GET YOUR PIECE OF 25 BILLION DOLLAR PIE

AlexaRealty411, February 10th, 2012

Robert Gawel and Holly Talarchyk reported that 49 out of 50 states reached a settlement with 5 of our countries largest loan servicers, today they go over how to get your piece of that 25 billion dollar pie. 49 state attorney generals and the federal government reached an agreement with Ally Financial, BOA, Citibank, JP Morgan Chase and Wells Fargo to provide as much as $25 billion in relief. The agreement settles state and federal charges that the 5 largest loan servicers signed foreclosure related documents without the presence of a notary and whether knowing that the facts contained in the foreclosure documents were true and correct.

Now this settlement is to provide certain benefits to borrowers whose loans are owned as well as serviced by the big 5. The only state not eligible for relief is Oklahoma because they elected not to join the settlement.

Some of the key provisions of this settlement are as follows...there will be immediate aid to homeowners who are in need of a loan modification...this includes 1st and 2nd lien principle reductions....17 billion set aside just for this purpose.

Next there will be aid to borrowers who are current on their mortgages but their mortgages exceed their home's value. Borrowers in this situation will be able to refinance at today's historically low rates. Servicers will provide up to 3 billion in relief for this purpose.

There will also be immediate payments made to borrowers who lost their homes to foreclosure...the best part is there is no requirement to prove financial harm. Here is 1.5 billion set aside to be distributed nationwide to some 750,000 borrowers...that equals $2,000 per borrower. So, think about this if your bank took your home illegally...you can get up to $2,000.

The timeline is over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle this settlement and then over the next 6 to 9 months this administrator, the attorney generals and mortgage servicers will work to identify who is eligible. This settlement will be executed over the next 3 years.


If you're underwater in your home and don't know what to do call us, we are up to date on all these new law changes and were here to help.

[belindacrawford]

thats not a lot of money seeing how peoples homes were snatched from under them. 2000.00 yes thats thats not nearly enough to start over. when wells fargo closed on our home back in 2008 they got 100, 000 for our home which was insured by FHA. we should get a lot more the people deserve it.