Keeping it Real (Estate) With Deanna - The Mortgage Settlement broken down

Wondering what the largest joint state-federal settlement in history really means?

In a nut shell, under water home owners and those barely able to stay afloat could be eligible for payments or principal write-downs on their mortgages.  Notices will be sent out within the next nine months notifying those who qualify.

In the settlement the nation’s five largest banks, Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally/GMAC, have agreed to write off a sum of the mortgage principal in specific cases.  This will allow homeowners to be able to refinance and lower their monthly payments.  It is estimated that about $2,000 will be given to 750,000 borrowers.

For more information, go to http://nationalforeclosuresettlement.com/.

Thanks!

Deanna

Deanna Howard, Realtor, SFR, CREN

Iowa Realty
752 10th Street
Marion, Iowa 52302
(319) 929-3836

dhoward@iowarealty.com

www.deannahoward.com

Licensed in the State of Iowa