Settlement may bring relief to stressed homeowners

first_img State Attorney General Rob McKenna warned that it could take time for borrowers to find out whether they are eligible for relief, to be distributed over a three-year period. He said banks would contact borrowers in some cases. Consumers may also contact the banks directly for more information at:Bank of America: 877-488-7814Citigroup: 866-272-4749Chase: 866-372-6901GMAC: 800-766-4622Wells Fargo: 800-288-3212Source: Washington State Office of the Attorney GeneralFor more information, visit:National Mortgage SettlementWashington Attorney GeneralClark County homeowners who are sinking under a high mortgage payment or owe more for their house than it’s worth could be thrown a lifeline as part of a $25 billion national settlement.The deal translates to $648 million in benefits for Washington’s troubled homeowners and foreclosure victims, State Attorney General Rob McKenna said Thursday during a phone conference. Oregon will receive between $100 million and $200 million, officials from that state said.McKenna served on the eight-member executive team negotiating the landmark settlement with the nation’s five largest mortgage servicers, Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc., formerly GMAC.“In order to qualify, the homeowner must have a loan still owned by one of these five banks,” McKenna said.He explained that the bulk of the state’s settlement money would go toward helping mortgage holders who face imminent foreclosure.To that end, the five banks agreed to spend $17 billion — up to $483 million in Washington state — to modify a number of at-risk loans by reducing Test Captionlast_img read more

Read More →