Details are coming out on the Obama Administration's agreement with banks and
State's Attorneys General with regards to forgeries of documents relating to foreclosures...
This article puts for the idea that the nature of this agreement shifts the motivation
of banks from foreclosure/eviction over to mortage adjustments.
Below is a brief summary of the people who will be eligible for either $ payments
or re-adjustments of the conditions or principal of their mortages.
Northwest Herald (Illinois)
2/11/12
Our view: Mortgage pact will help
<snip>
Because of the complexities of the deal, it could be months before individuals know
for certain if they qualify and how. But generally, here’s who will be eligible to apply for relief:
• Anyone who lost their home between Jan. 1, 2008, and Dec. 31, 2011,
and made mortgage payments through Bank of America, Wells Fargo, Chase, CitiGroup or Ally Bank (formerly GMAC).
• Anyone who owes more than their home is worth, who is 30 days or more behind
on mortgage payments, or anyone who is at risk of falling behind on mortgage payments
and who makes payments to one of those five servicers.
• Anyone who owes more than their home is worth, is current on
their mortgage, and makes payments to one of those five servicers.
Homeowners who lost their home will be entitled to direct payments of $2,000.
Homeowners who still have their home have various refinancing and mortgage
reduction options through their servicers.
Those who are behind on payments are asked to contact the servicer or state attorney general’s office.
Those who are current will be contacted by their servicer if they are eligible for refinancing.
Only current homeowners with mortgage rates above 5.25 percent who
have been current for the past 12 months are eligible to be contacted.
For more information, call 866-544-7151, visit[your state's attorney general]
or visit
www.nationalmortgagesettlement.com.