February 9, 2012, 12:17 p.m.
Homeowners who were affected by the collapse of the housing market and a wave of foreclosure abuses may get a share of the $25-billion settlement announced Thursday morning.
The up to 2 million people who are struggling to make loan payments, owe more than their homes are worth or have already lost their homes could receive aid from the nation’s five largest mortgage servicers that settled with federal officials and 49 state attorneys general today.
Though it is unclear exactly how much money each homeowner might receive, officials have estimated that about $17 billion will go to current homeowners, to help reduce the principal they owe on their mortgages, while people who have already lost their homes can expect to receive checks for $1,500 to $2,000.
The National Mortgage Settlement has prepared some immediate answers for homeowners wondering how to get their share of the settlement:
Q: What is a mortgage servicer and how do I know who services my loan?
A: The company that you make your monthly payment to is your mortgage servicer. Your mortgage servicer may or may not be a lending institution and may or may not own your loan. Many of the loans administered by servicers are owned by third-party investors.
This settlement involves the nation’s five largest mortgage servicers and you may reach them at the 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.
Q: How will I know whether this settlement affects my situation?
A: Only homeowners in the states who joined the settlement are eligible for benefits under this settlement. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.
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