Government Settles Foreclosure Lawsuits With Major Banks
US Government and States Reach $25 Billion Foreclosure Case Settlement With National Mortgage Companies
According to this Bloomberg Business Week article, Banks Agree to $25 Billion Deal to End Foreclosure Probe, the federal government and state AG's agreed to settle lawsuits stemming from the illegal and unethical foreclosure practices of the large national banks (Ally/GMAC, Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo ). Under the foreclosure settlement, the banks agreed to follow new servicing guidelines when dealing with borrowers who are in default or facing foreclosure. The new mortgage servicing guidelines, which are detailed in RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS, require the major banks to offer financially distressed homeowners and property owners more workout options, be more careful during the foreclosure process and pay homeowners and property owners cash payments for mistakes made by the large banks. If you feel that your mortgage lender has treated you unfairly, or violated this new settlement, I would recommend that you file a complaint against the bank as detailed on my website at How To File A Complaint Against A Bank.
Whatever you do, please do not let the bank foreclose on you. If you have a house, or investment property and you owe more than the house or property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expertfor a free no obligation consultation to discuss your foreclosure prevention options. Avoiding foreclosure by completing a short sale can salvage your credit, protect you from a deficiency judgment (the lender/bank pursuing you for their loss) and make it possible to buy another house or property sooner.
If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Franklin TN Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Almost always short sale services are free to homeowners and property owners (In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)
Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompsonâ€™s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.