Cheryl Answers… Your Questions about the $25 Billion Mortgage Settlement just announced from Washington

So, what does this massive settlement mean to YOU ?

If you fall into the 3 categories below you may benefit from this agreement…

•Homeowners who need loan modifications to stay in their homes. Loan servicers have agreed to write off some principal in these cases, which would help homeowners refinance at lower monthly payments.

•Homeowners who are current on payments but underwater, meaning they owe more than their home is worth. Servicers will help some of these owners refinance at current rates, which are at or near record lows.

•Homeowners who have lost their homes to foreclosure. Some of these former owners will be eligible for refund payments.  $1.5 billion will be distributed to 750,000 borrowers, which works out to approximately  $2,000 per person.

The five banks that agreed to the settlement are Bank of America, Wells Fargo, GMAC/Ally Bank, Chase and Citi Mortgage. Due to the complexity of the situation, you may not know right away if you are eligible. However, if your loan is or was with any of the above, the settlement provides that the banks will be contacting homeowners within 60 days as to your eligibility.

If you would like to check on your own go to the following website that has been set up in regards to the National Mortgage Settlement

P.S. Oklahoma homeowners are not eligible as OK did not participate in the program!


Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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