March 15, 2012 (Press-News.org) Of the $25 billion federal settlement funds for mortgage foreclosure abuses, Wisconsin will receive $140 million. The settlement money is being paid by J.P. Morgan Chase, Bank of America, Wells Fargo & Co, Citigroup and Ally (formerly GMAC), and is intended to help homeowners having difficulty making their mortgage payments and individuals who were the victims of improper foreclosures.
According to Assistant Attorney General Holly Pomraning in a recent TheNorthwestern.com article, Wisconsin's share of the settlement will be divided and distributed as follows:
- $60 million will go toward lowering the principal loan balance for homeowners in danger of defaulting on their mortgage, as well as assisting in short sales, relocation and restoring homes that have been lost to foreclosure.
- $31.6 million will go to the state to be used as determined by the Attorney General's office, such as refunding the state for money already spent on prosecuting fraud, relief programs and other foreclosure expenses.
- $31.3 million will be aimed at helping struggling property owners make mortgage payments and refinance mortgages for a reduced monthly payment of at least $100.
- $17.3 million will be disbursed to individuals who have been improperly foreclosed upon (since 2088); approximately $2,000 should be paid to affected persons.
Homeowners must be eligible in order to receive assistance from the settlement funds. Eligibility will be determined by the five mortgage servicers paying the federal settlement, the Wisconsin Attorney General's office and the settlement administrator over the next 6-9 months. Persons deemed eligible will be contacted and the settlement will be distributed to those individuals over a three-year period. Borrowers with questions about settlement eligibility are directed to contact one of the five mortgage servicers.
Impact of Settlement Funds on Struggling Homeowners
Realtors in many of Wisconsin's areas hit hardest by foreclosures don't have high hopes that the government settlement funds will actually do anything to help homeowners, as reported by The Northwestern. The amount of money doled out to homeowners facing foreclosure won't begin to touch the thousands of dollars many are behind in mortgage payments. It this market, it is all too common for homeowners to be underwater by $100,000 or more; for those property owners, receiving $2,000-$3,000 in settlement funds sometime in the next three years is not going to help them get back on their feet.
Foreclosure filings are still taking place and real estate professions predict that the number will continue to grow in 2012 as the housing market struggles to make a comeback. Though the federal settlement may help some, the majority of struggling Wisconsin homeowners may still find themselves facing foreclosure.
For homeowners not eligible for assistance from the federal foreclosure abuse settlement or for whom settlement funds will not help, there are still options available to help you keep your home. Speak to a Wisconsin Debt Relief attorney knowledgeable in foreclosure matters about your circumstances. The best option for you will depend on your specific situation; an attorney can explain the alternatives, determine the best fit and help you get back on the road to financial recovery.
Article provided by Debt Advisors, S.C.
Visit us at www.mydebtadvisors.com
Mortgage Settlement Allotment to Struggling WI Homeowners: Too Little too Late?
Wisconsin is set to receive a share of the federal settlement funds for mortgage foreclosure abuses. The funds are intended to help homeowners in danger of mortgage default and those who were the victims of improper foreclosures, but will it be too little too late?
2012-03-15
ELSE PRESS RELEASES FROM THIS DATE:
CDC study shows outbreaks linked to imported foods increasing
2012-03-15
Foodborne disease outbreaks caused by imported food appeared to rise in 2009 and 2010, and nearly half of the outbreaks implicated foods imported from areas which previously had not been associated with outbreaks, according to research from the Centers for Disease Control and Prevention, presented today at the International Conference on Emerging Infectious Diseases in Atlanta.
"It's too early to say if the recent numbers represent a trend, but CDC officials are analyzing information from 2011 and will continue to monitor for these outbreaks in the future," said Hannah ...
Influenza 'histone mimic' suppresses antiviral response
2012-03-15
A team of researchers led by scientists at The Rockefeller University has identified a novel mechanism by which influenza interferes with antiviral host response. The finding, reported in this week's issue of the journal Nature, shows that the immunosuppressive NS1 protein of the influenza A virus hijacks key regulators of antiviral gene function by mimicking a core component of gene regulating machinery. The results they describe have major implications for our understanding of the biology of seasonal influenza virus and its pathogenesis. This research also suggests a ...
Nano spiral staircases modify light
2012-03-15
There was a lot of excitement a few years ago following the discovery of the DNA origami technique. The approach could be used to build nanoparticles of a given shape and size. However, real applications, such as nano-tweezers, remained out of reach. An international team of researchers led by Professor Tim Liedl of the Ludwig-Maximillians-Universitaet Muenchen and Professor Friedrich Simmel of the Technische Universitaet Muenchen have now succeeded in building nanoparticles using optically active DNA building blocks that can be used to modify light in very specific ways.
Coupling ...
Stanford scientists discover drug side effects, interactions using new computer algorithm
2012-03-15
STANFORD, Calif. -- A week ago, you started a new prescription medication for acne. Today, you feel dizzy and short of breath and have difficulty concentrating. Your symptoms are not listed in the package insert as possible side effects of the drug, but why else would you be feeling so odd?
Unfortunately, there's no easy answer. Clinical trials are designed to show that a drug is safe and effective. But even the largest trials can't identify irksome or even dangerous side effects experienced by only a tiny proportion of those people taking the drug. They also aren't designed ...
Molecular graphene heralds new era of 'designer electrons'
2012-03-15
Menlo Park, Calif. — Researchers from Stanford University and the U.S. Department of Energy's SLAC National Accelerator Laboratory have created the first-ever system of "designer electrons" – exotic variants of ordinary electrons with tunable properties that may ultimately lead to new types of materials and devices.
"The behavior of electrons in materials is at the heart of essentially all of today's technologies," said Hari Manoharan, associate professor of physics at Stanford and a member of SLAC's Stanford Institute for Materials and Energy Sciences, who led the research. ...
Many Jobless Turning to Social Security When Unemployment Ends
2012-03-15
Families throughout the nation continue to struggle financially. In fact, the prospect of economic stability continues to look so grim professionals have coined this period of time the Great Recession. Many depend on unemployment benefits to make ends meet during these difficult times, but what happens when they run out?
Now, more and more people are looking to Social Security Disability benefits when their unemployment ends. Whether people were disabled before their unemployment began or became disabled while receiving unemployment, Social Security Disability offers ...
Collaborative preclinical efficacy studies suggest a new target for drug addiction treatment
2012-03-15
In preclinical studies, researchers at SRI International and Astraea Therapeutics have recently evaluated the role of a new drug receptor target that shows promise for the treatment of drug addiction.
This potential new drug target belongs to a class of receptors called the nicotinic acetylcholine receptors (nAChRs). One subtype of nAChRs, called alpha4beta2 is a well-known target for nicotine's addictive effects and the therapeutic effect of the smoking cessation drug varenicline. SRI researchers are now studying another, lesser-known subtype, called alpha3beta4 nAChR, ...
What to Do When Nursing Home Neglect Leads to Dangerous Dehydration
2012-03-15
Dehydration is one of the most common forms of nursing home neglect. The risk of dehydration is particularly acute in patients who suffer from health problems that render them incapable of properly communicating their needs.
Nursing home dehydration can happen for a number of different reasons. Some patients aren't physically able to drink from a glass, either because they have difficulty swallowing or because they are unable to sit upright. In other cases, patients with cognitive or emotional difficulties may refuse certain beverages. In the worst cases the neglect ...
More than half of Americans doubt US global leadership in 2020
2012-03-15
WASHINGTON—March 14, 2012—More than half of likely voters doubt that the United States will be the No. 1 world leader in science, technology and health care by the year 2020, according to a new national public opinion poll commissioned by Research!America. The findings reveal deep concerns among Americans about the country's ability to maintain its world-class status in innovation, research and development before the next decade.
"A lackluster investment in science and innovation is driving fears among Americans about our world dominance in the years ahead," said Research!America ...
Study demonstrates cells can acquire new functions through transcriptional regulatory network
2012-03-15
Researchers at the RIKEN Omics Science Center (OSC) have successfully developed and demonstrated a new experimental technique for producing cells with specific functions through the artificial reconstruction of transcriptional regulatory networks. As an alternative to induced pluripotent stem cells, the technique promises to enable faster and more efficient production of functional cells for use in cancer therapy and a variety of other areas.
Starting with the first-ever production of induced pluripotent stem cells (iPS cells) in 2006, cell reprogramming - the genetic ...
LAST 30 PRESS RELEASES:
Early diagnosis of bladder cancer, now conveniently at home
People who are autistic and transgender/gender diverse have poorer health and health care
Gene classifier tests for prostate cancer may influence treatment decisions despite lack of evidence for long-term outcomes
KERI, overcomes the biggest challenge of the lithium–sulfur battery, the core of UAM
In chimpanzees, peeing is contagious
Scientists uncover structure of critical component in deadly Nipah virus
Study identifies benefits, risks linked to popular weight-loss drugs
Ancient viral DNA shapes early embryo development
New study paves way for immunotherapies tailored for childhood cancers
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
[Press-News.org] Mortgage Settlement Allotment to Struggling WI Homeowners: Too Little too Late?Wisconsin is set to receive a share of the federal settlement funds for mortgage foreclosure abuses. The funds are intended to help homeowners in danger of mortgage default and those who were the victims of improper foreclosures, but will it be too little too late?