BofA to Reduce Principal in HAMP Mortgage Modifications

This loan modification is not just significant because the monthly mortgage payment was nearly halved and the principal was reduced by over $100,000; it is also significant because it only took four months to obtain a modification. Bank of America’s Home Loan department is infamous for drawing out loan modification cases.

call 1-800-7Fannie to report the issues, complaint and appeal you have first tried desperately to work with Bank of America on your HAMP loan modification. Fannie Mae is administering the program for the Treasury Department and you need to involve them to help you work to resolve the issue.

Bank of america falsely told applicants they had to stop making regular monthly mortgage payments to be eligible for a HAMP modification. It was part of the bank’s scheme to prevent borrowers from.

Florida homeowners get huge chunk of BofA settlement $16.65B Bank of America Settlement Will Settle Nothing – NEW YORK (TheStreet) — Bank of America’s (BAC – Get Report) settlement with the U.S. none of the cash will go to Florida or Nevada, the states hardest hit by the mortgage crisis, and where home.

This homeowner had her principal cut by over $150,000 and her interest rate cut by over 60% on her Bank of America mortgage. #PrincipalReduction Loan Modification Success: BOA – SPS Principal Reduction

You can apply for a modification under Principal Reduction Alternative (PRA) if a company other than Fannie Mae or Freddie Mac owns your mortgage. You must first apply to HAMP and make sure you remain in good standing by not falling more than 60 days behind on your loan payments during the HAMP trial period.

Those who are significantly struggling/underwater repeatedly default even after modifications. money to have Bank of America lower the amount struggling borrowers owe on their mortgages. Bank of.

Consent judgments with Bank of America Corp., JPMorgan Chase & Co., Wells. have received principal reduction loan modification offers from the servicers,. homeowners eligible for the home affordable modification program (hamp).

HUD fines FirstBank Mortgage Partners for maternity-related discrimination  · It seems more outdated than hair scrunchies, something we witnessed years ago: discrimination against pregnant women seeking mortgage loans. Apparently it’s still going on and worse than ever which is why the U.S. Department of Housing and Urban Development (HUD) is investigating numerous cases of alleged pregnancy discrimination in lending.

Visit Bankrate.com to find out and to learn more about mortgages and refinancing and loan modification. The rules for a mortgage modification have changed. Do you qualify for a lower house payment?

Bank of America is taking an innovative "earned principal forgiveness" approach to HAMP modifications of the NHRP-qualifying mortgages that are at least 60 days delinquent with current loan-to-value (LTV) ratios of 120 percent or higher.

In announcing the renewed effort, the administration acknowledged that the year-old program known as Home Affordable Modification Program (HAMP. that issue, Bank of America said that it would offer.

VRM Mortgage Services names new senior VP of operations support VRM Mortgage Services has announced that Tiffany Fletcher has been named senior vice president of compliance. In this role, Fletcher will be responsible for managing risk mitigation, compliance, internal audits, quality assurance and vendor management initiatives. The addition of Fletcher is.