Nebraska homeowners will have the opportunity to benefit from the $25 billion agreement with the nation’s five largest banks which settles a probe into abusive foreclosure practices.
“This settlement provides protections for consumers dealing with the difficult issue of mortgage foreclosure,” said Nebraska Attorney General Jon Bruning in a written statement. “It also provides clear guidelines for how these mortgage servicers should operate going forward.”
The settlement requires the five largest mortgage service providers to offer homeowners a single point of contract, adequate staffing and better communicate with borrowers. The five also have agreed to drop improper fees.
The five banks in the settlement must allocate $17 billion in assistance for homeowners on the brink of foreclosure. A wide range of assistance will be made available. The agreement will be executed over a three-year period.
The Attorney General’s office says the complexity of the mortgage market and the agreement will make it difficult for borrowers to know if they are eligible for relief. The banks have been instructed to make a vigorous search to identify eligible borrowers.
Borrowers who think they may qualify for loan modifications may wish to contact banks directly:
· Bank of America: 877-488-7814
· Citi: 866-272-4749
· Chase: 866-372-6901
· GMAC: 800-766-4622
· Wells Fargo: 1-800-288-3212
For the details, latest information and/or updates on the settlement, visit: www.NationalMortgageSettlement.com.