Mortgage Relief Settlement — The Next Step

By Author: michael ryson
Total Articles: 15
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Help with foreclosure is something millions of Americans need and the new settlement is said to probably only be able to aid a very small percentage of those homeowners.

The banks have about 6 to 9 months to determine which homeowners are eligible for mortgage relief from the settlement and three years to distribute the aid, according to the New York Times.

The problem with this timeline is that the millions of Americans who need help cannot afford to wait another year and definitely not another three. Many of these homeowners are unlawfully in foreclosure from deceptive practices by their lenders and others who are eligible for loan modifications have had their process drawn out due the backlog of foreclosures from these issues.

The best answer for those who need to restructure their mortgage is a Mortgage Forensic Audit.

From this audit, civil law violations are uncovered and used as legal leverage to secure a loan modification with a lender. After a homeowner moves into mortgage default and has stopped paying their mortgage, the foreclosure process comes quickly after and can immediately affect ...
... their credit.

The forensic loan audit reviews the mortgage loan for compliance with over 335 federal and state lending laws related to the Mortgage Electronic Registration System (MERS), the Truth in Lending Act (TILA) and about 20 others.

The Mortgage Forensic Audit is The Foreclosure Law Center’s specialty and can provide mortgage rescue for the millions of homeowners ineligible for aid from the settlement.

Banks Reach $25 Billion Foreclosure Fraud Settlement With 49 States—Is It Enough?

After over a year of back-and-forth negotiations, the five major banks–JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Ally Financial—have finally reached a settlement on deceptive foreclosure practices of $25 billion with 49 states, according to Mark DeCambre, the New York Post.

Can you really put a price on the foreclosure fraud mess?

Homeowners in need of help with foreclosure have suffered substantially. Mixed opinions are going around on whether this deal will efficiently help them recover from the deceptive practices many of them have endured.

The deal had a previous deadline of Friday Feb. 3 before it was postponed to Mon. Feb 6, although, Tuesday night was when they ended up officially settling the deal.

New York Attorney General Eric Schneiderman “finally found an accord he couldn’t refuse” and decided to join the settlement along with California’s Attorney General, Kamala Harris–two of the most avid holdouts–reported DeCambre.

Just this past Friday Schneiderman filed a lawsuit against BofA, JPMorgan Chase and Wells Fargo on accusations of fraud using the MERS system, an electronic-mortgage data base system created in the mid-1990s.

The U.S. is calling this deal “the largest federal-state civil settlement in our nation’s history,” with the banks committing to $20 billion in various forms of mortgage relief and an additional $5 billion to state and federal governments, according to a Bloomberg report.

The $25 billion has been broken down differently for each state. Now, time is the remaining factor in seeing if these efforts will help save the homes of the millions of homeowners affected.

Only 20 percent of homeowners successfully restructure mortgages through their banks, as shown in a study done by ProPublica. Whether or not the mortgage relief plans from this settlement help homeowners, a foreclosure lawyer and Mortgage Forensic Audit can create the kind of legal leverage needed to secure lower monthly payments and save homes.

If you are behind on your mortgage payments, then The Foreclosure Law Center can help you. For more details about The Foreclosure Law Center Complaints, please visit us online.