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Bank of America National Mortgage Settlement

Luis Fernandez was interview by America TeVe regarding Bank of America’s billion dollar settlement in connection with mortgaged and foreclosed property.

Information from the Bank of America Website:

The U.S. Department of Justice and the state attorneys general have agreed to the terms of a global settlement with the largest mortgage servicers, including Bank of America. This government agreement extends our ongoing commitment to help homeowners who are struggling to make their mortgage payments.

As part of ongoing efforts to help customers in need of mortgage assistance, Bank of America has committed through the National Mortgage Settlement to develop programs to provide expanded mortgage modification solutions. We also continue to help customers pursuing short sales and may offer additional assistance programs, such as deed in lieu of foreclosure and/or financial assistance to help those who are transitioning out of a property.

The National Mortgage Settlement also establishes certain servicing standards that must be met by the participating servicers. These include providing a single point of contact for customers under review for a modification or other assistance, preventing “dual-tracking” of foreclosure processes while a fully documented file is under review, and other processes, practices and requirements associated with loan modifications, foreclosure and bankruptcy. Bank of America is also on track to implement all applicable servicing standards within the timeframes required by the settlement.

We believe these are important programs for homeowners in need of assistance and we have – and will continue – to work with urgency to help our customers avoid foreclosure.

To get more information from Bank of America, visit their website

To watch Luis Fernandez’ interview [in Spanish], click on the video below:



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