National Mortgage Settlement

North Carolina played a lead role in the landmark national mortgage settlement with the country’s five largest mortgage loan servicers: Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase and Wells Fargo.

The settlement will provide as much as $338 million in assistance to North Carolina consumers and will help struggling homeowners by reducing principals and refinancing mortgages at lower interest rates. 

It also includes new rules for mortgages that prohibit many past foreclosure abuses, such as robo-signing and inadequate documentation, and will prevent unnecessary and improper foreclosures.

How consumers can find out if they are eligible  

 

Because the settlement agreement is complex and individual loan terms vary, borrowers will not immediately know if they are eligible for relief.  Some mortgage servicers will be contacting eligible borrowers directly about loan modification or refinance options. 

However, if you have a loan with one of the five participating mortgage servicers and are experiencing difficulty in making payments, you should contact your mortgage servicer directly at the following numbers:
 

If you believe you are eligible for a payment under this settlement but are concerned you will be difficult to locate, please contact our office at mortgagesettlement@ncdoj.gov or 1-877-5-NO-SCAM.
 

Learn more about the settlement
For more information about the settlement, please visit: www.nationalforeclosuresettlement.com or read our news release.

See also information about how the settlement will benefit North Carolina's economy.

Read reports from the Office of Mortgage Settlement Oversight.