Itwas announced this week that a major settlement was agreed upon with thenation's five largest loan servicers including Wells Fargo, Bank of America,Citi, JP Morgan Chase and Ally/GMAC. The settlement will provide as much as $25billion to help distressed homeowners and participating states and governments.The agreement settles state and federalinvestigations finding that the country's five largest loan servicers routinelysigned foreclosure related documents outside the presence of a notary publicand without really knowing whether the facts they contained were correct.Both of these practices violate the law.
The money from the settlement will now be used to aid homeownersneeding loan modifications, provide aid to borrowers who are current but whosemortgages exceed their home's values, and finally, immediate payments toborrowers who lost their homes to foreclosures.
What does this mean to Denver homeowners? It means that ifyou are struggling to make your mortgage payments but desperately want to keepyour home, you might be in luck. Visit the official website herefor more information on who to contact for aid from this settlement. And if youlost your home to foreclosure, make sure to visit the website for moreinformation on if you qualify for aid as well. It is a historic settlement andonly time will tell how much it helps.
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