Full Principal Forgiveness of Your Home Equity Account

[Stilltheone]

I'm hoping to receive a similar letter, although I doubt it. According to BOA's rules, you have to be 60 late as of January 2012 to qualify. Everyone I've read that's received these letters haven't paid a nickel in months/years. We're behind about 3 months, but still make a payment every month....so, I doubt we'll receive it since we're still making payments. Congrats to everyone who's getting a letter!!

[LadyInTheRed]

Based on reading the Bank of America consent judgement, my understanding is that to get a write down of the second lien under the national mortage settlement, you have to have received a modification of your first mortgages. But, I may be missing other options for modifications. The judgement is long. You only have to be 30 days delinquent on the 2nd mortgage or at immenent risk of default to qualify.

Here are links to each bank's judgement:

Ally/GMAC: https://d9klfgibkcquc.cloudfront.net...ly-4-11-12.pdf
Bank of America: https://d9klfgibkcquc.cloudfront.net...oA-4-11-12.pdf
Citi: https://d9klfgibkcquc.cloudfront.net...nk-4-11-12.pdf
JPMorgan Chase: https://d9klfgibkcquc.cloudfront.net...se-4-11-12.pdf
Wells Fargo Judgment: https://d9klfgibkcquc.cloudfront.net...go-4-11-12.pdf

The elgibility requirements for the modification programs in the Bank of America Judgement are on Exhibit D (see the top of page D-5). I suspect the other judgements are similar.

[tobee43]

Based on reading the Bank of America consent judgement, my understanding is that to get a write down of the second lien under the national mortage settlement, you have to have received a modification of your first mortgages. But, I may be missing other options for modifications. The judgement is long. You only have to be 30 days delinquent on the 2nd mortgage or at immenent risk of default to qualify.

Here are links to each bank's judgement:

Ally/GMAC: https://d9klfgibkcquc.cloudfront.net...ly-4-11-12.pdf
Bank of America: https://d9klfgibkcquc.cloudfront.net...oA-4-11-12.pdf
Citi: https://d9klfgibkcquc.cloudfront.net...nk-4-11-12.pdf
JPMorgan Chase: https://d9klfgibkcquc.cloudfront.net...se-4-11-12.pdf
Wells Fargo Judgment: https://d9klfgibkcquc.cloudfront.net...go-4-11-12.pdf

The elgibility requirements for the modification programs in the Bank of America Judgement are on Exhibit D (see the top of page D-5). I suspect the other judgements are similar.

excellent information!!!!!

sticky please everyone should be made aware of this.

i wonder what the "total" pot is? and does this just go until the funds run out?? i see what boa had to cough up and add to the other funds...

[Fallonedward]

We did not receive a modification of our first mortgage, yet we got the letter over a month and a half ago ourselves but we have heard nothing else... As a divorce is eminent in my future, I want to get this settled so that we can sell the house and split the proceeds since we are current on the 1st and each of us have the opportunity to move on....Has anyone who has received these letters seen their 2nd mortgage removed from their house?

Based on reading the Bank of America consent judgement, my understanding is that to get a write down of the second lien under the national mortage settlement, you have to have received a modification of your first mortgages. But, I may be missing other options for modifications. The judgement is long. You only have to be 30 days delinquent on the 2nd mortgage or at immenent risk of default to qualify.

Here are links to each bank's judgement:

Ally/GMAC: https://d9klfgibkcquc.cloudfront.net...ly-4-11-12.pdf
Bank of America: https://d9klfgibkcquc.cloudfront.net...oA-4-11-12.pdf
Citi: https://d9klfgibkcquc.cloudfront.net...nk-4-11-12.pdf
JPMorgan Chase: https://d9klfgibkcquc.cloudfront.net...se-4-11-12.pdf
Wells Fargo Judgment: https://d9klfgibkcquc.cloudfront.net...go-4-11-12.pdf

The elgibility requirements for the modification programs in the Bank of America Judgement are on Exhibit D (see the top of page D-5). I suspect the other judgements are similar.

[pcn]

I kept watching our BOA account and last month it suddenly showed a $1 balance. Now I get the message that I have no active accounts when I try to log in. Also, The MERS website shows the 2nd as "inactive". But, I havent seen a change in our credit reporting yet, so I'm not sure how long that will take. Since it was dischaged in the bk I wonder if it will change. The provision for it being "paid off and showing as paid in full" in the letter might have only appied if there was no bk in the history. I had hoped it would somehow have the added effect of helping our credit score aw well.