How Do I?
____
Topic Categories
Attorney General Masto announced a Nevada settlement with Bank
of America and a joint state-federal mortgage servicing settlement.
Though these two settlements will provide some relief to Nevadans
there, is still much work to be done to help homeowners, hold banks
accountable, and restore the integrity of the process. AG Masto
will continue criminal prosecutions and civil investigations of the
forelcosure crisis.
If you are a homeowner struggling to pay your mortgage or facing
foreclosure, or if you have already lost your home to foreclosure,
it is possible that this settlement could help you. Not every
homeowner will qualify for relief under the settlement.
Those who do qualify may receive various forms of relief depending
on their circumstances. Available forms of relief include: payments
to borrowers who were wrongly foreclosed upon; reduction of unpaid
principal balances; refinancing for borrowers whose homes are worth
less than the money they owe; and the opportunity for short sales
and other relocation assistance.
The mortgage servicers participating in the settlement agreement
are Citibank, JP Morgan Chase/Washington Mutual, Bank of America/Countrywide,
Wells Fargo/Wachovia, and Ally Financial. Borrowers should contact
their mortgage servicer to obtain more information about specific
loan modification programs and whether they qualify under terms
of this settlement.
Because of the complexity of the mortgage market and this agreement,
which will be performed over a three year period, Nevada borrowers
will not immediately know if they are eligible for relief.
For loan modifications and refinance options,
borrowers may be contacted directly by one of the five participating
mortgage servicers.
For borrowers who lost their home to foreclosure between Jan. 1, 2008
and Dec. 31, 2011, a settlement administrator designated by
the attorneys general will send claim forms to persons eligible
for cash restitution.
In any event, borrowers may contact their mortgage servicer to
obtain more information about specific loan modification programs
and whether the borrower may be impacted by this settlement.
For detailed information about the settlement, visit the
National Mortgage Settlement website.
Below are resources to assist you.