National Mortgage Settlement

After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers including Ally/GMAC, Wells Fargo, Bank of America, Citi and JP Morgan Chase.  The proposed agreement provides an estimated $25 billion nationwide and $8.4 billion in relief to Florida homeowners and addresses future mortgage loan servicing practices. 

More information can be found at the National Mortgage Settlement website at http://nationalmortgagesettlement.com/

NOTE:  All services offered through this program are FREE.  You should not pay anyone for assistance through the National Mortgage Settlement.  Beware of scam and fraudulent websites!

Who is eligible?

This settlement involves the nation’s five largest mortgage servicers and in order to receive any benefits through you will need to know who services your mortgage. The company that you make your monthly payment to is your mortgage servicer.  Web sites and phone numbers below:

 

·        Ally/GMAC: 800-766-4622

·        Bank of America: 877-488-7814

·        Citi: 866-272-4749

·        JPMorgan Chase: 866-372-6901

·        Wells Fargo: 800-288-3212

 

Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:

 

·         http://www.fanniemae.com/loanlookup

·         http://www.freddiemac.com/mymortgage

 

These sites will also include information about mortgage and foreclosure programs you may be eligible to access. Both Freddie Mac and Fannie Mae have other programs that may be able to assist you.