What do you know about the National Mortgage Settlement of 2012 as a Homeowner?
Well it is the largest dollar settlement since the 1998 tobacco settlement and it provides up to $25 billion in help to distressed
homeowners, states and federal government from the country’s largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. It was reached in February 2012. This is important to all Rhode Island real estate homeowners struggling to pay their mortgage.
- Over the next six to nine months, the settlement administrator, attorneys general and the mortgage servicers will work to identify homeowners eligible for the immediate cash payments, principal reductions and refinancing. Those eligible will receive letters.
- This settlement will be executed over the next three years.