Archive for May, 2012


If your home is financed through any of the above mortgage companies, you will soon receive a letter, either from the mortgage company, or from your state’s Attorney General, telling you that money may be available from the “National Bank Foreclosure Settlement.” DON’T THROW THE LETTER AWAY – THIS IS A GENUINE, LEGITIMATE OFFER THAT MAY HELP YOU AVOID FORECLOSURE. The banks are refinancing homes by reducing the principal, or the interest rates, or simply sending the home buyers money.

You have heard on the news for the last few years about “robo-filing.” This term refers to many mortgage companies failing to follow the law when they filed foreclosures. The attorneys general of at least 48 states have worked out a settlement, so that the mortgage companies can make offers to home buyers to amend for breaking the law.
I worry that we all receive so much junk mail — especially when we are falling behind on payments — that some home buyers will just throw this settlement information away, like they do all the other bogus offers, but don’t! This offer is real, and unlike some offers in the past, should benefit thousands of home-buyers in Illinois alone.

Here are the categories of borrowers who can benefit from the settlement:

1) If you lost your home between Jan. 1, 2008 and Dec. 31, 2011, and one of the above banks handled your mortgage payments.
2) You owe more on your home than it is worth, or are 30 days or more behind on your payments, or you are at risk of falling behind to one of the above five.
3) You owe more on your home than it is worth, are current on your mortgage to one of the five, and would like to refinance.
Illinois homebuyers are expected to receive around ONE BILLION DOLLARS from the settlement.

To learn more about the settlement, and for more specific directions from the Illinois Attorney General’s Office, call 1-866-544-7151, or email the office at:



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