How the National Mortgage Settlement Affects You
Through the National Mortgage Settlement, the country’s five biggest mortgage servicers must commit about $25 billion in relief to individuals and governments because they broke the law in how they managed home loans.
It will take time to figure out which individuals are eligible for help from the settlement. If you are eligible, you should receive a letter in the next 6 to 9 months.
In the meantime, you can learn about the National Mortgage Settlement from its website, including
The settlement will provide assistance for eligible
- Homeowners needing loan modifications
- Borrowers who are current, but underwater and in need of refinancing.
- Borrowers who lost their homes to foreclosure.