Home Loans and Support

National Mortgage Settlement

Discussion in 'Bank of America Mortgage Help' started by Notch Johnson, Mar 28, 2012.

  1. Notch Johnson

    Notch Johnson LoanSafe Member

    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?
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    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..
  3. nalagirl

    nalagirl LoanSafe Member

    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.
  4. Preparingfordefault

    Preparingfordefault LoanSafe Member

    I was told

    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.
  5. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    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..
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    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..
  7. nalagirl

    nalagirl LoanSafe Member

    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.
  8. CalOkie

    CalOkie LoanSafe Member

    did they have any details about the national mortgage settlement as to implementation?
  9. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    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..
  10. nalagirl

    nalagirl LoanSafe Member

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

    davephx LoanSafe Member

    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.
  12. RickyC

    RickyC LoanSafe Member

    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...
  13. CalOkie

    CalOkie LoanSafe Member

    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?
  14. CalOkie

    CalOkie LoanSafe Member

    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.
  15. CalOkie

    CalOkie LoanSafe Member

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


    The refi that keeps on taking | Bankrate.com
  16. gampola

    gampola LoanSafe Member

    Recent settlement by big banks !!!

    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?
  17. gampola

    gampola LoanSafe Member

    $25B settlement !!

  18. gampola

    gampola LoanSafe Member

    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...
  19. RickyC

    RickyC LoanSafe Member

    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.
  20. gmazz

    gmazz LoanSafe Member

    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!

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy