Foreclosure Settlements On The Way
According to insiders, it is likely that another round of mortgage foreclosure settlements is on the way. It was recently reported that JP Morgan Chase is close to reaching a settlement with the Federal Government related to mortgages Chase originated and then sold to mortgage giants, Fannie Mae and Freddie Mac. The settlement is slated to be signed as early as October 1, 2013.
Authorities report that the settlement is in the $11 Billion range and is comprised of $7 Billion in cash and another $4 Billion in programs to aid homeowners. This settlement is the latest in a string of settlements arising out of the mortgage foreclosure crisis that hit the County as a result of lending practices during the real estate “boom” of 2003-2007.
Thousands of homeowners have benefitted from mortgage settlements over the past several years. The $4 Billion that is allegedly set aside to aid consumers as part of this anticipated settlement could mean relief is on the way for thousands more underwater homeowners. It is likely that the money will be used to aid homeowners participating in short sales, loan modifications, principal reductions and other loss mitigation options. If you are underwater in your home and are facing foreclosure, it is important to know that you have options. Call our office today to discuss your loss mitigation options.