Tuesday, September 25, 2012

National Mortgage Settlement

Tennessee, along with 48 other Attorneys General and several federal agencies, reached an agreement with the nation's five largest servicers: Bank of America, Chase, Citi, GMAC/Ally Financial, and Wells Fargo. This national mortgage settlement provides relief to eligible homeowners such as loan modifications, refinance, forbearance, and short sales.

The settlement also sets out new servicing standards for the servicers to implement to improve communications with these servicers. For instance, the servicers must provide homeowners seeking loan modification assistance with a single point of contact regarding their situations. For more information about the settlement, please visit the national mortgage settlement website.

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