Here are some links and tips on recent legislation in our industry. The summary below explains the changes and provides valuable links for you to explore. It gives a background plus information on how to proceed foreward.
Billion Dollar Settlement Helps Homeowners in Distress Now
Before the Superbowl and the start of daylight savings time, something happened that appeared to only make the housing sector news for a nanosecond. There is a new road to recovery in place. It may not be paved, but it is a road. The State Attorney Generals and the United States Government reached a 25 Billion Dollar settlement with the five largest mortgage service banks to remedy foreclosure wrongs following the collapse of the housing market. The bottom line is there is now a way with this settlement for homeowners to get on the road to recovery.
The settlement addresses the failure of both Congress and the banking industry to find solutions to the issues created by the ubiquitous robo-signing scandals and other abuses in the foreclosure process. Yet, I have discovered over the past month there has been very little news on this major national mortgage settlement and what it means for distressed homeowners. It appears many in our real estate community are still unaware of how this settlement can help their sellers in a distressed situation.
Here is what is different and important for any homeowner in distress:
- mortgage loan servicers must review a loan modification application prior to starting foreclosure
- limits on abusive fees and a range of charges
- providing some principal reduction for homeowners in low income communities and communities of color.
- settlement does preserve the right for homeowners to defend against foreclosure
- allows homeowners to pursue independent litigation against mortgage servicers for their abusive acts
The major banks involved in the settlement include Bank of America, JPMorgan Chase, Wells Fargo, Citi and Ally/GMAC. For more information on how this settlement can help you if you are a distressed homeowner, go to the National Mortgage Settlement website by clicking here.
Although, the settlement may not be a final solution to the foreclosure crisis facing many homeowners in every real estate market, it is a big change and levels the playing field for distressed homeowners. The settlement website provides detailed information including how to find out if you are eligible for relief, the timetable and procedures to follow and if your mortgage loan is included in the settlement. If you are a distressed homeowner, this site was created by the national mortgage settlement agreement to assist you.
If you are a Realtor®, hopefully you will find this site a valuable resource of information. What is your take? Were you aware of this settlement and this new website?
The Santa Fe real estate market is a local one. Real estate news reports and trends in other communities does not apply here. If you are thinking about selling your home or considering a lifestyle change in relocating to Santa Fe, I suggest you give us a call at 505-660-4541 to schedule a real estate consultation. No one has time or money to waste in this new landscape of real estate. We are available to help you and make a positive difference in your real estate experience. Remember, dreams can be made a reality when you act on them. Emily Medvec
Today, I work as a team with Ulla Allyn. Together we represent buyers and sellers in all price ranges in Santa Fe and throughout northern New Mexico. All Listings on this site are represented by both of us. Our mission is to save you time and money whether you are buying or selling any form of Santa Fe real estate, including homes, land, town homes, condominiums, ranches and commercial property.
[Disclaimer Notice: If this post includes a listing, the listing information is deemed reliable from the Santa Fe Association of Realtors as of the date it is written. After that date, the listing may be sold, listed by another brokerage, cancelled, pending or taken off the market or the price could be changed without notice. All opinions expressed are solely those of the author and not Active Rain or Santa Fe Properties, Inc. unless otherwise specified.]