A $25 billion settlement of the federal government may help Tampa borrowers who are in foreclosure or struggling to make their loan payments.

It may also help borrowers who owe more than their homes are worth or have lost their homes to foreclosure in the past.

Anthony Miller of Fox 13 News reports about an all too familiar mortgage story.

When the Childer’s family bought their house six years ago they were put into a mortgage that was a sub-prime mortgage.

Back then their house was worth $280,000. Today, the family lives in a home that’s worth about $140,000 to $145,000.

Last week the federal government announced what’s being called a “landmark settlement” with some of the biggest mortgage companies in the country.

It’s said that more than $8 billion of the $25 billion dollars are coming straight to the Sunshine State and the Department of Housing and Urban Development says that those eligible for help will be contacted by their lenders.

The five lenders that are part of the settlement are Bank of America, Ally/GMAC, Citi, JP Morgan Chase and Wells Fargo.

If you want to check out Anthony Miller’s story click on the link below…

http://www.myfoxtampabay.com/dpp/consumer/homeowners-hope-relief-comes-with-settlement-021012

I’ll talk about how the settlement may help Tampa home owners in foreclosure in my next post.

Filed under:
Foreclosure Information Tampa, Uncategorized by csommer