Just when I thought a client of mine was going to be granted a principle reduction through the DOJ $27B settlement, the rug got pulled from under them.
They were initially told they were awarded the DOJ principle reduction a few weeks ago. Shortly after, they received a servicing transfer notice and the homeowner was told that anything in process was voided.
They have a former Countrywide loan that was originated in 2006. The 2004-06 CW loans seem to be the borrowers that have received the majority of the reductions.
Does anyone know if they will still be able to receive the principle reduction? After all, a servicing transfer shouldn't get the lender off the hook.
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