Borrowers who are struggling to pay their mortgages, are facing imminent foreclosure, or have been foreclosed upon may have a shot at benefits through an $18 billion mortgage settlement California will receive through a multi-state mortgage deal.
The California Attorney General’s Office estimates 466,000 homeowners in the state may qualify for several types of relief including principal reductions, loan refinances, restitution for foreclosure abuses and the chance at short sales.
The FAQ below is based on information from nationalmortgagesettlement.com and the California Attorney General’s Office.
How do I know if I qualify for benefits?
You must have a home loan that’s owned or serviced by one of the five banks in the settlement. Contact your mortgage servicer for more information.
Read more at: http://www.utsandiego.com/news/2012/feb/09/what-borrowers-should-know-about-califs-18b-deal-b/
Disclaimer: for information and entertainment purposes only
Green Real Estate Appraiser 