What is the Mississippi Foreclosure Prevention Consortium?
The consortium is a partnership of non-profit and community action organizations serving the state. Partners include Mississippi Attorney General’s Office, Money Management International, Mississippi Home Corporation, Mississippi Center for Justice, Mississippi Center for Legal Services, North Mississippi Rural Legal Services, and Mississippi Military Department.
How does the National Mortgage Settlement benefit Mississippi?
Mississippi received funding to be used for purposes intended to prevent foreclosures, to lessen the effects of the foreclosure crisis, to enhance law enforcement efforts to prevent and prosecute financial fraud, and to compensate the State for costs resulting from the alleged unlawful conduct of servicers.
How do I know I am eligible for the benefits provided under the settlement?
The National Mortgage Settlement impacts only borrowers serviced by the following major lenders: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. Benefits are available to these borrowers who (1) are current on loan payments, but the mortgage exceeds the home’s value, (2) have lost their home to foreclosure, or (3) are behind on their mortgage payments. Additional information regarding these benefits may be obtained at nationalmortgagesettlement. com or borrowers may contact the hotline for assistance.
If I am eligible, what kind of help could I receive?
Relief for struggling homeowners could include principal reductions, facilitation of short sales, deferred loan payments, relocation assistance, waiving of deficiency balances, or refinance programs.
Do I have to be eligible for the settlement to receive assistance through the Consortium?
No, assistance through the Consortium is available to anyone, regardless of the borrower’s lender.