Will You Get Any Mortgage Help

Thanks to a national mortgage settlement, five major banks will pay out $25 billion to help troubled borrowers in 49 states.

The settlement affects people whose mortgages are serviced by Ally/GMAC, Bank of America, Chase, Citi and Wells Fargo. You may be eligible if...

• Your home is worth less than you owe.
• If you’re delinquent or at serious risk of defaulting, the principal amount you owe may be reduced.
• If you’re current, with an interest rate higher than 5.25%, you may be able to refinance.
• You’re the victim of an unfair foreclosure. $1.5 billion will be distributed among 750,000 qualified borrowers.

What can you do now? For now, sit tight. Over the next nine months, officials will identify and reach out to borrowers who need help.