$25 billion National Mortgage Settlement - Do you qualify for relief?

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.

*For more information you can visit: http://www.nationalmortgagesettlement.com/

California has secured up to $18 billion for its distressed homeowners. 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 answers to common questions you can visit: http://oag.ca.gov/nationalmortgagesettlement/faqs

Could you or someone you know benefit from this settlement?  Contact us to review your options and get started. 

Relief is closer than you think.