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Consumer Credit & Loans National Mortgage Settlement

National Mortgage Settlement
North Carolina played a lead role in the landmark national mortgage settlement with the country’s five largest mortgage loan servicers: Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase and Wells Fargo.

The settlement will provide as much as $338 million in assistance to North Carolina consumers and will help struggling homeowners by reducing principals and refinancing mortgages at lower interest rates. 

It also includes new rules for mortgages that prohibit many past foreclosure abuses, such as robo-signing and inadequate documentation, and will prevent unnecessary and improper foreclosures.
The settlement is expected to help all homeowners, not just those eligible for direct relief, by reducing foreclosures and stabilizing home values.

 
How consumers can find out if they are eligible  
Because the settlement agreement is complex and individual loan terms vary, borrowers will not immediately know if they are eligible for relief.  Some mortgage servicers will be contacting eligible borrowers directly about loan modification or refinance options. 

However, if you have a loan with one of the five participating mortgage servicers and are experiencing difficulty in making payments, you should contact your mortgage servicer directly at the following numbers:
 
  • Bank of America: 1-877-488-7814
  • Citi: 1-866-272-4749
  • Chase: 1-866-372-6901
  • Ally (formerly GMAC): 1-800-766-4622
  • Wells Fargo: 1-800-288-3212

 

Direct payments to foreclosure victims:
Checks are being mailed June 10-17, 2013 to eligible consumers who had their mortgage serviced by one of the settlement’s five participating banks, lost their home to foreclosure between January 1, 2008 and December 31, 2011, and submitted a valid claim form. 

Some consumers will not receive a check in the initial mailing or will receive a split payment for the following reasons:
  • In situations where borrowers are divorced or separated and no longer live at the same address, the payment will be evenly split between the borrowers.

  • Consumers who submitted a claim form but do not have a valid Social Security number on file will be delayed in receiving their payments while tax-related issues are addressed.

  • Two servicers recently identified an additional 31,000 consumers who may be eligible for payments. These consumers will receive a notice later this summer and will have the opportunity to submit a payment application.

Consumers with questions about their payment should call settlement administrator Rust Consulting at 1-866-430-8358.
 Learn more about the settlement
For more information about the settlement, please visit: www.nationalmortgagesettlement.com or read our news release.

See also information about how the settlement will benefit North Carolina's economy.

Read updates on the settlement from the Office of Mortgage Settlement Oversight. 
 
North Carolina Department of Justice / Roy Cooper, Attorney General (919) 716-6400