Mortgage Settlement Details!

Well, as I'm certain many of you have heard by now, the huge settlement between most of the states and the largest mortgage lenders/servicers in the nation is now a done deal! Only one state did not ratify it, leaving 49 who did. Most observers had expected about 40-45 states would initially join, so this is a plus. An even bigger plus: both California and New York joined in, something that hadn't been expected since their attorneys general had rejected the original settlement terms early on. As it turned out, with some tough negotiating, both states got a larger settlement for their constituents than originally proposed.
The terms, in general, follow:
Total amount is $26 Billion, and is among the 49 states, the federal government and the five largest mortgage banks, AS FAR AS THEIR LOANS NOT BACKED BY FREDDIE MAC OR FANNIE MAE; these five are Ally (formerly called GMAC), BofA, Citigroup, JP Morgan Chase and Wells Fargo.
Reductions in loan principal, refis, help in short sales and foreclosure forbearance will be offered to homeowners, the specifics varying with each homeowner and loan. Those who have already lost their homes to foreclosure may be eligible for up to $2,000 apiece.
The settlement will be spread over three years as follows. In the next 2 months, an administrator will appointed to oversee the execution of the deal's terms. In six to nine months, homeowners eligible under the plan will receive notification letters. Anyone not wanting to sit back and wait can be proactive and contact their lender directly.
Finally, for more info, you can call your state's attorney general or either of the following two web sites: oag.ca.gov or nationalmortgagesettlement.com .
Some of the terms may not be great, but it finally is a start to help many who have been severely under the gun.
Good luck!