$25 Billion Mortgage Settlement

Alaska Attorney General Michael C. Geraghty and Commissioner Susan K. Bell of the Department of Commerce, Community and Economic Development have joined a landmark $25 billion joint federal-state settlement with the nation’s five largest mortgage servicers over abuses in their mortgage servicing and foreclosure practices. The servicers participating in the settlement are Bank of America, Wells Fargo, Citigroup, JP Morgan Chase, and Ally Financial.

The agreement provides direct relief for Alaskan homeowners and brings reforms to loan servicing practices. “Alaska is fortunate to have missed the real estate crash affecting many states in the Lower 48,” said Geraghty. “At the same time, some Alaskan families, through no fault of their own, are struggling to stay in their homes. This agreement not only provides financial relief to Alaskan borrowers, but puts in place important new protections for homeowners in the form of mortgage servicing standards.”

With the backing of a federal court order and the oversight of an independent monitor, the settlement stops future servicing and foreclosure misconduct. The five servicers will be required to consider homeowners for loan modification programs before foreclosing. Borrowers will have a single point of contact for questions about their loans, and servicers will be required to have adequate staff to handle calls.

The state’s estimated share of the settlement is more than $10 million.

  • Alaskan borrowers will receive approximately $1 million in benefits from loan modifications and other direct relief.
  • Alaskan borrowers who lost their homes to foreclosure from January 1, 2008 through December 31, 2011 and suffered servicing abuse would qualify for cash payments totaling $1.7 million.
  • The value of refinanced loans to Alaskan “underwater” borrowers would be an estimated $4 million.
  • The state will receive a payment of $4.4 million, with $1 million to the Division of Banking and Securities.

Nationwide, the five servicers have committed a minimum of $17 billion to national homeowner relief effort options, including principal reduction. They have also committed $3 billion to a mortgage refinancing program for borrowers who are current, but owe more than their home is currently worth. Servicers will pay $5 billion to the states and federal government.

The settlement does not grant immunity from criminal offenses and will not affect criminal prosecutions. It also does not prevent homeowners or investors from pursuing individual, institutional, or class action cases against the five servicers.

Because of the complexity of the mortgage market and this agreement, borrowers whose loans are serviced by the five servicers will not immediately know if they are eligible for relief. For loan modifications and refinance options, borrowers will be contacted by their servicers. For payments to foreclosure victims, a settlement administrator will send claim forms to eligible individuals. Borrowers should also contact their servicers directly to see if they qualify for relief under the settlement.

Details regarding the agreement will be available at:

For more information about the settlement, please contact Assistant Attorney General Cynthia Drinkwater at (907) 269-5200.


New Short Sale Bill Proposed

Senator Murkowski introduced a new senate bill aimed at speeding up the short sale process. This bill gives the loan servicer 75 days to reply to a homeowner’s written request, which must include a copy of the contract with the prospective buyer. Homeowners would receive $1,000 each time the lender or servicer fails to respond, along with other “appropriate relief;, according to the requirements of the bill.
According to most loan servicers, the biggest problem with short sales is that the homeowner requests the sale with incomplete or missing paperwork.

Nome Sweet Homes is experienced in facilitating short sales in today’s lending climate. We have closed several short sales and foreclosure sales in Nome, working closely with lenders, buyers, sellers and HUD to ensure timely closing.

Don’t let a pending foreclosure ruin your credit. You no longer need to be late on payments in order to pursue a short sale.  Call Melissa today 907-443-7368!


You can lead a horse to water….

I left a listing appointment two weeks ago and called another Realtor to let her know that I finally found the house that her clients had been looking for.  The reason I felt qualified to say that was because I had opened up enough houses over the last year and a half for these clients to look at that I had a pretty good idea what exactly it was they were looking for.

They came and looked; they loved it.  Went to the bank, passed qualifying with flying colors; did a second inspection and still liked it.

They just told the Realtor that they decided not to buy it, citing timing as a reason.

If not now, when?


As seen on TV show “Bering Sea Gold” 1.6 Acres of waterfront in the harbor!

This 1.6 acre parcel is located in the Port Road Industrial Park area and is a perfect access site for the Bering Sea. Across the harbor from where Ian Foster launched “The Sluicey” gold mining dredge in the TV show “Bering Sea Gold”, this property has plenty of space for dredge or boat storage, repair, and launching. There is a 744 sq ft 2br/1ba house, a Quonsit building(2760 sq ft) and a metal shop (2160) with beam construction and industrial wiring. The lot has approx 300 feet of waterfront that could be used for launching a dredge or boat.
Plat map, aerial photos and more information available on request.
http://www.nomesweethomes.com

▪ 300 ft waterfront with beach access
▪ Small house-2br/1ba, poor condition; holding tank system for sewer & water; wired residential
▪ Large Quonset hut 24’x115′, or 2760 sq ft.
▪ VERY TALL metal building with steel girder frame – 30’x72′, or 2160 sq ft; wired for industrial use
▪ Zoned Commercial or Industrial use
▪ less than 100 feet to large boat port/dock for loading & unloading barges, cruiseships, etc
▪ *boats and dredges currently stored on lot are NOT included in the sale


Nome Listings – Melissa Ford

Nome Listings – Melissa Ford.