Straight from the Top!

Twenty-five billion dollars (this is what it looks like with a dollar sign $25,000,000,000) for distressed homeowners in the 49 state settlement with five of the nation’s largest lenders; Ally/GMAC, Bank of America, Citi, JP Morgan Chase, and Wells Fargo. The benefits are for borrowers whose loans were owned or serviced by these lenders.

This is a very large and complex settlement and it appears not all the details have been worked out, but based on the research I have done, it appears the settlement will benefit homeowners and borrowers in several areas including but not limited to:

· Allow thousands of distressed homeowners to complete loan modifications and stay in their homes.

· Require lenders who are handling the foreclosure and loan modification programs to complete them accord to standardized procedures and predetermined timelines.

· Lenders are required to provide a single point of contact

· Loan servicers are required to speed up and consolidate the sales process on short sales

· Provide funds to certain victims of foreclosures

Stay tuned and we will continue to update you with the information as we get more information from the State Attorney’s office.