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
ELSE PRESS RELEASES FROM THIS DATE:
Study finds drowsy driving just as dangerous as texting while driving
2013-05-01
Texting while driving is labeled the worst 21st-century driving hazard thus far. However, a new study conducted by researchers from the Virginia Tech Transportation Institute suggests that drowsy driving is just as dangerous.
The drowsy driving study
The study involved the analysis of 100 different vehicles traversing within the Northern Virginia / Washington D.C. area. The study revealed some interesting information--approximately 20 percent of vehicle accidents were caused by fatigued drivers.
Researchers conducting the study equipped each vehicle with inconspicuous ...
Proposed changes for how New York treats dogs that bite
2013-05-01
A recently proposed legislative bill would change the way that the State of New York views dogs that bite. State Senator Terry Gipson (D-Rhinebeck) introduced a bill in early April 2013 named for young Frankie Flora, a child from Hopewell Junction who was bitten and seriously injured by a dog several years ago.
Gipson and other supporters of the proposal want to amend the current law that only allows a dog bite victim to recover damages if the animal has previously either bitten someone, been show to have "vicious propensities" or been labeled as "dangerous." ...
Creditor harassment in New York
2013-05-01
With recent projections putting consumer debt in the U.S. well over two trillion dollars, it is no surprise that many Americans struggle paying off debt. Those who struggle to make payments may begin to receive phone calls from creditors or debt collection agencies in attempts to receive payment.
Although calls and other attempts to contact people to receive payment are allowed, some creditors and agencies cross the line, violating the law and using methods that qualify as illegal creditor harassment.
Types of creditor harassment
Federal and New York state laws ...
Breakthrough may help those with spinal cord injuries
2013-05-01
Many of us take for granted the ability to perform simple tasks until illness or injury takes away our capacity to things that were once routine. For example, hand function - the ability to grasp objects with the proper amount of pressure - is something that we all depend on every day. The loss of this ability can have a devastating effect on a person's independence and quality of daily life. According to a 2004 survey of tetraplegics all over the world, improvement of hand function was rated as one of the most important quality of life factors among those with spinal cord ...
Study: texting affects driving as much as drinking
2013-05-01
With the attention the media has paid recently, the dangers of texting while driving should be well known. According to government statistics, engaging in this activity makes the driver 23 times more likely that he or she will be in a car accident. To add another poignant statistic on the heap, a new study, published in the journal Traffic Injury Prevention found that texting while driving is just as dangerous as driving drunk with a blood alcohol level of twice the legal limit.
In the study, researchers from universities across the nation used driving simulators to ...
Minnesota road deaths increased in 2012
2013-05-01
Over the last several years, traffic safety officials in Minnesota have been working hard to reduce the number of fatal accidents on the state's roads. Generally speaking, these officials have done well -- over the last 10 years, the number of traffic accident deaths in Minnesota has declined significantly.
Unfortunately, this years-long downward trend came to an end in 2012. For the first time in five years, the number of traffic deaths in Minnesota was higher in 2012 than it was the year before. All told, 378 people were killed in Minnesota car accidents and motorcycle ...
"Pocket parks" reduce housing options for people convicted of sex crimes
2013-05-01
In a trend that is gaining momentum throughout the country, a growing number of communities are establishing tiny parks in an effort to drive registered sex offenders out of town. The tactic takes advantage of laws that place residency restrictions on people convicted of certain sexual offenses, often barring offenders from living near schools, playgrounds and other places where children are likely to congregate.
Strategy may be detrimental to public safety
According to a recent article in the New York Times, some of these new playgrounds -- nicknamed "pocket ...
Child safety activist questions the wisdom of sex offender laws
2013-05-01
Eleven-year-old son Jacob Wetterling made national headlines after he was abducted at gunpoint in 1989 and never seen again. In the years following the abduction, Jacob's mother, Patty Wetterling, was instrumental in the widespread enactment of sex offender registration laws in the United States. In a recent interview, however, Wetterling explained her growing concerns about how these laws have evolved and the negative impact they may be having on public safety -- as well as on many of the individuals required to register as sex offenders. Given Wetterling's personal history, ...
Medical marijuana and drugged driving in Massachusetts
2013-05-01
Voters in Massachusetts voted in November 2012 to legalize the use of marijuana for medical purposes, but lawmakers are still working out the details of how to incorporate the reform into the state's existing regulatory structure. One issue that is likely to grow increasingly relevant for medical marijuana users in Massachusetts is the issue of drugged driving and how such charges are prosecuted in the Commonwealth.
Massachusetts drugged driving law
Massachusetts law provides that a driver can be charged with OUI for operating a motor vehicle while under the influence ...
Houston Personal Injury Lawyer Brant Stogner Was Selected for Inclusion in the 2013 Texas Rising Stars Listing
2013-05-01
For the third consecutive year, Houston attorney Brant Stogner of Abraham, Watkins, Nichols, Sorrels, Agosto & Friend has been selected to the Texas Rising Stars listing as published by Super Lawyers magazine. No more than 2.5 percent of Texas lawyers under 40 or who have been in practice for 10 years or less are selected by the research team at Super Lawyers to receive the honor of being named to the Rising Stars listing.
A native Texan, Mr. Stogner is originally from El Campo, just south of Houston. He is a decorated academic and athlete, having played football ...
LAST 30 PRESS RELEASES:
Association of waist circumference with all-cause and cardiovascular mortalities in diabetes from the National Health and Nutrition Examination Survey 2003–2018
A new chapter in Roman administration: Insights from a late Roman inscription
Global trust in science remains strong
New global research reveals strong public trust in science
Inflammation may explain stomach problems in psoriasis sufferers
Guidance on animal-borne infections in the Canadian Arctic
Fatty muscles raise the risk of serious heart disease regardless of overall body weight
HKU ecologists uncover significant ecological impact of hybrid grouper release through religious practices
New register opens to crown Champion Trees across the U.S.
A unified approach to health data exchange
New superconductor with hallmark of unconventional superconductivity discovered
Global HIV study finds that cardiovascular risk models underestimate for key populations
New study offers insights into how populations conform or go against the crowd
Development of a high-performance AI device utilizing ion-controlled spin wave interference in magnetic materials
WashU researchers map individual brain dynamics
Technology for oxidizing atmospheric methane won’t help the climate
US Department of Energy announces Early Career Research Program for FY 2025
PECASE winners: 3 UVA engineering professors receive presidential early career awards
‘Turn on the lights’: DAVD display helps navy divers navigate undersea conditions
MSU researcher’s breakthrough model sheds light on solar storms and space weather
Nebraska psychology professor recognized with Presidential Early Career Award
New data shows how ‘rage giving’ boosted immigrant-serving nonprofits during the first Trump Administration
Unique characteristics of a rare liver cancer identified as clinical trial of new treatment begins
From lab to field: CABBI pipeline delivers oil-rich sorghum
Stem cell therapy jumpstarts brain recovery after stroke
Polymer editing can upcycle waste into higher-performance plastics
Research on past hurricanes aims to reduce future risk
UT Health San Antonio, UTSA researchers receive prestigious 2025 Hill Prizes for medicine and technology
Panorama of our nearest galactic neighbor unveils hundreds of millions of stars
A chain reaction: HIV vaccines can lead to antibodies against antibodies
[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.