·
The five banks that are taking part in the current
settlement are: Bank of America, Ally, Chase, CITI, and Wells Fargo. This
settlement will not currently affect loans owned by other banks or Freddie Mac
and Fannie Mae.
·
The $25 Billion settlement will be allocated as
follows
o
$5 billion in $2,000 payments to borrowers who
were fraudulently foreclosed on between Jan 1 2008 and Dec 31 2011
o
$10 billion allocated to borrowers who are
delinquent on their mortgages now
o
$7 billion to assist homeowners in short sales, forbearance,
relocating, and other alternatives
o
$3 billion allocated to help borrowers who owe
more than the value of their home
·
Current Time line for this settlement
o
30 to 60 Days from March 1st 2012
Negotiators will select an administrator to handle the settlement logistics and
fulfillment
o
6 to 9 months form March 1st 2012
Administrator with state attorney generals will identify homeowners who are
eligible for cash payments and notify them by mail
o
3 years the settlement should be completed by
the banks
·
Other notes of interest
o
Money will be distributed differently for different
states with California receiving the most at $12 billion
o
Oklahoma is the only state that is not a party
to this settlement as they will create their own agreement worth $18.6 billion.
I will continue to update information about the Robo-Signing
settlement as more details become available.
If you have questions about your unique Real Estate
situation I encourage you to contact me at bret.wilson@remax.net or 214-315-9465
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