Servicers begin using HAMP for AG settlement relief

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The Attorney General has obtained broad-ranging settlements from many major banks. 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 these settlements could help you. Not every homeowner will qualify for relief under the settlements.

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AG settlement clears BofA from HAMP lawsuit.. The bank said it was providing $11 billion in relief and fines with the agreement.. Servicers begin using HAMP for AG settlement relief.

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To encourage servicers to provide relief quickly, there are incentives for relief provided within the first 12 months. Servicers must reach 75 percent of their targets within the first two years. Servicers that miss settlement targets and deadlines will be required to pay substantial additional cash amounts.

After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC Bank of America Citi jpmorgan chase wells fargo This bipartisan settlement will provide as much as $25 billion in: Relief to distressed borrowers in the [.]

mha sunset overview servicer training 2 MakingHomeAffordable|September2016 4 HAMP Effective September 1, 2016 servicers are no longer required to proactively solicit nor satisfy the ReasonableEffort standard with respect to borrowers who becameeligiblefor HAMP after that date.

Nationstar a.k.a. Mr. Cooper settles with Massachusetts Attorney General for allegedly failing to offer loan modifications, and, in some cases, even foreclosing illegally. The settlement is worth millions of dollars in relief to homeowners.

The servicers were required to provide up to $17 billion in principal reduction and other forms of loan modification relief nationwide. They ended up providing over $50 billion in gross relief which translated into $20.7 billion in credited relief under the terms of the Settlement.

Avoid these 6 mortgage relief scams. Homeowners trying to avoid foreclosure are stressed and scared. They have become a prime target of con artists who prey on vulnerable people.

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