The National Mortgage Settlement can best be described as a policy where the lenders, banks, loan servicers and mortgage companies agreed with the state attorneys general to provide mortgage debt relief to struggling homeowners
These homeowners and mortgagees may or may not be delinquent or in default on their mortgage payments.
These homeowners have negative equity or are upside down on their home because it is worth less than they owe on their mortgage loan.
These homeowners may have only first mortgages on their home or both first and second mortgage payments on their home and are having problems making the monthly payments or have missed payments.
Past borrowers of mortgages and past homeowners who have lost their home to a foreclosure between January 1st, 2008 and December 31st 2011.
Important Note; At the time of this writing, if your mortgage was owned by Freddie Mac or Fannie Mae you would likely not be eligible for this National Mortgage Settlement under their current guide lines.
Not sure if your loan is owned by Freddie Mac or Fannie Mae?
You can determine whether your loan is owned by either Freddie Mac or Fannie Mae by checking the following websites:
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