Foreclosure Abuse Settlement Update

Foreclosure Abuse Settlement Update

KEY PROVISIONS OF THE SETTLEMENT

Immediate aid to homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide.

State attorneys general anticipate the settlement’s requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.

Immediate aid to borrowers who are current, but whose mortgages currently exceed their home’s value. Borrowers will be able to refinance at today’s historically low interest rates. Servicers will have to provide up to $3 billion in refinancing relief nationwide.

The lenders are:

Ally/GMAC
Bank of America
Citi
JPMorgan Chase
Wells Fargo

Payments to borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process we be distributed in the amount of $1.5 billion will be distributed nationwide to eligible borrowers .

The National Mortgage Settlement Administrator will mail Notice Letters and Claim Forms in late September through early October 2012 to approximately 2 million borrowers who lost their home due to foreclosure between January 1, 2008 and December 31 2011 and whose loans were serviced by one of the five mortgage servicers that are parties to the settlement. The materials explain how to get your payment and eligibility guidelines.

If you have further questions after reading this material, you can contact the National Mortgage Settlement Administrator at 1-866-430-8358.

Immediate payments awards States to help fund consumer protection and state foreclosure protection efforts.

This is the 1st Nationwide reforms to servicing standards. No other Federal or State agency has been able to achieve this success.

Servicing standards should require single point of contact, adequate staffing levels and training, better communication with borrowers, and appropriate standards for executing documents in foreclosure cases, ending improper fees, and ending dual-track foreclosures for many loans that have lead to the foreclosure problems.


Happy 2013! Helping Families

Foreclosure Abuse=Payout

FORECLOSURE ABUSE = PAYOUT UPDATE

Great news even if you were in foreclosure in 2009-2010 and STILL HAVE your home according to recent news and settlement if you have one of the lender(s) named in the settlement you will be getting cash.

$25 Billion dollar settlement includes many of the big banks due to legacy claims. Attempts to make payment arrangements have been both mentally/physical draining according to homeowners we have spoke with. Because some of the home servicing companies/lenders DID NOT follow the guidelines in place to HELP the homeowners the settlement was successful.

There are provisions made to help homeowners stay in the home at times, however timelines to close a files apparently were more important than helping homeowners keep their homes. While the pay-out is not a remedy and for those homeowners with no price could really remedy having leave your most valued asset and the stress. If you have been a victim there is a small reward in receiving compensation that will make 2013 a little brighter.

Average payouts per homeowners according to the news reports are believed to be $2,237.00, but will vary widely and was stated $1,000 to $125,000.00 Many advocates say the settlement is not enough for the HARM caused. The results of from not helping homeowners for some are depleted 401K and bank accounts from homeowners attempt for home retention.

Please note this is a separate settlement from the $25B in 49 States for the 5 banks.

Drum Roll please and the list of banks including in the settlement are:

Bank of America
J P Morgan Chase over WaMu
Well's Fargo
Citigroup (C)
MetLife Bank (MET)
PNC Financial Services (PNC)
Sovereign
SunTrust (STI)
U.S. Bank (USB)
Aurora
GMAC Mortgage
HSBC (HBC)
EMC (EMC)

Happy 2013! If you know someone in foreclosure or behind in payments and denied a modification call us today at 888-879-3207 Nationwide Help to help you stay in your home.

PLEASE UPDATE YOUR ADDRESS to receive compensation from your lender if you believe you are eligible. Many homeowners have moved and should make certain they have a forwarding address from their old address on file with your local Post Office.

Read more here!COMPENSATION.