The settlement will be effective March 1. Homeowners foreclosed on between Jan 2007 and Dec. 2011. Will only involve 5 major lenders BOA, Wells Fargo, Allied Financial, J.P. Morgan and Citi.
From what I understand, it will only involve portfolio loans, for now. No Fannie, Freddie or FHA.
States AG's will have oversight and it will probably be up to them how money is distributed (2 or 3 states are not participating as far as I heard, one is OK). It will take between 6 and 9 months for AG's to identify homeowners who qualify for the $2000. You can go to your State's AG website for resources or nationalmortgagesettlement.com
Thanks for the info... will be interesting to see how this is handled by the individual states. Our State is very efficient in direct contrast to our sheer volume of Foreclosures here in Nevada