The National Mortgage Servicing Settlement that was reached in February has now been finalized by a court order.  The Settlement provides direct relief and new protections for Washington consumers.

Washington’s share of the record $25 billion dollar settlement over alleged widespread mortgage fraud is about $648 million, to be used in a few different ways.

Here are the highlights of WA’s settlement share:

More information will be made available as settlement programs are implemented, and consumers may need to wait before seeing any direct benefits from the settlement.  The mortgage servicers are required to complete 75% of their consumer relief obligations within two years and 100% within three years.

Borrowers who are currently behind on their monthly mortgage payment, or may soon experience financial trouble, are urged to call their mortgage servicer for more information. 

Contact our office to set up a time to talk with Lynn about the options available to you, and how this settlement might affect you!