ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL - 03/13/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
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The government's $25 billion settlement with the nation's five biggest mortgage servicers over so-called "robo-signing" practices could boost short sales, as loan servicers will receive credit when they approve sales that include forgiveness of a portion of underwater homeowners' debt.
Although the settlement is only expected to help a fraction of homeowners who owe more their properties are worth -- perhaps one in 20, according to one estimate -- it will also help bring certainty back to housing markets by removing some of the obstacles that have been keeping homes stuck in the foreclosure pipeline. Announced last month, detailed terms of the agreement between mortgage servicers and a coalition of state attorneys general and federal agencies were filed today.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
Broadly, the settlement calls for mortgage servicers to pay $5 billion in fines and commit to a minimum of $17 billion in homeowner relief, including principal reductions. Another $3 billion is earmarked for helping underwater borrowers refinance. The Wall Street Journal reported Sunday that the structure of mortgage write-downs was a major point of contention in the year-long negotiations leading to the settlement.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
Allowing debt forgiveness on approved short sales to count against the required $17 billion in principal reductions helped secure a settlement that will reach more borrowers, the paper said. Loan servicers will also get partial credit even when it's investors, rather than the banks themselves, taking the loss, the Journal said.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
For loan servicers to get credit for a principal reduction, a loan must be at least 30 days delinquent, have a pre-modification loan-to-value (LTV) ratio of at least 100 percent, satisfy specified debt-to-income ratios (DTIs), according to an analysis of the settlement by the lawfirm K&L Gates. At least 85 of occupied properties must have had an outstanding principal balance at or below the highest Fannie Mae and Fanni Freddie conforming loan limit cap as of January 1, 2010.
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