National mortgage settlement provides $45 billion in homeowner relief

National mortgage settlement provides $45 billion in homeowner relief

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Almost one year after the national mortgage settlement, 550,000 homeowners received support due to the nation’s largest mortgage servicers distributing $45.83 billion in direct relief, according.

national mortgage settlement provides more than $10 million in relief to distressed alaska homeowners ANCHORAGE – The nation’s largest mortgage servicers have distributed $10,909,640 in direct relief to 174 distressed Alaska homeowners or about $62,699 per homeowner as part of the National Mortgage Servicing Settlement according to an update.

$25 Billion Agreement Provides Homeowner Relief & New Protections, Stops Abuses. At least $3 billion will go toward refinancing loans for borrowers who are current on their mortgages but who owe more on their mortgage than their homes are worth. Borrowers who meet basic criteria will be eligible for the refinancing,

The nation’s largest mortgage servicers have distributed $45.83 billion in direct relief to over 550,000 homeowners, or roughly $82,000 per homeowner as part of the National Mortgage Settlement, according to a progress report released today by independent settlement monitor joseph A. Smith of the Office of Mortgage Settlement Oversight.

WASHINGTON – The nation’s largest mortgage servicers have distributed $45.83 billion in direct relief to over 550,000 homeowners, or roughly $82,000 per homeowner as part of the National Mortgage Settlement, according to a progress report released today by independent settlement monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight.

KEY PROVISIONS OF THE SETTLEMENT. The servicers were required to provide up to $17 billion in principal reduction and other forms of loan modification relief nationwide. They ended up providing over $50 billion in gross relief which translated into $20.7 billion in credited relief under the terms of the Settlement.

WASHINGTON – Given the huge public and private resources now being devoted to helping financially distressed homeowners – including the recently announced $25 billion national. mortgage servicers.

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The five mortgage servicers involved in last year’s $25 billion settlement over servicer errors and abuses have now distributed an average of $82,000 in relief to each of 550,000 homeowners.

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