Foreclosed Homeowners Get a Big Break

Five of the nation’s largest banks have reached a $25 billion settlement due to discrepancies in handling foreclosures. The deal will force the banks to overhaul their mortgage-servicing practices and reduce loan balances for many borrowers who owe more than their houses are worth. This is in no way the end to the pain and suffering families have had to endure over the past several months, but it is a step in the right direction.

There are three groups of homeowners who would fall under the settlement agreements in seeking restitution: Homeowners who need to adjust or modify their current loans, borrowers who are current and will be able to refinance, and borrowers who lost their homes to foreclosure. But don’t expect to see your check in the mail tomorrow; it’s going to take some time for things to get sorted out and evaluated before they can determine who is eligible.

Will you benefit from the deal? Find out here

Only the Borrowers who used the five banks involved in the settlement are eligible. You could receive a cash payment, a principal reduction or refinancing with the money from settlement.

For more information visit www.nationalmortgagesettlement.com or call any of the five banks affiliated with the settlement:

Ally/GMAC: 800-766-4622
Bank of America: 877-488-7814
Citi: 866-272-4749
J.P. Morgan Chase: 866-372-6901
Wells Fargo: 800-288-3212

Interested in working with a Realtor who is up to date on all of the issues and the market? Contact us today for expert help buying or selling in the DC, MD, & VA areas!