Frequently Asked Questions

General FAQs

What is the Monitor’s job under the Settlement Agreement?

As set forth in the Settlement Agreement, the Monitor’s job is to: (i) report quarterly on Deutsche Bank’s progress towards completion of the Consumer Relief portion of the Settlement Agreement; (ii) report on credits earned by Deutsche Bank; and (iii) ultimately determine and certify Deutsche Bank’s compliance with the terms of the Settlement Agreement.

How will the Monitor operate?

Mr. Bresnick is responsible for determining whether Deutsche Bank has fulfilled its Consumer Relief obligations as required by the Settlement Agreement. Mr. Bresnick is focused on following a transparent process and will provide publicly-available quarterly reports starting in July 2017. If you have questions about Mr. Bresnick’s monitorship, you can contact us here.

Can the Monitor help me get relief under the Settlement Agreement?

The Monitor does not have the authority under the Settlement Agreement to intervene in individual cases.  If you have specific questions for Deutsche Bank, please contact 1-800-356-2539 or visit the contact page for more information. To find organizations that may be able to assist you, please click here.

How will the Monitor communicate with the public?

Mr. Bresnick will provide regular updates about Deutsche Bank’s compliance with the Settlement Agreement through his reports, which will be made available on this website. The Monitor can be contacted at mbresnick@venable.com.

What does Deutsche Bank have to do under the Settlement Agreement?

Under the terms of the Settlement Agreement, Deutsche Bank must pay a $3.1 billion civil penalty to DOJ, and provide $4.1 billion in Consumer Relief. For more information on the forms the Consumer Relief may take, please click here.

How do I know if I’m eligible for consumer relief under the Settlement Agreement?

The Settlement Agreement outlines what kind of modifications and activities qualify as Consumer Relief. Under the Settlement Agreement, Deutsche Bank is not required to modify any specific loan or provide relief to any specific consumers; it must, however, provide relief to consumers, in the aggregate, sufficient to meet the $4.1 billion commitment it has made and consistent with the overall terms of the Settlement Agreement.

 

If you have questions about whether you may be eligible for relief under the Settlement Agreement, you may call Deutsche Bank at 1-800-356-2539 or visit the contact page for more contact information.

I want to read the Settlement Agreement. Where can I get a copy?
If I want to contact the Monitor, how can I reach him?

The Monitor can be contacted at mbresnick@venable.com or at 202-344-4583.

FAQs for Homeowners

What does the Settlement Agreement mean for homeowners?

Pursuant to the Consumer Relief portion of the settlement, Deutsche Bank will provide $4.1 billion in Consumer Relief through loan modifications, including loan forgiveness and forbearance, to distressed and underwater homeowners, as well as financing for affordable rental and for-sale housing throughout the country. More specifically, options for Consumer Relief include:

  • Reduction of a borrower’s unpaid principal balance on their mortgage.
  • Forgiveness of a borrower’s previous mortgage loan forbearance.
  • Forbearance of a borrower’s repayment of a portion of mortgage principal until a later date.
  • Providing various forms of loan modifications to borrowers seeking to refinance with a new lender.
  • Extinguishment of the full balance of a borrower’s second lien mortgage.
  • Forgiveness of some or all of a homeowner’s outstanding debt related to a junior lien or unsecured debt.
  • Origination of loans to consumers in certain hard hit areas or who have lost a primary residence to foreclosure or short sale or are first time buyers with low or moderate income.
  • Forgiveness of principal associated with an occupied home where foreclosure is not pursued and the liens are released to help stabilize distressed neighborhoods by creating incentives for homeowners to stay in their homes.
  • Financing for the construction, rehabilitation, or preservation of affordable low-income rental and for-sale housing.
How much relief will I get?

The Settlement Agreement does not entitle any specific consumer to relief, but many homeowners may benefit. Deutsche Bank will make individual determinations about eligibility, and the Monitor will oversee Deutsche Bank’s compliance to ensure it provides relief to consumers sufficient to meet its $4.1 billion commitment. If you have specific questions for Deutsche Bank, you can reach Deutsche Bank here.

When does the Settlement Agreement take effect?

The Settlement Agreement was announced on January 17, 2017, and was effective immediately. The start date of crediting was April 1, 2017.

My loan was in a trust subject to the settlement, am I guaranteed relief?

The Settlement Agreement does not direct relief to be provided to any specific homeowners. As a result, homeowners are not guaranteed relief even if their mortgage was held in a trust subject to the Settlement.

Which homeowners are eligible for relief under the Settlement Agreement? How do I apply for relief under the Settlement Agreement?

There is no application process for seeking relief specifically under the Settlement Agreement. The Settlement Agreement does not require Deutsche Bank to provide Consumer Relief to any specific consumers. If you believe you may be eligible or have specific questions for Deutsche Bank, you can reach Deutsche Bank here.

Do I need to provide my financial information to Deutsche Bank in order to receive relief under the Settlement Agreement?

Deutsche Bank may require copies of various financial documents and information. If you have specific questions for Deutsche Bank, you can reach Deutsche Bank here.

What if I need help with my mortgage before I am contacted?

If you are currently experiencing financial hardship and are struggling to make your mortgage payments, please click here to find organizations that may be able to assist you.

What if I am already in the loan modification or foreclosure process?

If you have any questions about your options, you should contact your mortgage loan servicer for additional information. If you have specific questions for Deutsche Bank, please click here for their contact information. Also, please click here to find organizations that may be able to assist you.

If I receive relief under the Settlement Agreement, do I give up my right to pursue legal action against Deutsche Bank?

The Settlement Agreement provides that Consumer Relief will not be conditioned on a waiver or release by a borrower, provided that waivers and releases shall be permitted in the case of a contested claim where the borrower would not otherwise have received as favorable terms or consideration absent relief under the Settlement Agreement.

Does the Settlement Agreement provide tax relief for homeowners for income arising from principal forgiveness?

No, the Settlement Agreement does not provide tax relief for homeowners for income arising from the Consumer Relief. Whether a homeowner will be required to pay any federal, state, local, or other tax from Consumer Relief pursuant to the Settlement Agreement is dependent upon each homeowner’s individual circumstances. Homeowners can find useful information at www.irs.gov. If you have questions, you may wish to obtain legal or tax advice from a lawyer, accountant or other tax advisor. For more information, please click here.

Are there organizations that can assist me in obtaining advice regarding the relief available under the Settlement Agreement?

The Monitor cannot represent or provide legal or tax advice to individual homeowners. Homeowners considering seeking mortgage modifications or other relief from Deutsche Bank under the Settlement Agreement may wish to obtain legal or tax advice from a lawyer or tax advisor of their own selection. Homeowners who desire such assistance but who do not know where to obtain it or cannot afford it, please click here.

How can I find out who my mortgage servicing provider is?

Your servicer is listed on your mortgage statement that you receive each month. Your servicer would also be noted on other mortgage-related correspondence you may have received. If you received an IRS Form 1098 or 1099-C, your servicer would be listed as the payee. You may also contact Deutsche Bank toll-free at 1-800-356-2539.

What if I need to report a loan issue?

The Consumer Financial Protection Bureau may be able to assist you with your complaint by visiting http://consumerfinance.gov, or by calling 855-411-2372.

I have questions not answered by these FAQs. Who can answer my questions?

Additional inquiries and requests for relief should be directed to Deutsche Bank toll-free at 1-800-356-2539 or Michael Bresnick at 202.344.4583. You may also find more information by clicking here.