BofA to Reduce Principal in HAMP Mortgage Modifications

The national mortgage settlement-which involved more than a year of negotiations with the states’ attorneys general, the U.S. Department of Justice and other federal agencies-includes direct payments to the federal government, the participating 49 states and individual borrowers.

Negotiating a Reduction in the Principal Amount Owing. A loan modification involves one or more of the following: a reduction in the principal amount owing, a lower interest rate and a partial forgiveness of accrued penalties and fees including the good faith payment most lenders require at the beginning of the negotiation process.

“We believe by first addressing the significant underwater condition of some NHRP-eligible loans, the rates of customer acceptance of HAMP trial. the program. BofA says principal reduction will be.

principal reduction amount to reduce the unpaid principal balance. Servicers must treat borrowers that are in good standing and pay the loan in full at any time (i) more than 30 days after the hamp modification effective date; and (ii) after implementation of

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CHARLOTTE, North Carolina (Reuters) – Mortgage modifications. government efforts to reduce foreclosures. Homeowners are required to go through a trial modification period before a HAMP modification.

This article is a good start Denied for HAMP Put together a letter and on the top mark.. long story short, I filled out the loan mod app with BofA in Nov 2011 and.. When they reduce the payment, do they tack it on to the principal balance and.

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.

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