Almost a year ago, the nation's five largest banks entered into a $26 billion settlement agreement with 49 state attorneys general after being accused of improper foreclosure practices such as "robo-signing". But the lenders -- including Bank of America, JPMorgan Chase, Wells Fargo and Citigroup -- aren't off the hook yet.
For homeowners seeking loan modifications the National Mortgage Settlement was to help homeowners stay in their home. Unfortunately, the banks and servicers are using the 25 billion dollar settlement to get homeowners out of their homes. Banks have used the cash for short sales.
Homeowners with a Wells Fargo mortgage have relief coming their way this Thursday October 18th 2012 at the Tampa Convention Center. They will have representatives and couselors to meet with homeowners to discuss loan modification options. Wells Fargo, and other servicers and lenders, settled with 49 state attorney general offices and the federal govenment and is part of the global settlement to spend $25 billion to help homeowners avoid foreclosure. The money must also be spent for principal reductions of mortgages. A Wells representaive states 7 out of 10 homes can avoid foreclosure through a loan modification. If you cannot make the seminar in person, contact 1-800-678-7986.