How much is the settlement amount?
Five banks agreed to provide approximately $ 25 billion to borrowers, states, and the federal government.
Up to $ 17 billion will go to change loans. Up to three billion dollars will help people refinance at low interest rates. $ 1.5 billion will be handed over to those who have lost their homes for foreclosure.
Do you have the right to receive refunds and other assistance under the settlement?
This depends on many, many things.
First of all, are you in the state subject to settlement? The state is as follows.
Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island State, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont,, Washington, West Virginia, Wisconsin, Wyoming
Only Oklahoma did not participate. However, Oklahoma is negotiating its own settlement.
Second, is your mortgage serviced by one of the banks that is part of the settlement? The banks are as follows.
Arai / GMAC, Bank of America, City, JP Morgan Chase, Wells Fargo
There are rumors that more banks can join, so if your bank is not on the list you will need to visit the latest news page again.
Third, if you lose your home to foreclosure, it must have been between 12/31/2011 from 1 January 2008.
Finally, Fannie Mae or Freddie Mac can not own a loan
If all of these are true, they are potentially covered. However, at the present time, the ultimate details of the Target and how to distribute money have not been decided. stay tuned!
How do I know if I qualify?
By early 2012, qualified borrowers should send a letter explaining what benefits they receive. If you think you are qualified, but you do not receive a letter, you need to contact the state attorney general.
What kind of refund or assistance can I use?
Under the settlement, three types of aid are assumed.
- Loan directive. The principal (amount) will be reduced.
- Refinancing of underwater borrowers at low interest rates
- Payment to those who lost their homes for foreclosure. It is estimated that it is possible to use 1.5 billion dollars for 750,000 borrowers and an average of 2,000 dollars per borrower.
These programs are designed to help lend homes even if they have an unfavorable credit rating and can be used for the first or second mortgage.
When is support available?
The settlement was announced on February 10. It is expected to take 7 to 11 months to clarify the details of the settlement. Amounts are distributed over three years.
What can I do now?
For details, please contact the bank.
- Ally / GMAC: 800-766-4622
- Bank of America: 877-488-7814
- City: 866-272-4749
- JP Morgan Chase: 866-372-6901
- Wells Fargo: 800-288-3212
I have already been seized and I am facing a flaw judgment. Will this help me?
It seems to write down the magnitude of the missing judgment in the settlement. For details, please contact the state law firm.
Is the bank now free and clear? Did they buy their way because they were in trouble?
necessarily. Any criminal activity may be prosecuted. Individuals can still view claims directly. Oklahoma is still pursuing alternative solutions.
EmoticonEmoticon