If you qualify for mortgage relief and who to contact

The framework for the foreclosure settlement has been established, but a final version of the settlement still awaits the signature of a federal judge, and there are still many unknowns. Here's some info that might help you understand if you qualify.

Q. What's the timeline?

A. Banks have three years to meet their obligations.

Q. Who is eligible? A. People who have private mortgages with five big U.S. banks, which handle loan servicing for about 55 percent of all U.S. mortgages, including Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. It's possible that other large lenders might join the settlement. Loans funded by Freddie Mac and Fannie Mae aren't eligible.

Q. How do I know if my loan was funded by Fannie or Freddie?

A. The five big banks that participated in the settlement also provide servicing for loans funded by Fannie and Freddie. For example, only about 20 percent of all loans serviced by Wells Fargo are funded by the company. You can check to see if you have a Fannie or Freddie loan by visiting their websites: www.fanniemae.com/loanlookup

www.freddiemac.com/mymortgage

A. It's going to take several months to establish guidelines for the program and to identify who is eligible. The big five lenders will begin sending notices to borrowers in the coming weeks, but lenders have up to three years to comply with the settlement.

Q. If I don't get a letter, can I contact my lender?

The participating lenders have already set up websites and toll-free phone lines:

Ally/GMAC www.startribune.com/a1036 800-766-4622

Bank of America www.startribune.com/a1038 877-488-7814

J.P. Morgan Chase www.startribune.com/a1039 866-372-6901

Wells Fargo www.startribune.com/a1040 800-288-3212 (Available M-F 7 a.m. to 7 p.m. CST)

Q. How can I track the progress of the settlement?

A. The Minnesota Home Ownership Center will post regular updates on its website. The nonprofit center has a statewide network of housing counselors who can answer questions about this settlement and other housing-related programs. Go to www.hocmn.org/en/index.cfm or call 651-659-9336 or toll-free at 866-462-6466. Borrowers with questions can also call the Minnesota attorney general's office at 651-296-3353 or 1-800-657-3787 or the Minnesota Department of Commerce at 651-296-2488 or 1-800-657-3602. Or visit www.ag.state.mn.us.