The Attorney General has obtained a settlement from 5 different lenders; Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial formerly GMAC.
“Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement”. To find out if your loan is owned by Fannie or Freddie, click here: http://www.fanniemae.com/loanlookup/ and https://ww3.freddiemac.com/corporate/
Contact your bank to find out if you qualify for relief.
Some of the benefits include: payment to people that were erroneously foreclosed on; reduction of principal balances; eligibility to refinance; pre-approval to short sell, and relocation assistance. You can begin speaking to your lender now, but it will take time, as the commitment period is 3 years. If you’ve already been foreclosed between Jan 1, 2008 – December 31, 2011, you may be entitled to some cash.
Some of the benefits include: payment to people that were erroneously foreclosed on; reduction of principal balances; eligibility to refinance; pre-approval to short sell, and relocation assistance. You can begin speaking to your lender now, but it will take time, as the commitment period is 3 years. If you’ve already been foreclosed between Jan 1, 2008 – December 31, 2011, you may be entitled to some cash.
Do you qualify for a refinance?
1) Your mortgage MUST BE SERVICED AND OWNED by one of the aforementioned lenders. our mortgage must be serviced and owned by one of lenders in the settlement.
2) Your mortgage payments must be current.
3) You must be underwater with an interest rate of 5.25% or higher.
4) No VA loans, FHA loans, manufactured homes.
5) No bankruptcies in the last 2 years.
How does one qualify for a principal reduction?
1) The value of your home MUST BE less than principal balance.
2) You MUST have missed a payment.
Feel free to call or email me with any questions: Nidia Nuristani (408) 836-2457, nidia@hbrealtyinc.com
