The news has been abuzz in the past few weeks about the historic Robo-Signing Settlement reached between the government and five major lenders. Chances are you have a lot of questions:
- What is robo-signing?
- Which banks are involved?
- How much money is the settlement worth?
- Who is eligible?
For distressed homeowners, however, there is only one question that is important: Can this settlement help me stay in my home? This report will help to answer all of these questions and help homeowners who are in danger of foreclosure learn what options are available to them.
WHAT IS ROBO-SIGNING?
During the height of the foreclosure crisis, many banks were faced with more foreclosures than they were equipped to handle. The government alleges that, during this time, some banks fraudulently processed and approved these foreclosures at an impossible pace.
They automated part of the process by having numerous people forge the signature of bank officials to complete the foreclosure. This practice was given the name “Robo-Signing” by the media.
WHICH BANKS ARE INVOLVED?
There were five national banks involved in the settlement:
- Bank of America
- JPMorgan Chase
- Wells Fargo
- Ally Financial/GMAC
- Citigroup
CAN THIS SETTLEMENT HELP ME STAY IN MY HOME?
The answer: Possibly! While the government intended a portion of this settlement to punish the banks for their fraudulent behavior, it is clear that the main focus of the settlement was to get the banks to help current distressed homeowners and create some positive movement in the housing market. While there is no guarantee that homeowners will meet the eligibility requirements of the settlement, there are more options available to those who wish to pursue foreclosure alternatives.
WHAT DO I DO NOW?
As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their homes. Even if you are not specifically eligible under this settlement it is important to remember one thing:
YOU HAVE OPTIONS!
As a Certified Distressed Property Expert (CDPE) I am uniquely qualified to help determine your eligibility and answer any questions you may have about the settlement. Call me or email me and set up your free, confidential consultation. Let me help you figure out the best foreclosure alternative option for you.
The Trademark Loss Mitigation team is a family owned business and includes a multi-state network of real estate agents, attorneys, title companies, short sale negotiators, credit repair providers, mortgage providers, inspectors and investors. Together, those professionals act as a NO COST short sale outsourcing solution for Realtors and Homeowners.
Jim McNinch, Certified Distressed Property Expert (CDPE);
Short sale agent, Short sale specialist
Jim@trademarklossmitigation.com
http://hosted.cdpe.com/trademark
http://www.trademarklossmitigation.com
832-330-4588
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