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Help for homeowners

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    Settlement requires banks to offer assistance

  • Duration 3:49
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Welcome back everyone after months of negotiation attorney generals from 49 states have reached a historic settlement with five of the largest loan providers in the country.

The landmark deal providing relief to struggling homeowners to the tune of 25 billion dollars so.

How do you know if you actually qualify for -- back cash Fox News legal analyst Matthew thanks now live from Las Vegas to explain -- -- Morning so can you briefly discussed for us this mortgage yeah settlement -- -- -- And as you introduce it five of the big ones the Wells Fargo the chase is the Bank of America's GM AC's this city.

They basically in this negotiations and the order was signed by a federal judge said listen we are going to give certain money.

Choose the states and what's going to happen as a result if you're eligible which will talk about it a minute you -- get some principal reduction.

You can't get your loan refinance if you're in deep fault and for those people Gretchen who for what were wrongfully foreclosed on.

I will tell you get sort of -- -- of some type of -- But it is something that at least positive it's happening the reason I wanted to talk about it the day.

Is because this thing is now in action.

And I want our viewers to understand basically how this is going can affect some Americans are right so how do homeowners know if they can actually receive any kind of relief for any of these benefits.

You and I would we make our mortgage payments have servicers as they -- alone.

And have the Big Five what happens is those servicers are supposed to contact.

The homeowner and there's a period of time they eligibility they say nine months it's going to take.

And should end by the years up the end of this year.

At that high and they won't let you know your eligibility.

Are -- eligible for this in order to give the website at the end of this piece so people will go to it.

Can you what are you eligible for principal reduction are you eligible for purposes of refinance of the loan.

Are you eligible for any monies and resolve resolve -- wrong foreclosure.

Those servicers are to be doing some type of analysis scratch and that ultimately they will contact you and I hope potentially as a homeowner to see -- fall within the grid.

And can be eligible for one of these reductions or refinance so we should just depend on that Bob because I'm wondering whether or not our viewers.

If they have question should contact their servicers.

Are what you're absolutely.

Absolutely you can contact your servicer.

So if -- -- Wells Fargo servers -- Bank of America G Mac city.

You can't contact them directly and see if a factor eligible they they have no problem doing that and if you do find out because here's the thing.

This program.

Is actually a three year program.

That it's going to take to become eligible or see if you're eligible for but I can represent our viewers and I can speak specifically to our state.

I can tell you that I know people are regular pet principal reductions the other interesting thing.

Gretchen that's happening -- -- try to cover next few weeks.

This settlement has loosened up some things.

There are more lenders interest that are doing some modifications now so there's a few things that's happening.

Positive.

You know -- terrific job by the attorney general's in this country all right so what was that would setting we're talking about a -- -- we get that actually.

It's it should be up on the screen I apologize that don't have it memorized but that provided it should be hopefully on the graphic.

And obviously we could put it up on the -- Oprah's website out you can contact me.

We'll put it on our website and if you have a housing question you'd like to ask Bob -- please email us.

And fresh and Fox News dot.

I'm not have a great weekend we'll see again next week it -- Thank you.

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