MORTGAGE LOAN COMPLIANCE®

According to JPMorgan Chase and four other mortgage servicers sites certain mortgages will soon be eligible for refinance, modification, short sale or other programs to help customers facing mortgage payment hardship.

While this settles mortgage servicing issues with federal and state agencies the obvious question is will the settlement programs actually supplement existing loan refinances, modifications and other alternatives to foreclosure programs that will help keep borrowers in their homes, forestall foreclosures and stabilize communities nationwide.

As we have seen with previous settlements, Lenders and Servicers typically continue to act in bad faith leaving most homeowners with no other option than to sue the lender themselves.

This settlement program renews borrowers hope, but read the fine print of some the options that may be available to you.

1. If your foreclosure occurred between 2008 and 2011: You may be eligible for a cash payment by contacting your state attorney general's office online. Those eligible will be notified by mail and according to the attorneys general website, this may take six to nine months. The state attorneys general and the Federal Housing Administration (FHA) insurance fund will receive and distribute funds to homeowners who qualify.

2. Current on your payments and interested in refinancing your loan: Your lender or service will notify you by mail if you are eligible for a refinance through the settlement in the next few months.

So, if you qualify, you may be contacted in the next few months while your home prices or values continue to decline.

If you were foreclosed on you could get up to $2,000, if you qualify.

Even though most homeowners have negative equity greater than $50,000; a Principal reductions of up to $20,000 may be available to you, if you qualify.

Finally, if you are delinquent or struggling to make your payments you must apply for a loan modification or other alternatives to foreclosure, but you may not qualify.

Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights.

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Mortgage Loan Compliance® | The Forensic Loan Audit Company

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