National Mortgage Settlement: Loan Modification Application Timelines
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 are requesting assistance on your first mortgage lien.
If your loan meets these qualifications, then the loan modification application timelines apply to your loan regardless of who the owner or investor is. Under the National Mortgage Settlement Guidelines, a servicer must review your loan modification application on the following schedule:
LOAN MODIFICATION APPLICATION PROCESS:
- You submit your loan modification application. For more information about loan modifications, contact us today for your free consultation.
- Your mortgage company must contact you within 3 business days to acknowledge the receipt of your application. If any documents are missing, your servicer must send you a list of all missing documents within 5 business days of receiving your application.
- If additional documents are requested, they must provide you with at least 30 days to provide the additional documentation. You may not be denied during this time.
- Once a complete modification application has been received, your servicer must make a decision regarding your application within 30 days.
- If your request for modification is denied and your request was submitted more than 37 days prior to any scheduled foreclosure, the company must notify you of your denial by writing. This letter must inform you the reasons for your denial, what information was considered, that you have 30 days to appeal the decision, and additional information regarding the reason for your denial.
- If your request for modification is approved, you will typically be provided a three-month trial plan agreement. Once you have completed all trial plan payments, your servicer must offer you a permanent home loan modification agreement. Your mortgage company must provide you with a signed copy of the agreement within 45 days of receiving that copy.
If you believe your mortgage company is not following the loan modification application timeline, please visit the California Monitor, a Program of the California Attorney General.
WHAT IF MY MORTGAGE SERVICER IS HAS IGNORED MY REQUEST FOR MODIFICATION?
The attorneys at Howard Law, PC have been helping homeowners keep their homes for years. For more information about how the experienced loan modification attorneys at Howard Law can help you, contact us today.