After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. Go to the National Mortgage Settlement's website to learn more about what it is and help that may be available to borrowers.
It will take six to nine months for administrators of the National Mortgage Settlement to start contacting claimants and distributing benefits. In the meantime, scammers are trying to make money by falsely claiming to have an inside track to mortgage relief. Ignore the scammers and educate yourself about what to expect.