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

[kriptik]

Same old same. A whole lot of nothing.

[Ready2Run]

GREAT Info! Thanks for posting.

[Upside]

Anyone know where the address can be found for the Joseph A Smith--elected Settlement Independent Monitor???

[mark_robin]

Hi Cat, Do you know who will qualify for loan mods? I live in AZ owe $500K house worth $250K. Does it matter how upside down I am?

[Cat Damiano]

Hi mark_robin,

Welcome to the forum and thank you for joining........

Try putting the figures required into the following thread and they can let you know if you are able to qualify;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

[lolodl]

Hi Cat, regarding DOJ principal reduction do you have to "ask" your servicer to consider you for it or do you have to wait to be contacted? Regarding the property in NJ, I spoke with my rep yesterday regarding HAMP and its in underwriting. She said I should here back in 30 days.
Just wondering if during underwriting, is a principal reduction under the national mortgage settlement considered?

[Cat Damiano]

Hi lolodl,


You can review the FAQs with Chase about the settlement here;

https://www.chase.com/online/service...ement_faqs.pdf

If you still have other questions about the settlement, call us at: 1-866-372-6901

Call Center Hours (All times Eastern)
Monday-Thursday: 8:00 AM - Midnight
Friday: 8:00 AM - 11:00 PM
Saturday: 8:00 AM - 5:00 PM

[RobinP]

I sent an e-mail to Joseph A Smith at info@mortgageoversight.com and he did respond. Thank you for reporting your loan issue to the Office of Mortgage Settlement Oversight. We appreciate your time and willingness to help inform the settlement’s monitoring process. As the Monitor, I cannot intervene with the servicer on your behalf. However, the information you have provided is very important because it allows me to see firsthand how servicers are treating their customers. If a number of consumers are experiencing similar problems with a particular servicer, this may represent a pattern or practice in violation of the agreement that I need to investigate further.With your participation, I can better enforce the mortgage servicing standards outlined in the agreement, which helps make the settlement more meaningful for homeowners across the country.Thank you again for your help.Sincerely,Joseph A. Smith, Jr.

Everyone should send an e-mail regarding their awful experience with Chase and maybe, just maybe they will be forced to do something.

[Cat Damiano]

I sent an e-mail to Joseph A Smith at info@mortgageoversight.com and he did respond. Thank you for reporting your loan issue to the Office of Mortgage Settlement Oversight. We appreciate your time and willingness to help inform the settlement’s monitoring process. As the Monitor, I cannot intervene with the servicer on your behalf. However, the information you have provided is very important because it allows me to see firsthand how servicers are treating their customers. If a number of consumers are experiencing similar problems with a particular servicer, this may represent a pattern or practice in violation of the agreement that I need to investigate further.With your participation, I can better enforce the mortgage servicing standards outlined in the agreement, which helps make the settlement more meaningful for homeowners across the country.Thank you again for your help.Sincerely,Joseph A. Smith, Jr.

Everyone should send an e-mail regarding their awful experience with Chase and maybe, just maybe they will be forced to do something.

Please keep us posted on how it goes for you.