Delayed FHA Conversion to Permanent Modification

Delayed FHA Conversion to Permanent Modification

Delayed FHA Conversion to Permanent Modification

Request from CA Monitor’s Office

We received word that the California Monitor’s Office for the AG Settlement is seeking request for information.
Please respond directly to the Monitor’s office if you have relevant situation or other information:

“In our work responding to consumer complaints and in conversations with
advocates, we have learned that there is a population of borrowers who have
FHA loans serviced by Bank of America and have experienced long delays in
approved trial plans converting to permanent modifications. Our office is
working with FHA and Bank of America to resolve this issue and to make sure
that homeowners are not harmed by the delay-for example through amounts
added to their loan balance or negative credit reporting due to the extended
trial period.

Contact the Department Of Justice

We encourage homeowners and advocates who have situations with delay in FHA
loans converting from trial to permanent modification status to contact our
office at camonitor@doj.ca.gov. We are interested in Bank of America or any
of the other servicers that agreed to the National Mortgage Settlement (J.P.
Morgan Chase, Wells Fargo, Citibank, and GMAC). We will review and respond
to inquiries and do our best to help. Please make sure that the complaint
identifies the loan as an FHA loan.”

Feel free to contact the above mentioned email address or us and we can advocate on your behalf.

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Filed under Banks, California, Loan Modifications

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