How To Collect Your $2000 (Video)
Big Bank Foreclosure Fraud, Robo-Signer Settlement
Now the big question is….
Who gets what?
At least $10 billion will go toward reducing the principal for borrowers who are delinquent or underwater borrowers at risk of default.
That is in stark contrast to President Obamas recently proposed housing
re-fi program that disallowed owners who missed more than one payment.
Remember, its estimated that in order to completely wipe out ALL of
the negative equity for the 11,000,000 underwater owners it would
cost…700-800 BILLION. Cold hard fact is that one in five Americans with
mortgages are underwater. On average, these homeowners are underwater
by $50,000 each. With this settlement, at least $3 billion will go
toward refinancing. Other payments will go toward state governments, and
the federal government.
What does this mean to you…?
Roughly one million underwater owners are expected to have their
mortgage debt reduced by lenders or able to refinance their homes at
lower rates. Another 750,000 people who lost their homes to foreclosure
from September 2008 to the end of 2011 will receive checks for about
$2,000. The aid is to be distributed over three years. The settlement
money will be doled out under a complicated formula that gives banks
varying degrees of credit for different kinds of help. As a result,
banks are incentivized to help harder-hit borrowers with homes worth far
less than what they owe.
Is this the end of it…housing crisis over? You tell me…
4,000,000 have already lost their homes to foreclosure.
6,000,000 are currently IN default
11,000,000 are underwater (NOT including those who are termed,
“near-underwater”. They would be underwater if they were to list their
homes for sale factoring in normal selling fees etc)
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