Here is the latest summary of the “big” foreclosure settlement from the foreclosure abuses by the banks, robo-signing documents and creating fraudulent documents: You may be entitled to some money (maybe $2,000.00) if your house was already foreclosed on. If so, you’ll get some forms to fill out. The government settlement may allow you to get some money knocked off of your mortgage, but there are very strict rules. We won’t know for 6 months or more exactly who will qualify. And, if your mortgage is held by the government agencies Fannie Mae or Freddie Mac, you won’t qualify. The settlement may help homeowners who are current in their loans refinance at a lower rate.
There will be more details to follow, but don’t count on much in terms of direct relief. If you have specific questions about how to deal with your home mortgage, call us.
Daniel J. Winter
LAW OFFICES OF DANIEL J WINTER
53 W. Jackson Boulevard–Suite 725
Chicago, IL 60604