ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 01/14/2013
Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 01/14/2013 list has been posted.
In a surprise announcement, 10 big mortgage loan servicers that were facing enforcement actions for allegedly deficient practices in loan servicing and foreclosure processing have agreed to pay $8.5 billion in cash and "other assistance" to more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010.
The servicers were operating under enforcement actions issued in April 2011 by federal bank regulators that required them to retain independent consultants to conduct independent foreclosure reviews for borrowers who requested them.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
In announcing the agreement, the Federal Reserve said it's a better solution than the case-by-case reviews that were under way. The agreement ensures that more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010 will receive compensation "in a more timely manner," regardless of whether or not they filed a request for a review, the Fed said.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The agreement calls for $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. Awards are expected to range from several hundred dollars to as much as $125,000.
Banking regulators and loan servicers may think they're putting these issue behind them. But a more likely outcome is that the world's largest can of worms has now been opened. Here's why:
In a few weeks the Government Accountability Office is expected to issue an assessment of the Independent Foreclosure Review (IFR) program. The GAO is famous for fact-based reports that set off congressional investigations and media frenzies.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The just-announced settlement is an agreement between 10 servicers and three federal regulators. That sounds fairly impressive until you look at the FAQ page explaining the consent order that the loan servicers had been operating under. The FAQ lists 27 participating servicers.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
"The Independent Foreclosure Review," says the FAQ, "provided homeowners the opportunity to request an independent review of their foreclosure process between November 2011 and December 2012."
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Actually, the program provided no such thing. To have an "independent" intermediary both parties must have an opportunity to pick a neutral third party. There was none. The reviewers were selected by the servicers.
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