Some Mortgage Relief for Connecticut Home Owners is Coming
There may be some relief for home-owners in Connecticut that were victims of the robo-signing scandal. A $25 Billion dollar settlement with the 5 largest mortgaging servicing banks will see almost $200 million dollars find its way into Connecticut.
The 5 banks identified in this settlement are Chase, Wells Fargo, Bank of America, Ally Bank formerly GMAC and JPMorgan Chase.
Of importance in this settlement is the reality that banks should be easier to deal and communicate with for borrowers. The frustrations of getting passed along form one bank employee to another with the
The settlement has the potential to help many Connecticut home owners who have mortgages with these banks to recover and get bank from the potential of foreclosure. It could also result in changes to mortgages including reductions in loan principal. The servicers have three years to meet the terms of the settlement.
There are an additional 9 loan servicers under scrutiny, which could bring relief for other borrowers.
As part of the settlement, banks are required to reach out to their borrowers, however, the contact numbers for these banks are as follows, for those people who do not want to wait:
Bank of America: 877-488-7814
Citigroup: 866-272-4749
JPMorgan Chase: 866-372-6901
Ally/GMAC: 800-766-4622
Wells Fargo: 800-288-3212.
The full text of the article from the Hartford Courant can be read here.
Some relief for Connecticut home owners is here, and hopefully more will follow.
Some Mortgage Relief for Connecticut Home Owners is Coming
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Ed Silva RE/MAX Professionals, www.edwardsilva.com 203-206-0754
Ed, let's hope this isn't just more "lip service" from the big banks. There have been so many incentives and mandates over the last few years and so little relief. I hope this helps out Connecticut and all US homeowners.
Good evening, ED. I think that overall, the $25B was a joke. Look at how much they made in profits as compared to those who lost their homes. Poor trade off...
Finally some good news and a silver lining for Conneticut. What a great service you provided people by supplying the phone numbers for the banks because who would want to wait for the bank to contact them!
Juli, I don't believe it will be lip service. Our state banking Commission have really been riding the banks to help out the home owner
Michael, no doubt there is an inequity in the reality, but some help is better than none
Hey guys, people need help and the more information that is made available the better
It will be interesting to see how this will play out. I believe Maryland is also a recipient.