National Mortgage Settlement Information and FAQs

[Cat Damiano]

After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers:

• Ally/GMAC
• Bank of America
• Citi
• JPMorgan Chase
• Wells Fargo

The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. It’s the largest multistate settlement since the Tobacco Settlement in 1998.
The agreement settles state and federal investigations finding that the country’s five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

• About the Settlement: Learn about the settlement, who is affected and what claims may still be pursued against the banks. Find links to your state Attorney General’s Office to find state-specific information and contacts.
• Help for Borrowers: Learn how to find out if your loan is affected by this settlement, the timeline for relief, how you will know if you are eligible. Find links to your state Attorney General’s Office to find state-specific information and contacts.
• News: Read the national news release and find links to your state Attorney General’s Web site for state-specific news.

Joint State-Federal Mortgage Servicing Settlement FAQ | NationalMortgageSettlement

[BleakFuture]

I wonder if this will be a totally new program or the funds will go in to HAMP or some thing? Since this wont start for another month I wonder if I should hold off on working twords a specific loan mod untill I hear from this new program. I called the specific number for this program and they told me they would put me on the list.

[davephx]

Banks have 6-9 months to determine who might be eligible and then 3 years to do anything.

[Jeffrey L. Shurtliff]

I have saw that some states are going to take a chunk of about 20 percent, for their states general fund. This is nice and a step in the right direction, but shows corruption at state and federal levels with earmarking a percentage for something other than it's purpose. What is the real reason for this investigation? Homeowners help or help for states general fund? RISE UP AMERICA! Each and everyone of you, FIGHT the good fight for your home. Find a cause and file a suit. You must help yourself as no government authority is going to help you. This is the evidence! No one will help you. The banksters know this, as this fraud has all been planned out.

[anxiousfrank]

Thanks Cat D I started my settlement strategy with Green tree , I'm current with first with B of A , I was concerned since green tree is really hard to work with and worried that there might be some stipulations that both loans have to be current.Stared walking on egg shells for a moment .