Loan Advice from Dana

After a year of negotiating a historic joint state-federal settlement with the country’s five largest loan servicers was reached.  The $26 billion dollar settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo will provide relief to distressed borrowers in the states who signed on to the settlement and direct payments to signing states and the federal government.
 
Key Provisions of the Settlement:

• Immediate aid to homeowners needing loan modifications now.
• Immediate aid to borrowers who are current, but whose mortgages currently exceed their home's value.
• Immediate payments to borrowers who lost their homes to foreclosure.
• Immediate payments to signing states.
• First ever nationwide reforms to servicing standards.
• State Attorney General oversight of national banks for the first time.

To find out more information: National Mortgage Settlement