The recession has hit everyone hard. It has been especially difficult for active duty military and armed service veterans. Trying to take care of mortgage and bill problems, while thousands of miles away from home, can burden an already stressful family dynamic. There is help to be found. The government has come up with a $25 billion dollar program to assist struggling homeowners.
In February, the national mortgage settlement act was passed. Joseph A. Smith, an attorney and monitor for the program, encourages service members and veterans to report issues to their lenders. They may be eligible for special restitution. They could receive payments of up to $116,000 plus lost equity payments if it is determined that a wrongful foreclosure took place. If you lost your home between Jan. 1, 2008 and Dec. 31, 2011 , you are encouraged to apply.
The banks that are participating in the program are Wells Fargo, Bank of America, GMAC, Citibank, and JPMorgan Chase. As an active military member, if you feel that you were dealt with unjustly, you may contact Katherine Porter at [email protected] or www.nationalmortgagesettlement.com for help. Katherine Porter is charged with overseeing the billions of dollars in settlement funds. Claim forms must be submitted by January 18th, 2013.
Do you have a Freddie Mac or Fannie May loan? Check out www.KnowYourOptions.com and freddiemac.com/. If you have been able to keep your house, there are principal reduction and mortgage assistance programs for those facing hardships. Visit the MakingHomeAffordable.gov website or call the U.S. Treasury and the Department of Housing and Urban Development at (888) 995-4673. America wants to honor your commitment to your country and help you keep your home.
Lifetime Adoption Center works with military families to help them achieve their dreams of adoption. Contact us today if you are interested in starting your adoption plans today, 1-800-923-6784. We will continue to bring helpful and timely information like this to all of our prospective adoptive families.