After they have your current financial information, they will evaluate your loan for all possible home retention options so that you can determine which option might be right for you. You may be eligible for the enhancements to the National Homeownership Retention Program if you meet the following program requirements:.
Exactly what will they offer eligible borrowers:. How do I apply or find out if I am eligible:. Bank of America Home Loans will also be contacting eligible customers to see if they are interested in applying for the program.
When will the progam start of go into effect:. The program is already in effect, and will be enhanced in mid-May. This would have helped me 2 months ago but now my house is on the market as short sale:. Even though you have started the short sale process, you can still be evaluated for a loan modification unless you have already been in a modification trial period or have received a permanent modification. Mortgage bankers, banks and servicers are run by business people.
They understand the financial ramifications of their mistakes and usually want to avoid expensive litigation or risk being charged with large fines. When their money is on the line, these firms can often be persuaded to more easily reach agreement with their borrowers. If a loan was funded unlawfully, the borrower may be entitled to compensation, a refund of all interest and principal payments made for the last three years, all non-recurring closing costs, legal fees, or a renegotiation or modification of the terms of the loan.
From , tens of thousands of loans were funded unlawfully. Your loan may be unlawful, and you may be entitled to substantial damages whether or not you're currently in foreclosure. A forensic mortgage audit determines violations of the laws governing lenders. An audit report provides a powerful tool for negotiating with your lender. How does a forensic mortgage audit help a home owner?
Violations are the leverage used to present your case with your lender. What should a proper loan audit look for? A thorough loan audit should look for: 1 Violations of Federal, State or Local Laws The act of using your home as collateral in obtaining a mortgage is covered by numerous federal, state and local laws. These laws are in place to protect your rights when you use your home as collateral in a mortgage transaction.
The audit professional will review your loan documents to determine if there are differences between the disclosure of information in your loan documents you received and the disclosure of information required by law. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower? When a mortgage professional makes errors which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.
Are there any deceptive, abusive or predatory lending practices or an excessive prepayment penalty? Is there a Net Tangible Benefit to the Borrower in the mortgage transaction? Was there a proper analysis to determine if the Borrower can afford the payments on the loan?
Were the fees properly disclosed? The lender must follow all the terms of the contract such as the way the interest is calculated, and the penalties are assessed.
Were there any terms in the contract which the lender failed to follow? What happens if there are violations in my loan?
Once the loan audit determines that you may have been a victim of deceptive lending practices or any other type of mortgage compliance issue stated above, you have the leverage to fight your lender.
The course of action you should take is often dependent upon your current situation. February news release. July news release. October news release. Letter to foreclosed borrowers eligible for relief. Bank of America is enhancing the Nationwide Homeownership Retention Program for Countrywide customers that it launched in Modifications will provide more affordable payments using a combination of reduced interest rates, term extensions and principal forgiveness of forbearance.
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