AG hopes to offer details on mortgage settlement - KMOV.com

AG hopes to offer details on mortgage settlement

(KMOV) -- Starting the week of March 26th, Assistant Attorney Generals will meet with people in every Missouri county to talk to people who could qualify for foreclosure help, following a $25 billion dollar national settlement with five major lenders.

The settlement with Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial (GMAC) is meant to force lenders to do more to help people who are underwater stay in their homes.  Lenders would also have to pay people who have already lost their homes between January 1, 2008 and December 31, 2011 around $2,000 each.

There are big exceptions, though.

Loans owned by Fannie Mae and Freddie Mac are not eligible.  Loans insured by the Federal Housing Authority are also exempt.

"Most people don't know who owns their loan.  They know who services their loan, meaning you pay Bank of America, Wells (Fargo), Chase but that may not be who actually owns your loan," said Chris Krehmeyer of Beyond Housing.

The non-profit group says it's trying to answer questions for its clients, but details are slow in emerging.  Krehmeyer says he hopes the Missouri Attorney General's Office's forums will fill in the blanks.

"If they have any more information than what's available today, that'd be great."

The Missouri Attorney General is asking homeowners to register their foreclosed address with the state.  So, as more information becomes available, the office can contact you.
You can do that here: www.consumer.ago.mo.gov/mortgageSettlement.php

Here's where the forums will be held:  ago.mo.gov/newsreleases/2012/pdf/CountyForums.pdf

Here's how to look up whether your loan is owned by Freddie Mac: ww3.freddiemac.com/corporate/

Here's how to look up a loan with Fannie Mae: www.fanniemae.com/loanlookup/

The Illinois Attorney General is asking homeowners to call this hot-line 1-866-544-7151 or check this website:  illinoisattorneygeneral.gov/consumers/bankforeclosuresettlement.html

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