Www.NationalMortgageSettlement.com – National Mortgage Settlement – Money For Borrowers

Www.NationalMortgageSettlement.com – National Mortgage Settlement – Money For Borrowers

A settlement of $25 billion dollars has been announced to help home loan borrowers and others.  To find out if you are eligible for aid, you will want to consult the official website Www.NationalMortgageSettlement.com for details on this home mortgage settlement.  There are different types of aid that are related to this national mortgage settlement.   For example, there is immediate help for homeowners needing loan modifications.   With this type of aid, you might get help with a reduction in principal.  This package also will help those  who are making payments on time, but underwater on their mortgage.  Underwater on your home means that you owe more on your loan that your house is worth.  Another benefit of this program is that some people who were foreclosed upon will receive some payments.  This settlement also will give some funds back to states involved in this agreement.

In addition to the aid that is available for people and states, there are some other provisions that are a direct result of this National Mortgage Settlement.  One of the great things to come out of this is that it now appears that some Attorney Generals will oversee national banks.  Perhaps if there was supervision like this to begin with, this ordeal would not have escalated to the epic proportions we witnessed in the housing downturn.  To learn more about the new oversight, visit the official page www.nationalmortgagesettlement.com to read the specifics. Part of this settlement does address the issue of robo signing, but it does not necessarily deny all culpability.  For example, these banks can still be held liable for criminal activity they engaged in.  Not all conduct of the banks are resolved by this agreement. There also appears that other litigation might still be aimed at these entities focused on foreclosure practices, loan origination, and loan servicing too.

Now, this mortage settlement does not cover all borrowers. In fact, this settlement does not include all home loan lenders.  Some of the lenders involved in this settlement include Bank of America, JP Morgan Chase, Citi, Wells Fargo, and Ally GMAC.  In fact, the website provides telephone numbers for these entities too.  However, you need to know that if your loan is owned by Fanniemae or if it is owned by Freddiemac, you are not eligible for this settlement.  Unfortunately, that can be disappointing news for many looking for money from this national mortgage settlement.  As I have learned, many peoples’ home loans are held by Fannie Mae or Freddie Mac.  But look yours up to make sure.  You don’t want to throw away an opportunity to get aid if you are eligible.

One of the great things about this settlement is that there is relief for some who lost their homes to foreclosure between 2008 and 2011.  That is great news, as many people were affected by foreclosure during that time period.  If you were one of them and you had a loan from one of the aforementioned companies, you will definitely want to consult the site www.nationalmortgagesettlement.com to learn about the process. It appears that an administrator will mail you a claim form.  That claim form will be sent to people who are eligible, so check your mailboxes if you think you this applies to you.  Also, this might lead to cash compensation as well. Because all records might not be accurate, I would personally encourage you to follow up to ascertain if you are eligible.  You might even verify the address that they have on file to ensure you receive all proper documentation and correspondence to file your claim.

Now if you didn’t get foreclosed upon because you are current in your payments.  Help might be available to you as well.  The assistance you might receive might come in the form of refinancing your loan.  That could dramatically reduce your payments, as the 30 year fixed home mortgage rate has dropped considerably.  Being underwater is no fun and is quite frankly stressful.  If I were in a situation where I was current on my payment, but my home was worth less than I owed, I would seek out this program.  I think this is a great solution to help those with this difficult situation.  Check out the federal mortgage settlement to see if you can make a claim.  Get the help you need to make the best of a difficult home loan or foreclosure situation.  The nationalmortgagesettlement.com website was created to help people like you file a mortgage claim.

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