Major Mortgage Relief for Georgia Homeowners


Washington, DC – February 15, 2012 – (RealEstateRama) — Federal and state governments recently settled a major agreement with the country’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Over the next three years, the settlement funds will be used for:

  • principal reduction and loan modifications – up to $17 billion in direct relief;
  • refinancing at lower interest rates – up to $3 billion in direct relief; and
  • relief to about 750,000 borrowers who lost their home to foreclosure – $1.5 billion.

Georgia had the fourth highest foreclosure rate in the U.S. last year and its share of the settlement would be more than $814.7 million.

Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance. Then, over the next six to nine months, homeowners eligible for relief will be identified and contacted directly.

The settlement has an informational website:

You may contact your bank directly if you need additional information:

Ally/GMAC: 800-766-4622
Bank of America: 877-488-7814
Citi: 866-272-4749
JPMorgan Chase: 866-372-6901
Wells Fargo: 800-288-3212

Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:

If you have additional questions, you may want to visit:


Georgia RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for Georgia Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of Georgia.


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