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National Mortgage Settlement: Dual Tracking Reforms

WHAT IS DUAL TRACKING?

If your mortgage servicer has referred your loan to foreclosure while a loan modification application is in review, your loan is being dual tracked. This event can result in the loss of your home when a preventable action could have taken place: a loan modification.

DO THE REFORMS APPLY TO MY LOAN?

These reforms apply to your loan if your loan falls into the criteria of the National Mortgage Settlement.

  • Your mortgage is serviced by Bank of America, CitiMortgage, GMAC, JPMorgan Chase, or Wells Fargo;
  • This is your primary residence; and
  • You have submitted a complete loan modification.

If your loan meets these qualifications, then the dual tracking reforms apply to your loan regardless of who the owner or investor is. If your loan is owned by Fannie Mae or Freddie Mac, these reforms still apply.

HOW DOES THE NATIONAL MORTGAGE SETTLEMENT HELP PROTECT MY HOME FROM FORECLOSURE?

Your home mortgage loan servicer cannot foreclose on you if:

  • You have submitted a complete request for home loan modification. For more information about loan modifications, contact us today for your free consultation.
  • You have accepted and are current on a loan modification trial plan, forbearance, or repayment plan.

If you have submitted your complete loan modification application after your home has already been referred to foreclosure by filing a Notice of Default (NOD) or Notice of Trustee Sale (NOTS) has been filed on the property, then your servicer must complete an accelerated review of your application and make a decision for your application before the sale can take place.

Contact the California Monitor Program at [email protected]. Include as much information regarding your loan, application for modification, and the foreclosure process. For more information about the California Monitor, A Program of the California Attorney General, click here.

WHAT IF MY MORTGAGE SERVICER IS DUAL TRACKING ME?

The attorneys at Howard Law, PC have been helping homeowners keep their homes for years. For more information about how the experienced wrongful foreclosure attorneys at Howard Law can help you, contact us today.