On February 9, 2012 the State Attorneys General for 49 states entered into a $25 billion settlement with five of the Nation’s largest banks, Bank of America, Wells Fargo, Ally Financial, JP Morgan Chase and City Group. The purpose of the settlement is to end home foreclosure abuse stemming from robo-signing and to provide some relief to homeowners who are:
1. Delinquent and underwater
2. Underwater but current
3. Lost homes to foreclosure in the past 3 years.
The settlement covers 1.8 million homeowners nation wide. It is the largest consumer finance settlement in US history and is second in overall settlements only...
Do you have mortgage or foreclosure problems? There is help available.
Distressed homeowners now have additional programs to help them deal with their mortgage or foreclosure problems. Below are some examples of the help available:
1. There is now additional governmental assistance for those homeowners who are unemployed and are having trouble making their mortgage payment.
The Obama administration has expanded assistance to unemployed homeowner by requiring that mortgage servicers for FHA insured loans allow some (qualified) unemployed homeowners to miss up to a year of mortgage payments while they search for a job. The current hiatus period is four months....