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Bank of America Hud Settlement

Bank of America Hud Settlement

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Published by Foreclosure Fraud
4closureFraud.org
4closureFraud.org

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categoriesTypes, Research, Law
Published by: Foreclosure Fraud on Aug 08, 2011
Copyright:Attribution Non-commercial

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04/03/2014

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SE'ITLEMENTAGREEMENT
ThisSettlementAgreement(Agreement)
is
madeandentered
into
betweentheUnitedStatesDepartmentofHousingandUrbanDevelopment(DepartmentorHUD)andBankofAmerica.NAandBACHomeLoansServicing,LP(collectively,"BAC"),collectivelyreferredto
3S
"the
Parties",
WHEREAS.thisAgreementshallnotconstituteanadmissionofliabilityorfaultonthepan
ofeitherof
the
Parties.
NOW.THEREFORE,thePartiesagreeasfollows:I,ThisAgreementshallbecomeeffectiveupon
its
executionbytheAssistantSecretary
forHousingorhis
duly
authorizeddesignee,ThedateuponwhichtheAssistantSecretaryorhis
dulyauthorizeddesigneesignsthis
Agreement
shallbereferredtoasthe"EffectiveDate"throughoutthisAgreement.
2.InanattempttoofferlossmitigationassistancetooverFifty-SevenThousand
(57,000)
borrowers,
whoseloans
are
identified
on
ExhibitA(hereinafter,
"Borrowers").
BACagreestofollowspecificcustomeroutreachproceduresasoutlinedinExhibitB_WithinThirty(30)days
oftheEffective
DateofthisAgreement,SACwillbegintheprocess
ofattempting
to
communicatewithBorrowers
by
performingskiptracingfortenantoccupiedorvacantpropertiesandthroughcommunicationusingovernightdeliveryservices.communicationviatelephoneusingtrainedassociatesandadedicatedtoll-freetelephonenumber,andpropertyvisitspursuant
to
24C.P.R.
*
203.604
usinga
third-party
vendor.
3.ProvidedBACsuccessfullymakescontactwiththeBorrowers
usingthecustomer
outreachproceduresinExhibitBandreceivessufficientfinancial
information.
and
documentation
fromtheBorrowers,BACagreestoevaluatetheBorrowersforcertainlossmitigationalternatives
 
accordingtoHUDMortgageeLetters2000-05and2009·23.ForthoseBorrowersthatwould
qualityforapartialclaimoranFHA~HAMPmodification
if
theirloanswere
less
than
t2
monthsdelinquent;BACagreesto
pay
downtheBorrowers'errearagesuntilthe
loans
arelessthan12monthsdelinquent,providedtheBorrowerssignandreturnallnecessarydocumentationtocompletethelossmitigationoption.BACagreestopaydownBorrowers'arrearagesuntilthe
amount
of
totalfundsexpendedreachestheamountreflectedinParagraph4.
infra.
Forthose
Borrowersthatwouldnotbeeligibleforaforbearanceplan,atraditionalmodification,apartial
claim,or
anFHA-HAMPmodificationinaccordance
with
the
terms
of'fhisAgreementSAC
agreestooffer
and
paytheBorrowers$4,000intransitionexpensesforeachcompletedshort
saleand$7,500intransitionexpensesforeachcompleteddeed-in-lieuofforeclosure,providedtheBorrowersqualifyforthe
short
saleordeed-in-lieuofforeclosuredispositionlossmitigationoptionsinaccordance
with
FHAguidelines.4,BAC
agreestopay
down
arrearages
tor
those
Borrowersthat
would
qualifyforapartialclaimoran
FHA-
HAMPmodification
if
theirloanswereless
than
12monthsdelinquent.Ifthetotalamountoffundsusedto
pay
downarrearagesfortheeligibleBorrowersislessthanTenMillionDollars
($
t
0,000.000.00),BAC
will
paydownallarrcaragesandremitthedifference
between
the
totalarrearages
paid
and
Ten
MillionDollars($10
1
000,000.00)
to
HUD.If
the
total
amountoffundsusedtopaydownarrearagesfortheeligibleBorrowersexceedsTenMillion
Dollars($10,000,000,00),BAC
wilt
paydownallarrearagesand
will
notbe
obligated
toremitanyfunds
to
HUO.Ifitisnecessary
to
remit
funds
toHUD,BAC
will
paysuchfunds
by
certifiedor
cashier'scheckmadepayabletotheU.S.DepartmentofHousingandUrbanDevelopmentThepaymentmustbesenttotheattentionofDaneM.Narode,Esq.,HUDOffice
of
General
C0Ul1Sel
1
at
thefollowingaddress:
 
{(by
RegularMail
451SeventhStreet,SW
RoomB~133-Portals200Washington,DC20410
lfby
Courieror
E.:r:press
Mail
1250Maryland
Ave.
SW
PortalsBuilding,Suite200Washington,DC20024
(202)708~2350(phone)5.ThecustomeroutreachproceduresidentifiedinParagraph2,
supra,
andExhibitS,
aswellasthearrearagepaymentsidentifiedinParagraph3,
supra.
donotapplytoBorrowerswho,
prior
to
theEffectiveDateofthisAgreement:
(i)
havebeenapproved
for
andare
performing
underalossmitigationplanorareunderformalreview(withnotice
to
Borrowers)foraloss
mitigation
plan;
(li)
haveengagedathird~partyadvocateforassistance
in
lossmitigationandareunderformal
review(with
noticetoBorrowers)foralossmitigationplan;
(iii)
areengagedinactivebankruptcy.foreclosuremediation.orlitigation;(iv)haveissuedrequests,includingthroughceaseanddesistordersorothermeansavailebleunderfederalandstatelaw.thatBACceasecontactwiththeBorrowersfordebtcollectionpurposes;or(v)arcunderreview
by
BACforsubmittingfalseinformationorengagingin
fraudulent
activityrelated
to
theoriginationorservicingoftheirloans.
6.
TotheextentthatBorrowersarenoteligibleforlossmitigation
options,
areWithin90daysoftheEffectiveDateof'thisAgreement,
if
thecircumstancesidentifiedinitems
(i)
through(v)ofthisparagrapharenolongerapplicable,BAC
will
agreetoconsidertheseBorrowersfor
tOS5
mitigationinaccordance
with
theterms
of
thisAgreement.unwillingtocooperateinthecompletionoflossmitigationoptions,or
do
notrespondtoBAC's
attempts
to
makecontact
withina
Thirty(30)"day
periodfollowingthedateofthelettersenttotheBorrowerasprovidedforinExhibitB,HUDacknowledgesandagreesthatBACshallproceedwithforeclosure
actions
andthe
filing
of
claimsfor
insurancebenefitsinaccordancewithFHA

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