Q&A What the foreclosure settlement means for home

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  Though it is unclear exactly how much money each homeowner might receive, officials have estimated that about $17 billion will go to current homeowners, to help reduce the principal they owe on their mortgages, while people who have already lost their homes can expect to receive checks for $1,500 to $2,000.

  The National Mortgage Settlement has prepared some immediate for homeowners wondering how to get their share of the settlement: ??

  Q: What is a mortgage servicer and how do I know who services my loan?

  A: The company that you make your monthly payment to is your mortgage servicer.? Your mortgage servicer may or may not be a lending institution and may or may not own your loan.? Many of the loans administered by servicers are owned by third-party investors.

  This settlement involves the nation’s five largest mortgage servicers and you may reach them at the Web sites and phone numbers below:

  Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement.? You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:

  These sites will also include information about mortgage and foreclosure programs you may be eligible to access.

  Q: How will I know whether this settlement affects my situation?

  A: Only homeowners in the states who joined the settlement are eligible for benefits under this settlement. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.

  Because of the complexity of the mortgage market and this agreement, which will be performed over a three year period, borrowers from the settlement states will not immediately know if they are eligible for relief.

  For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers.

  For borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011,nike air jordan, a settlement administrator designated by the attorneys general will send claim forms to persons eligible for cash restitution.

  Even if you are not contacted, if your loan is serviced by one of the five settling banks, you are encouraged to contact your servicer to see if you are eligible.?

  In any event, borrowers may contact their mortgage servicer to obtain more information about specific loan modification programs and whether the borrower may be impacted by this settlement.

  Q: A majority of mortgages are unaffected by this settlement. When will you work to obtain relief for the vast majority of homeowners?