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.  On February 9, Attorney General Kamala D. Harris announced that California secured up to $18 billion for its distressed homeowners as part of a $25 billion national multistate settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Financial benefits for California include:

• $849 million for refinancing 28,000 borrowers who are underwater but current on their payments.
• $279 million restitution for 140,000 homeowners who were foreclosed upon between 2008 and 2011.
• $1.1 billion for unemployed homeowners, transitional assistance, and repairing blight.
• $3.5 billion to extinguish unpaid loans that remain after foreclosure for 32,000 homeowners.
• $430 million to the state attorney general's office for costs and fees.
• As part of a California guarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state.

For more information: http://oag.ca.gov/nationalmortgagesettlement

Could you or someone you know benefit from this settlement?

Contact me to get started.  Relief is closer than you think.