The bank, and many others, are paying back Fannie Mae and Fredie Mac, among other agencies, billions of dollars in order to compensate for the faulty mortgages that they sold a few years ago, and working through one of the biggest settlements in government history.
But for homeowners, will you ever see that relief if you were the recipient of a robo-signature from a bank on a mortgage that soon went underwater? There are a few steps that you can take to figure out what to do and how to work the system:
Talk to a lawyer
First and foremost, talk to a lawyer about your options when it comes to housing settlements. A lawyer will better know how to navigate and work that market than almost anyone else when it comes to getting money out of the settlements and seeing some sort of help come to you when it comes to your work and mortgage.
Contact your bank
Contact your bank about what you should be doing, and whether or not you qualify for anything. The bank may review you forward and push you to Fannie Mae, Freddie Mac, or a host of other agencies, but regardless of where you are and where you may come from, they can help you get the process started and can move forward with your claim in a potentially faster way.
Finally, be ready to be patient. This is one of the largest deals in terms of sheer volume and money when it comes to payouts and reparations from the banks to the government, so it will likely take some time for you to truly receive that which you deserve when it comes to settlement money and more. Be ready to be patient and move forward being aware of this unfortunate fact.
All in all, housing settlements are out there, and relief is coming, but it may not come for some time. It is important to talk to a lawyer, keep all of your records current in correspondences with the banks and others, and be ready to be patient until you receive your portion or help from the housing settlement and the variety of issues related to the housing boom and bubble from several years ago.