So all of those concerns fall right into their "not my problem" bucket.

You could also argue, that since it doesn't cost anything, or require any real paperwork, or even run a credit check, you should just get a letter that says... congrats, you've got a new interest rate. If they got to RAISE rates you know that is how it would happen.

[mpaterso]

CASailing, I agree they seem to be moving at a snail's pace so far. I certainly hope they plan to do a mass-refi for all those who qualify in the next 60 days or so.

I've been tracking the status of my tranche of MBS at https://gctinvestorreporting.bnymellon.com/SFRWServlet. So far out of the 188 current loans in my tranche, only 2 seem to have been modified under the terms of the settlement. One in September went to 4.375 and another in Octobober went to 4.125 percent. So there are many, many more to go, mine included. But at least they are getting started...a bit.

My loan was originally thru CW and was made in 2006 at 6.375%, 10 yr I/O followed by 20yr amortization. Now owned by BONY and serviced by BofA. BofA helpline has repeatedly told me my loan qualifies for interest rate relief under the settlement as the owner of my loan (BONY) is a "participating investor". Waiting for Fedex truck!!!

[cwprisoner]

The November monitor report shows some activity compared to the August report. I'm in MD and my state went from ZERO to 853 solicitations/offers with 54 completed. I have been told twice now that I qualify and watch for a FedEx package, but none as of today.

https://www.mortgageoversight.com/wp...s_11.19.12.pdf

Or simply use the map...

https://www.mortgageoversight.com/map/

Nationally BofA has reportedly completed 974 refinances and has 8897 solicitations/offers ourstanding. (Page 14)

I'm really starting to question these numbers given what I have gone through. Is it possible that BOA is reporting certain things to certain individuals incharge, however behind the scenes they are doing something different. Historically this is how BOA has operated even before the feds got heavily involved. I think BOA customers that are part of these numbers need to start complaining NOW and every single day until it's heard that BOA is not doing what they are supposed to do.

[cwprisoner]

When this finally happens it looks like we can expect a rate of 4.25% based on this press release from Bank of America:

$15.8 Billion in Mortgage Relief to 164,000 Bank of America Customers Delivered Through National Mortgage Settlement | Bank of America Newsroom

My rate is 2.625% years 1-5, 3% years 6-25. Then again that is what the paperwork says. Who knows what they will enter into the system....

[mpaterso]

CWprisoner, thanks for the feedback - were you offered that package as part of interest rate relief for current BofA borrowers, or was it a modification under the other terms of the settlement, for those borrowers who were delinquent on their loans as of the beginning of the year? When did you get the offer and where are you in the process? Is your loan owned and serviced by BofA? Owned by BONY or someone else?

[cwprisoner]

CWprisoner, thanks for the feedback - were you offered that package as part of interest rate relief for current BofA borrowers, or was it a modification under the other terms of the settlement, for those borrowers who were delinquent on their loans as of the beginning of the year? When did you get the offer and where are you in the process? Is your loan owned and serviced by BofA? Owned by BONY or someone else?

I wrote a novel about where I am in the process and the latest developments. My loan is serviced by BOA. Last I knew it was owned by Duetsch but I really have no idea who owns the loan now. I know it's not Freddie or Fan! There are so many variables and issues with our loan I really have no idea how they came to those terms whether it falls under DOJ, BOA, or just plain we effed up your loan so many times lets just go with these numbers.

[serverdude]

Saw your story on the other thread cwprisoner. Definitely a much worse nightmare than I'd like to imagine and I hope everything eventually works out for you.

Here's what I figure... there is x amount of time they have to do x amount of work. Figure that for this part of the process in question (refi only for customers current on payments, etc) as soon as they make the interest rate modification, the amount of money THEY make goes WAY down on each loan, every month. I know I stand to have my payments be reduced the better part of $1000 PER MONTH just on the interest savings here. Now I THINK... they have spent their effort so far building up a process so that they can do the absolute minimum required number of refinances at the absolute last possible moment. If that means they have to have several thousand letters stuffed in FedEx envelopes waiting to go out the door when the clock starts striking midnight, then I bet that's what the status is.

Now the positive side of this in my little "attempting to rationalize things" mind... is that the November report shows real movement. Those letters are going out and offers are being made. So I just have to think that means we're at that time now where they HAVE to get busy on this, and we can expect those letters soon.

Either that or I've rationalized myself into a delusional little world that more closely resembles insanity. ... probably that one.

[cwprisoner]

Saw your story on the other thread cwprisoner. Definitely a much worse nightmare than I'd like to imagine and I hope everything eventually works out for you.

Here's what I figure... there is x amount of time they have to do x amount of work. Figure that for this part of the process in question (refi only for customers current on payments, etc) as soon as they make the interest rate modification, the amount of money THEY make goes WAY down on each loan, every month. I know I stand to have my payments be reduced the better part of $1000 PER MONTH just on the interest savings here. Now I THINK... they have spent their effort so far building up a process so that they can do the absolute minimum required number of refinances at the absolute last possible moment. If that means they have to have several thousand letters stuffed in FedEx envelopes waiting to go out the door when the clock starts striking midnight, then I bet that's what the status is.

Now the positive side of this in my little "attempting to rationalize things" mind... is that the November report shows real movement. Those letters are going out and offers are being made. So I just have to think that means we're at that time now where they HAVE to get busy on this, and we can expect those letters soon.

Either that or I've rationalized myself into a delusional little world that more closely resembles insanity. ... probably that one.

I like that you still have faith they will do something to help all these homeowners they have helped screw with these horrendous loans! It really just ticks me off because my loan would have been one of the ones to be reported yet I just received a foreclosure notice so I think they are being shady. Given their history and how they have shown they refuse to comply I'm not so sure they really have intentions to help all these loans. I believe they have done the research to determine which loans are a wash and which ones they still have a chance to make $$ on. Given my utter love and devotion for BOA and all their ethical practices, I have continued on complaining to every single agency and elected official possible. Just got a call from the OCC asking for copies of my paperwork!

[lickwid]

Hi, I'm new here. We bought our house in early 2007 and are locked into a 30 year loan at 6.175%. We currently owe approximately 50k or so, depending on how much home is really worth, more than what it's worth. When the DOJ first announced the mortgage settlement earlier this year, I called the 1-877-488-7814 phone # listed on the National Mortgage Settlement website and was put on a waiting list. Fast forward over 6 months and I have yet to hear back from anyone at BofA. I've tried calling back and have not got anywhere with any of the reps. They keep routing my call back to this same department but I get stuck in an endless loop of recordings requesting me to enter my account information.

My question is, what phone number are people calling and what department are you talking to? It appears not many have gotten anything done, but I'd like to get a confirmation from someone at BofA that we are on the waiting list and are qualified. Thank you in advance.

[GlenM]

To me it looks like the banksters are hosing the public again. The consent agreement was written so narrowly that it'll only cover a small percentage of people who needs help. Yes, I did receive a DOJ refi from BOA in October but it makes me angry that the settlement hasn't helped more people. I hoping that I'm wrong and more people will be helped soon.

[bdobs]

I just signed my interest rate relief papers Friday. They sent a notary over, an extremely simple 6 page loan mod document, 1 signature and I'm done.
My original loan was a 6.0 %; 7/1 ARM loan(set to go adjustable in May 2013) House is ~$50k under.
Basically the mod is 4.25% fixed for the remaining 23 years. No change in maturity date, simply dropped rate to 4.25% and fixed for remaining life of loan.
Good deal!!

[serverdude]

Great news bdobs! What state are you in?

I had a dream last night that FedEx papers arrived. Woke up... yeah, it was just a dream.

[bdobs]

Great news bdobs! What state are you in?

I had a dream last night that FedEx papers arrived. Woke up... yeah, it was just a dream.

California. I really couldn't believe how easy it really was.
I'm sure your time will come!!

[mpaterso]

Lickwid, call 1.877.488.7814 per the attached link:

http://homeloanhelp.bankofamerica.com/en/principal-reduction-announcement.html?cm_sp=CRE-Mortgage-Refi-_-HomeLoanAssistance2012-_-MR14LT0002_Dialogue%20Zone%202_Learn%20more%20abou t%20the%20recent%20mortgage%20settlement

[lickwid]

Lickwid, call 1.877.488.7814 per the attached link:

http://homeloanhelp.bankofamerica.com/en/principal-reduction-announcement.html?cm_sp=CRE-Mortgage-Refi-_-HomeLoanAssistance2012-_-MR14LT0002_Dialogue%20Zone%202_Learn%20more%20abou t%20the%20recent%20mortgage%20settlement

If you look in my original post, I have been trying to call this #. Back in May or so, I was able to talk to someone who actually familiar with the program, but at that time, BofA had not established all the details of the program, so they said they'd get back to me. If you call that # today, and enter your account # when requested by the prompts, it routes you to the regular customer service. They can't help you and transferred your call to this same 1-877 #, and you can see where this endless loop goes.

[Cat Damiano]

luckycinbun has posted Dec. 20, 2012

My sister-in-law told me about this site and I wanted to share my story. I had no idea about any of these loan mods or settlements or anything. We bought our house in Nov 2005 in an Affordable Housing development in the SF Bay Area. We had a 30 year fixed rate mortgage from B of A at 5.5% and we have never missed a payment, have great credit and our income has risen significantly since we purchased our home. We currently owe $307,000.

At the end of October I got a FedEx with a solicitation from BofA, dated Oct 25 that we may be eligible for a loan mod. Don't think I'm an idiot, but I seriously thought it was a gimmick and almost threw it away. A few weeks later, I finally called the number and they said we passed the initial criteria and they'd send a packet, which also came FedEx. A couple of weeks later, I sent the few docs they needed, still thinking it would never go through and got a response saying to send the same docs. I called and was told they had the docs, but needed some more info, i.e; HOA fees, property tax and homeowners insurance premium amount. They said they'd notify us within 30 days if we qualified for the loan mod. The next week, I got a phone call saying we needed to schedule an appointment for the mobile notary to come to sign the loan modification. That's how we were told we'd been approved, nothing came in the mail or FedEx after the initial two.

We had not contacted them prior to the initial solicitation and not been put on any waiting list. Our loan was reduced from 5.5% to 4.25% and the notary told me that there several homeowners in our development that he has witnessed doc signing for in the last few weeks. The process could not have been easier or luckier for us and I wish all of you the same luck.

[Cat Damiano]

Hi luckycinbun,


Welcome to the forum and thank you for joining and sharing your story. Congratulations on your refi that is great news!