The US Federal Government has settled with the nation's largest banks over bad foreclosure practices. The banks will pay $25 billion in penalties to aid troubled homeowners or who have lost their homes to foreclosure and now must overhaul their mortgage servicing practices.
The five banks that settled for the "robo-signing" that led to the agreement were: Wells Fargo, Bank of America, JP Morgan-Chase, Ally Financial and Citigroup.
Of the $25 billion total, $17 billion will go towards foreclosure prevention measures, such as lowering loan balances for underwater mortgages. Homeowners who are current could also have a chance to lower interest rates on their current loans. As many as 750,000 borrowers who lost their homes to foreclosure since 2008 would be eligible for payouts of about $2,000 each.
Banks will also have to refine the way in which they deal with troubled homeowners. The banks are barred from trying to foreclose on borrowers while simultaneously negotiating loan modifications. Borrowers will now have a single source of contact instead of being shuffled around to different departments and employees.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
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Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
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