This week a historical settlement of around $25 billion was announced. The settlement includes 5 large banks/mortgage companies: Bank of America, JP Morgan Chase, Wells Fargo, Citi and Ally (used to be GMAC).
This is in response to charges that the banks illegally signed foreclosure related documents without the documents being properly notarized and without knowing whether the facts they contained were correct – commonly referred to as “Robo-signing”.
This settlement excludes Fannie Mae and Freddie Mac-backed loans which are not eligible for the benefits.
Some of these programs will not require a credit check or income verification.
Four categories of home owners are affected:
1)Those that lost their homes;
2)Those that are struggling/behind in payments and underwater on their loan (underwater means the balance of their mortgages is more than the value of their home);
3)Those who are current on their loan but underwater on the balance of their loan and, therefore, unable to refinance;
4) Some unemployed homeowners, some seeking short sales and some situations where a military owner has been transferred.
Learn more about the settlement on NationalMortgageSettlement.com
If you need a private consultation on your particular real estate situation, call or text me (Vickie Hall) at 303-944-1153 or email me at [email protected].