National and Nevada Specific Bank of America Mortgage Settlements

Attorney General Masto announced a Nevada settlement with Bank of America and a joint state-federal mortgage servicing settlement. Though these two settlements will provide some relief to Nevadans there, is still much work to be done to help homeowners, hold banks accountable, and restore the integrity of the process. AG Masto will continue criminal prosecutions and civil investigations of the foreclosure crisis.

    If you are a homeowner struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that this settlement could help you. Not every homeowner will qualify for relief under the settlement.

      Those who do qualify may receive various forms of relief depending on their circumstances. Available forms of relief include: payments to borrowers who were wrongly foreclosed upon; reduction of unpaid principal balances; refinancing for borrowers whose homes are worth less than the money they owe; and the opportunity for short sales and other relocation assistance.

        The mortgage servicers participating in the settlement agreement are Citibank, JP Morgan Chase/Washington Mutual, Bank of America/Countrywide, Wells Fargo/Wachovia, and Ally Financial. Borrowers should contact their mortgage servicer to obtain more information about specific loan modification programs and whether they qualify under terms of this settlement.

          Because of the complexity of the mortgage market and this agreement, which will be performed over a three year period, Nevada borrowers will not immediately know if they are eligible for relief.

            For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers.

              For borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, a settlement administrator designated by the attorneys general will send claim forms to persons eligible for cash restitution.

                In any event, borrowers may contact their mortgage servicer to obtain more information about specific loan modification programs and whether the borrower may be impacted by this settlement.

                  For detailed information about the settlement, visit the National Mortgage Settlement website.

                    Below are resources to assist you.

                      To find out if you may be eligible for a loan modification, refinance, short sale or other foreclosure prevention relief under the settlement, you will need to contact your mortgage servicer. To find the servicer on your loan, look for a contact phone number on your mortgage statement. Contact the bank or servicer listed on the statement to ask who services or owns your mortgage loan.

                        If you have already lost your home to foreclosure and believe you may qualify for restitution, please visit the National Mortgage Settlement website.

                          For a referral to a free HUD-Approved Housing Counselor who can assist you in applying for a modification under the settlement or in obtaining other help to stay in your home if you do not qualify for the settlement, please call (800) 569-4287.

                            Mortgage Servicers:

                            • For Bank of America/Countrywide, call (877) 488-7814 or you may also go to a Bank of America Customer Assistance Center.
                            • For JPMorgan Chase/Washington Mutual, call (866) 372-6901 or you may also go to a Chase Homeownership Center.
                            • For Wells Fargo/Wachovia, call (800) 288-3212.
                            • For Citibank/Citimortgage, call (866) 272-4749.
                            • For Ally Financial-GMAC, call (800) 766-4622.

                              Last reviewed 1/4/2015