The foreclosure process has been under attack for months now. We?ve all heard about the practice of damaged many banks which forced many homes used to be closed under the conditions wrongly.
To try to compensate the landlord any irregularities, the Government is negotiating with the five banks in an attempt to make amends in the way it handled foreclosures. The result is a $ 25 billion dollar settlement that should bring relief to some homeowners and give salary to the landlord-transactions that are not handled properly. This is the second largest settlement in history, only behind the tobacco settlement several years ago.
Bank of America, Chase, Wells Fargo, Citigroup and Allies (formerly GMC mortgages) have all agreed on a settlement. Nine additional Bank is in negotiations.
This does not change in any way the landlord lost his home. Compensation is limited to the violation of the rights of property owners. Home already depressed when the foreclosure process has started. A Bank which in reality are not equipped to handle the large influx of foreclosures and using practices that damaged like robo-signing to quickly remove property from their books
All funds go to the consumer. Ten billion dollars have been set aside for principle reduction. A mortgage that meets certain guidelines have reduced the opportunity to begin at $ 20,000 with a 5.25% interest. Ten billion dollars set aside for victims of foreclosure and $ 5 billion set aside to aid programs. If an error is discovered in the process of foreclosure, an individual can receive up to $ 2,000 in restitution. Military casualties could be eligible for up to $ 117,000. The affected properties were sold between January 1, 2008, and December 31, 2011.
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