BOA, Wells Fargo sued for mortgage settlement violation

New York has announced plans to sue Bank of America and Wells Fargo over their failure to comply with the National Mortgage Settlement. This is a $25 billion dollar settlement involving five major banks over wrongful foreclosure practices. This lawsuit will be the first legal action over non-compliance with this settlement.

Relief put in place to help homeowners includes refinancing and principal balance reduction. More importantly, the Settlement was designed to implement a standard for handling loan modifications. The standard was violated by not acknowledging modification applications within a specified time frame, failing to notify borrowers of missing documents or errors, not giving borrowers 30 days to correct their applications and failing to make decisions on modifications within 30 days.

Violating modification procedures has resulted in borrowers losing their homes to foreclosure. Hopefully, more states will follow and will file lawsuits. California is one of the states “hardest hit” and many homeowners in this state have been affected.

Orange County Loan Modification by Chase in the City of Orange, CA.

Yet another loan modification was obtained by our hard working modification attorneys at First Source Law. The modification was for a first mortgage serviced by Chase on a beautiful house in the city of Orange, CA. Come visit our office for a free consultation today and find out how you can save your home through a loan modification with any loan servicer!

Original Loan Terms:

Principle Balance: $975,000

Monthly Payment: $5,255 (Principal, Interest, and Escrow)

New Loan Terms:

Monthly Payment: 3,992.77 (Principal, Interest, and Escrow)

The new payment terms for our client are saving them an outstanding amount of $1,262! Not only that, but the principle balance as well as interest rate will be modified once the trial payment plan is completed by the client. However, the most important part of the loan modification is that it has allowed our client to continue living in their wonderful home by avoiding foreclosure.

Los Angeles Loan Modification by Bank of America in Hacienda Heights, CA.

The loan modification attorneys at First Source Law have recently obtained another loan modification with Bank of America. The modification was for a first mortgage on a lovely home in Hacienda Heights, CA. If you are considering a loan modification with Bank of America or any other loan servicer, contact First Source Law for a free consultation!

Original Loan Terms:

Principal Balance: $348,000

Monthly Payment: $2,928.57 (Principal, Interest, and Escrow)

Interest Rate: 7.625%

New Loan Terms:

Principal Balance Reduction of $214,832.02

Monthly Payment: $1,477.67 (Principal, Interest, and Escrow)

Interest Rate: 2%

Even though our client was over 2 years behind in payments, our loan modification attorneys were able to work with Bank of America in acquiring a great loan modification. The client’s monthly payment has been cut in half and a majority of the principal balance has been reduced (62%). Not only that, but the interest rate on the payments has been drastically reduced from 7.625% to 2%! If you are considering a loan modification that will probably help save your home, please contact First Source Law today!

Los Angeles County Loan Mod Approval By Bank of America

Yet again, our hard working attorneys at First Source Law have obtained a loan modification with Bank of America. The loan modification was on our client’s first mortgage located in Downey, CA.

Original Loan Terms:

Principal Balance: $256,328

Monthly Payment: $3,506

New Payment Terms:

Monthly Payment: $1,509.30

The new loan term is saving the client a whopping $1,997 a month to help pay for other expenses. Once the trial payment plan is over the client will also receive a new principal balance as well as adjusted interest rate and waived unpaid late charges. Most importantly, the home has been saved from foreclosure.

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