The details are still being hammered out, but 7 On Your Side contacted each of the five loan servicers involved in the agreement and here is some information.
- Homeowners holding mortgages with Chase Bank can fill out the bank's homeowner's information packet to get the process started. Phone: 866-372-6901
- Wells Fargo says it will contact all qualified borrowers after March 1. It predicts about 20 percent of its homeowners will qualify.
- Ally Financial and its mortgage subsidiary Residential Capital will also reach out to its eligible borrowers in the coming week. Phone: 800-766-4622
- The state's largest servicer, Bank of America, says it will do the same. Phone: 1-877-488-7814
- And, Citi Bank is advising its customers to monitor its website at CitiMortgage.com for details in the coming days. Phone: 866-272-4749
It cannot be emphasized enough that Fannie Mae, Freddie Mac, and FHA are not participating in the settlement. That covers a lot of loans and a lot of people. Also, whatever you do, don't let anyone talk you into paying them under the guise that they'll help you get money from the settlement. You'll just be throwing money away.
"We're concerned that people are anxious and eager to get the benefit, and they're going to fall prey to some scam artist who'll say, 'We'll help you next week.' That's not going to happen. Nobody is going to see relief from this next week," says Lisa Sitkin with Housing and Economic Rights Advocates.