Wondering what the $25 Billion foreclosure settlement means to YOU?
This article from the Wall Street Journal sums it up nicely -->
http://www.scoop.it/t/atlanta-ga-real-estate/p/1211764260/q-a-what-the-pact-means-
The eligibility criteria is a bit complicated, but if you had or have a loan with one of the "BIG 5" mortgage companies, you may be eligible for one of the following:
(1) A reduction of the principal on your mortgage (this applies if you are late on your mortgage payments and/or are in danger of foreclosure
(2) Option to refinance at today's interest rates (you have to be current one your mortgage payments)
(3) Possible small cash award if your home was foreclosed in the 2008 to 2011 timeframe.
Based on the information in the article, your loan cannot be a Fannie Mae or Freddie Mac (government) backed loan.
Also, this settlement is SEPARATE from the up and coming enhancements with Home Affordable Refinance Plan (HARP).
A little confusing, but we'll do our best to keep you informed!
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