{"id":331,"date":"2012-02-09T19:50:48","date_gmt":"2012-02-09T19:50:48","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=331"},"modified":"2012-02-16T16:16:47","modified_gmt":"2012-02-16T16:16:47","slug":"historic-mortgage-settlement","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/historic-mortgage-settlement\/","title":{"rendered":"Historic Mortgage Settlement Worth $26 Billion"},"content":{"rendered":"

\"Mortgage<\/a>Remember those huge bailouts that came from the government to help bailout the banks at the bottom of our recent economic downturn?\u00a0 Well it seems another historic bailout is on its way.\u00a0 This bailout aims to help one million American homeowners that are in desperate need of mortgage relief.\u00a0 Who is this bailout coming from though?\u00a0 The deal came from five mortgage servicers that realized there was something they could do to help boost the housing market back to where it belongs.\u00a0 Those five companies were Bank of America, JP Morgan Chase, Citigroup, Ally Financial and Wells Fargo.<\/p>\n

This settlement is being considered historic as it could be the biggest ever seen within one-single industry.\u00a0 The settlement, as it stands, is worth $26 billion but there is the possibility the settlement could spread to $30 billion if some other servicers sign on for the plan.\u00a0 As of right now it seems that $17 billion will go towards helping one million homeowners with their mortgages.\u00a0 One billion will be given to the federal government.\u00a0 Another three billion will be used to help the servicers to refinance borrowers in today\u2019s historically low rates.<\/p>\n

Besides the above, it\u2019s expect that hundreds of thousands of American borrowers could receive a pretty penny if they had lost their homes to foreclosure anywhere from within to 2008 to the end of the year in 2011.\u00a0 These homeowners could receive an average of $1,500 to $2,000.<\/p>\n

If the relief is not extended within the next three years, the servicers will be forced to pay the remaining part of the settlement in cash.\u00a0 There is an encouragement plan being put into place to try and get the servicers to work harder right out of the gate so we can see vast improvements to the housing market.\u00a0 That plan states that if the servicers refinance and modify enough loans within the first year, they\u2019ll receive more credit.<\/p>\n

We have seen a lot of help come to those borrowers of loans owned and guaranteed by Fannie Mae, Freddie Mac<\/a> and even the Federal Housing Administration.\u00a0 The vast majority of the assistance will be for those borrowers with loans underneath the five servicers that initially agreed to the settlement.<\/p>\n

Eligibility for Assistance through the $26 billion Dollar Settlement<\/h2>\n

Homeowners may be eligible for for assistance through the historic mortgage settlement if your loan was serviced by one of the five large mortgage servicers that agreed to the settlement. These mortgage servicers include: Ally\/GMAC, Bank of America, Citi, JPMortgage Chase, and Wells Fargo.\u00a0 The exact details of the plan have net yet been released therefore borrowers may not immediately know if they are eligible for the settlement.\u00a0 If you are eligible to receive money, you will be notified by mail.\u00a0 For more informotion on eligibility for mortgage assistance, contact your servicer using the information below.<\/p>\n

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Ally\/GMAC<\/span><\/a>: 800-766-4622<\/p>\n

Bank of America<\/span><\/a>: 877-488-7814<\/p>\n

Citi<\/span><\/a>: 866-272-4749<\/p>\n

JPMorgan Chase<\/span><\/a>: 866-372-6901<\/p>\n

Wells Fargo<\/span><\/a>: 800-288-3212<\/p>\n

U.S. Department of Housing and Urban Development<\/span><\/a><\/p>\n<\/div>\n<\/div>\n<\/section>\n

Can I benefit from the Mortgage Settlement?<\/h2>\n\n
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    Request Information Now!\n\t<\/p>\n<\/div>\n

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