A Preliminary Guide to the National Mortgage Settlement – NYTimes.com

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Article from the New York Times briefly outlining three circumstances that would make you eligible for relief under the recent Nation Mortgage Settlement.  The five banks that are currently parties to the settlement are Bank of America, JP Morgan Chase, Citibank, Wells Fargo, and Ally Financial.

1) If you lost your home in foreclosure between January 1, 2008 and December 31, 2011 and your loan was owned or serviced by one of the five banks above, you may be eligible to receive a cash payment of $1,800 to $2,000.

2) If you are current on your mortgage, your interest rate is 5.25% or higher, and your mortgage is owned and serviced by one of the five banks listed above, you may be eligible for an interest rate reduction if your payment would be reduced by at least $100 per month.

3) If you are late in making your mortgage payments, or are at imminent risk of missing payments, you may be eligible for a modification to reduce the prinicipal owed on your mortgage, which would reduce your monthly payments.  Your loan must be serviced or owned by one of the five banks listed above to be eligible.

http://bucks.blogs.nytimes.com/2012/03/19/a-preliminary-guide-to-the-national-mortgage-settlement/

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