BUT NOT IF YOU WAIT---The money will not go far.
SO—ON YOUR WAY TO A MODIFICATION TO REDUCE YOU PAYMENTS YOU MAY
ALSO RECEIVE A REDUCTION ON THE BALANCE OF YOUR LOAN.
At least $10 billion of the settlement will go toward reducing the principal loans balance for borrowers
who, as of the date of the settlement are delinquent and imminent risk of default
and owe more on their mortgages than their homes are worth.
The Obama administration has estimated that up to 1 million homeowners could benefit from
the deal through mortgage write downs [loan balance reductions] and other forms of relief.
[Note ---I do not believe anything the feds say----but this is a court order.]
The core group of banks involved in settlement talks are
Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co,
Citigroup Inc and Ally [GMAC] Financial Inc
Under the terms of the agreement, the above banks/servicers are required to collectively dedicate
$20 billion toward various forms of financial relief to borrowers.
We think other banks/servicers will also agree to reduce loan amounts or they will sue by the 50 state attorneys generals.
Up to $7 billion will go towards other forms of relief, including forbearance of principal for
unemployed borrowers and benefits for service members who are forced to sell their home
at a loss as a result of a Permanent Change in Station order, and other programs.
The Office of the Comptroller of the Currency also said on Thursday that
Bank of America, Citigroup, JPMorgan and Wells Fargo have agreed to pay a penalty of
$394 million as part of a settlement they reached in April 2011 with regulators over foreclosure abuses.-[-translation--crimes]
Hmmmm If you did any of the illegal things those 5 lenders did they would throw you in jail but they are free and making millions and one days profit will more then cover the fines.
Dean 877-244-0612 or 877-824-8724 x103