In February 2012, 49 state attorneys general and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers … Ally/GMAC, Bank of America, Citi, JPMorgan Chase , and Wells Fargo.
The agreement settles state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law.
The National Mortgage Settlement (NMS) provides as much as $25 billion in relief to distressed borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service, and direct payments to signing states as well as the federal government.
In Arizona, the NMS is administered by the Attorney General’s office. There is a wide range of statewide assistance programs that could benefit someone facing challenges to pay their mortgage.
In an article in the July/August issue of the Arizona Journal of Real Estate & Business, these programs were explained in some detail.
More information is available at www.arizonamortgageresource.org or by calling 1-855-256-2834.