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Federal and state governments recently settled a major agreement with the country’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. 

Over the next three years, the settlement funds will be used for:

• principal reduction and loan modifications - up to $17 billion in direct relief;
• refinancing at lower interest rates - up to $3 billion in direct relief; and
• relief to about 750,000 borrowers who lost their home to foreclosure - $1.5 billion.

Georgia had the fourth highest foreclosure rate in the U.S. last year and its share of the settlement would be more than $814.7 million.

Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance. Then, over the next six to nine months, homeowners eligible for relief will be identified and contacted directly.

The settlement has an informational website: http://www.nationalmortgagesettlement.com/

You may contact your bank directly if you need additional information:

Ally/GMAC: 800-766-4622
Bank of America: 877-488-7814
Citi: 866-272-4749
JPMorgan Chase: 866-372-6901
Wells Fargo: 800-288-3212

Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:

http://www.fanniemae.com/loanlookup/
http://www.freddiemac.com/mymortgage


If you have additional questions, you may want to visit: http://www.nationalmortgagesettlement.com/faq