February 9th, 2012
Posted in 
After 16 months of negotiations, five of the nation’s top lenders have reached an agreement with state and government officials regarding their illegal mortgage practices.
The U.S. Justice Department, Department of Housing and Urban Development and state attorneys announced today that Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. have reached a $25 billion settlement with 49 states and the federal government.
“We need to keep doing everything we can to help homeowners and our economy,” said President Obama, at the Eisenhower Executive Office Building in Washington, where he was joined by administration officials and several attorneys general.
According to the president, the settlement will finally begin to right the wrongs of the lenders, who engaged in several fraudulent mortgage practices, such as “robo-signing” foreclosure documents without reading them over, leading to thousands of homeowners being put out of their properties needlessly.
The agreement includes a $1.5 billion payment to roughly 750,000 homeowners that lost their properties to foreclosure. Another $17 billion will pay for mortgage debt forgiveness and other homeowner assistance programs, while roughly $3 billion will help refinance interest rates for borrowers.
The settlement marks the largest federal-state civil settlement in U.S. history, but could actually grow to $40 billion if the nation’s next nine largest mortgage companies sign on to the agreement.
If you have recently been struggling with your mortgage payments or have already received a notice of default, do not fret, help is available to you right now. Contact a skilled team of foreclosure attorneys to fight for your rights as a homeowner and prevent the seizure of your property.
Foreclosure attorneys do whatever it takes to ensure your home does not get repossessed, no matter how much you owe. These are tough economic times we are living in, leading to a vast number of homeowners defaulting on their loans. Regardless of whether you owe money to lenders because of job loss, pay cuts, or any other reason, your foreclosure attorney will see it to it that an alternative plan to seizure is arranged.
Call a leading foreclosure attorney today to get started on your case.
Tags: Bank Of America, Bank Of America Corp, Chase Co, Citigroup Inc, Civil Settlement, Debt Forgiveness, Department Of Housing And Urban Development, Economic Time, Homeowner Assistance, Housing And Urban Development, Jpmorgan Chase, Mortgage Companies, Mortgage Debt, Mortgage Payments, Mortgage Practices, Notice Of Default, Property Foreclosure, Skilled Team, State Attorneys, Wells Fargo Co
I was told by Feebie at Midland Mortgage that they did not participate in this program. Is this program not for all NC residents? Midland Mortgage also say they don’t refinance NC mortgages.