More than 450,000 Californians will be gettingÂ mortgage helpÂ from at least $18 billion, thanks to a mortgage settlement with the nations 5 largest banks Chase, B of A, Wells Fargo, Citi and Ally Financial. The banks are being penalized forÂ rushing the foreclosure processÂ over the last few years by using whatâ€™s called robo-signing. Which basically means that the bank employees didnâ€™t actually read or properly service the loans they had, that ended up in foreclosure. Most of the mortgage help for California homeowners will come in the form of reducing principal for underwater borrowers that need to modify their loans, but there are some other circumstances in which you might get mortgage relief. First, your loan cannot be a Fannie Mae or Freddie Mac loan. If itâ€™s not and you got foreclosed on between 2008-2011, you might qualify for a foreclosure settlement payout. And under the new mortgage settlement, banks will not be able to foreclose on someone if that homeowner is currently being considered for aÂ loan modification. Now, while this mortgage settlement isnâ€™t going to fix the housing market, Heck this is a just a chip in that $750 billion iceberg, it is a step in the right direction for those that need mortgage help in California. Whatâ€™s your thoughts?
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Actor Steven Seagal is being sued by a man who allegedly ran illegal cockfighting matches. Steven was filming his realty show Lawman, when he teamed up with an Arizona sheriff, jumped into a SWAT tank and ripped through the manâ€™s house, killing about 100 chickens and the gangsterâ€™s 11 month old puppy. I know itâ€™s sad the puppy died, but the other guy was torturing chickens for entertainment. But, donâ€™t they have search warrants in AZ? I mean why do you even need a tank to stop a gambling ring? Whatâ€™s next, using a fighter jet to break up an underage drinking party? Could you imagine looking out your window? The only thing scarier than Steven Seagal in a tank is Steven Seagal in a tank top. If you live in Arizona you might want to look both ways before you cross your yard.
With this mortgage settlement announced, many are speculating that we could see home prices drop even further. While current homeowners arenâ€™t thrilled about this, itâ€™s aÂ great opportunityÂ for anyone thinking about buying a first home, or even an inexpensive rental property. If you want to see in just a few minutes if you can take advantage of this window of opportunity, please give me a call. Thanks for watching and please pass this video along. Iâ€™ll see you next time.