An historic settlement agreement has been reached between the federal government, 49 states, and the nation’s five largest mortgage servicers, Bank of America, Citi, JP Morgan Chase, Ally/GMAC and Wells Fargo. The Settlement was entered into after investigations found that these servicers routinely signed foreclosure documents in violation of federal law. The settlement is intended to provide benefits to borrowers whose loans are or were owned or serviced by these banks. Unfortunately, it’s unlikely that borrowers will get any immediate help from the agreement, which is to be executed over the next three years. Those borrowers who are eligible for assistance under the agreement are slated to receive written notice in the next six to nine months. To find out more, visit the settlement website http://nationalmortgagesettlement.com/.
