May 01, 2013 (Press-News.org) Many Californians were breathing sighs of relief when federal bank regulatory agencies and a number of mortgage lenders reached a settlement agreement early this year. After federal investigations revealed years of mortgage abuse by lending institutions, a nationwide settlement is providing compensation to about 4 million victims -- homeowners who suffered losses from wrongful evictions, fraudulent foreclosures, robo-signing and other abuses.
Nearly $4 billion is being distributed to borrowers who lost their homes to foreclosure during the years of 2008 through 2011. Homeowners expect payments that range from less than $500 to more than $100,000, depending on the losses they incurred as a result of the mortgage abuses.
Bounced checks
Early in April, the first round of compensation checks were mailed to homeowners. Unfortunately, when many of them tried to deposit their long-awaited checks, they bounced, adding insult to injury.
Nearly 1.5 million checks went out and it is unclear how many of those checks were not able to be cashed due to insufficient funds. The company in charge of distributing the funds scrambled to make amends and the issues appear to have been resolved. The Federal Reserve is assuring borrowers that no further issues are forthcoming, but recipients are wary.
Too little too late
Despite the settlement checks and the debacle with cashing them, many California homeowners received too little money too late. When the economy crashed, home values plummeted, putting millions of homeowners in jeopardy. Californians found themselves with mortgages that vastly exceeded the values of their homes and many were forced into foreclosure.
Bankruptcy and other legal options
When facing insurmountable debt and an underwater mortgage, experienced debt relief lawyers can provide guidance and explain options that may be available to you.
- Chapter 7 bankruptcy: This type of personal bankruptcy may allow you to liquidate many debts and can help you start anew, on solid financial footing.
- Chapter 13 bankruptcy: This type of filing may allow you to reorganize your debts, reducing your payments to a manageable level.
- Foreclosure prevention and defense tactics:Tactics such as loan modification, lien stripping, principle reduction and bankruptcy may help you save your home.
There are often a number of options available to each California homeowner. If you are struggling with debt and are concerned about missing mortgage payments, seek the advice of an experienced bankruptcy and foreclosure defense lawyer. A knowledgeable attorney can help you understand your options and may be able to guide you to a satisfactory solution.
Article provided by Weintraub & Selth, A Professional Corporation
Visit us at www.wsrlaw.net
Mortgage relief settlement checks bounce, adding insult to injury
Checks distributed to borrowers who suffered abuse at the hands of unscrupulous mortgage lenders bounced when those borrowers tried to cash them earlier this month.
2013-05-01
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[Press-News.org] Mortgage relief settlement checks bounce, adding insult to injuryChecks distributed to borrowers who suffered abuse at the hands of unscrupulous mortgage lenders bounced when those borrowers tried to cash them earlier this month.