The five major banks have agreed to deliver $10 billion in debt relief for first mortgages. So far, these banks have only written off about $750 million for just over 7,000 borrowers. In fact, as the following article points out, Bank of America, which has the biggest obligation under the deal has yet to complete any modifications as of the end of June.
http://www.huffingtonpost.com/
This settlement comes on the heels of the famous robo-signer scandal that uncovered wide-spread abuses is falsely-signed documentation in the foreclosure process. The fear among some critics is that this settlement fails to address the housing crisis that has 11 million borrowers trapped underwater. So what about those unfortunate folks? If you are currently looking at an underwater mortgage, you should consult with an attorney focused on negotiating for reductions on underwater mortgages. You could wind up paying much less than the banks are looking to collect from you.
Latest posts by Kevin Fallon McCarthy (see all)
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018
- Make Your Credit Cards Work for You - January 23, 2018
