Tag Archives: mortgage relief

Foreclosed Families Get only $1,000 for Bank Mortgage Abuses

Ten major banks last week agreed to pay out $8.5 billion to settle allegations that they engaged in abusive foreclosure practices in 2009 and 2010. Of the settlement money, $3.3 billion will go to homeowners whose homes actually went into foreclosure. The remaining $5.2 billion will be used for loan modifications and other relief. Some 3.8 million homeowners were eligible for the review, meaning that the $3.3 billion in settlement money comes to less than $1,000 per family, although some …

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Posted 5 years ago in by Jennifer King  
Read the Latest Issue of ‘Your Home & The Law’ Newsletter

Do You Need a Residential Real Estate Broker? You aren’t required to use a residential real estate broker when buying, selling or leasing a home, but you should consider it. The decision to use a broker is a personal one. It depends on how much free time you have, your knowledge of the real estate market and the legal challenges you’ll face along the way. Find Out More…   Solving Disagreements with Your HOA Homeowners associations, or HOAs, act as …

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Posted 5 years ago in by Heather McGowan  
New Options for Homeowners Facing Foreclosure

Homeowners unable to meet their current mortgage payments may have a new remedy. Many lenders are showing a new willingness to reduce the principal owed on the property by lowering or “writing-down” the amount. The reduction brings the mortgage loan in line with current property values and borrower incomes. As foreclosures rise so, it seems, does lenders’ flexibility in offering this option: Principal write-down was used in 30 percent of private loan modifications in 2011, as opposed to only 2 …

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