Ok, so here it goes (two birds with one stone). I get to prove a point that there are legitimate homeowners with legitimate needs for a loan mod, and I’ve actually helped a homeowner SAVE their home, yippie!!!
It all started almost two years ago, September 8, 2010, I began the daunting process of assisting a friend with their HAMP loan mod (btw, I DO NOT DO LOAN MODS – was just helping a dear friend), with B of A, with no results. You know the drill, lost papers, please resend, false decline, file transferred to a new negotiator, etc, ad nauseum.
And then the AG Settlement happens!! <harp plays, angelic choir sings – angels descend from Heaven, 0:)> On Mach 12, 2012, the Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general filed a landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses.
On May 9, 2012 we received notification that our original loan mod (HAMP) had been declined in error, but to resubmit everything for a new program called GSE Hardest Hit Fund (the Dept of Justice Global Settlement). We sent all required docs in on May 14, 2012, the file went to DOJ underwriting on June 29, 2012, and we got approved on July 27, 2012!
THE RESULTS OF THE APPROVAL
Previous Mortgage – $3300 (adjusted to $3600 during previous loan mod attempt) New Mortgage – $1041.96
Previous Principle Balance – $359,000
New Principle Balance – $236,900 (under the terms of the DOJ Settlement Loan Mod, Bank of America also agreed to forgive $122,099.98 of the previous loan)
Again, I DON’T DO LOAN MODS (only short sales, yayyyy!)
In closing, If you are a Bank of America Mortgage holder and would like to see if you may be eligible to apply for a DOJ Settlement Loan Mod or other compensation, call the B of A DOJ Mortgage Settlement Help Line at 877-488-7814 where you will be asked a series of questions, and they will tell you if you are eligible for a DOJ review.
If you are a mortgage holder of one of the other big five (Ally/GMAC, Bank of America, Citi, Chase, or Wells Fargo), visit this site for more information on how to contact those servicers.
Sorry, Fannie Mae, Freddie Mac, VA, and FHA loans do not qualify.
Make it a great day!