Bank of America Agrees to New Loan Servicing Policies

Bank of America has agreed to the following five servicing policies for consumers nationwide: business professional writing • Bank of America has agreed to revise its “missing document” letter which will more clearly state what documents are missing and what additional information is needed to move forward with a loan modification request. • Bank of […]

National Monitor Releases Crediting Report

The National Monitor verified Settlement activity through December 31, 2012 by Bank of America, CitiFinancial, JPMorgan Chase, and Wells Fargo. He credited a collective $15 billion for activities such as loan modifications and short sales. buy cigars online usa The National Monitor’s reports are here. Please note the report only covers activity in 2012. The […]

Has your mortgage servicer changed?

Under the National Mortgage Settlement, your loan modification process should continue with your new servicer. If you have applied for a loan modification, your new servicer should finish the review without requiring a new application. During the transfer period, however, your documents may become outdated and your new servicer may require you to submit updated […]

Do You Need Help Applying for a Loan Modification?

If you are having trouble communicating with your bank or simply need guidance in applying for relief from your loan, please contact a non-profit housing counselor certified by the U.S. Department of Housing and Urban Development (HUD). A HUD certified housing counselor can assist you in communicating with the bank about relief options as well […]

Were You Denied Because of a Negative NPV?

The Net Present Value (NPV) calculation is something that banks use to determine if modifying your loan is in the best interests of the loan’s investor(s). This calculation takes into account many factors related to your home and financial situation, such as your income, property value, and the amount you owe on your mortgage and […]

Is There Blight In Your Neighborhood?

“Blight” is a common term for when a property has been abandoned by its owner and has fallen into disrepair. Foreclosures can often result in blighted properties for various reasons. For example, when a property is sold back to the bank and the previous owner leaves, the property can remain vacant and in disrepair for […]

Want to Apply for a Loan Modification Online?

buying glasses online he five banks that agreed to the National Mortgage Settlement have each created an online portal where you can submit and manage your loan modification application. On these web-based portals you can check the status of your loan modification application and upload necessary documents.  You can also see what documents the bank […]

Service Transfers: Is Your New Servicer Only a Sub-Servicer?

If your bank has sent you a letter asking you to start making your monthly mortgage payment to a new bank or mortgage servicer, you have likely been service transferred. This is commonly referred to as a “goodbye” letter, and you should be on the look-out for a “hello” letter from your new bank or […]

The McKinney-Vento Education for Homeless Children and Youth Program

The McKinney-Vento Homeless Assistance Act was passed by Congress in 1987. The Act has been amended to add protections for homeless children with regard to education. In certain circumstances, these protections may apply when a child’s family has lost their home to foreclosure. One important protection gives children the option to continue attending their current […]

Nationstar to Honor Bank of America's Settlement Obligations After Transfers

Bank of America is transferring servicing rights for about 2 million loans to Nationstar Mortgage on July 1, 2013. The transfer agreement was made on January 31, 2013. If your loan is being transferred, you should have received a welcome package from Nationstar. For more information you can also visit Nationstar’s website:  adobe acrobat 9 […]