Robo-signing settlement Information For Foreclosed Sellers
On February 9th, 2012, the United States Department of Justice announced a settlement with five major banks accused of robo-signing and other fraudulent foreclosure practices. Here are the major details of the settlement:
What’s The Settlement Worth?:
· $25 billion dollars (with additional $4 billion pending the sign-on of 9 small banks).
Participating Banks:
· BOA, ally, Chase, Citi, Wells Fargo
30-60 Days: Negotiators will select an administrator to handle logistics of the settlement and monitor compliance.
6-9 Months: The settlement administrator and attorneys general will identify homeowners eligible for immediate cash payments and notify them by mail.
3-Years: The settlement should be completed by the banks.
Additional Notes: Robo-signing practices are forbidden. Fannie Mae & Freddie Mac insured loans are not impacted by this settlement. Special recourse is in place for Servicemembers. Money will be distributed differently for different states.
Important Links:
http://www.nationalmortgagesettlement.com
To determine if a loan is ineligible due to insurance by Freddie or Fannie:
http://www.fanniefae.com/loanlookup
http://www.freddiemac.com/mymortgage
I hope this helps everyone as my telephone has been ringing for information on the settlement. If you have questions please don’t hesitate to call me and I will help in any way possible.
Steve Wadkins CDPE Realtor®
702-281-8288
Realty ONE Group/Wadkins Home Team
www.LasVegasShortSaleHotLine.com