5 Banks Settle Foreclosure Lawsuits — How It Can Save Homeowners Facing Foreclosure Thousands of Dollars
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Finally, five of the largest lenders have come to a settlement with the Justice Department over how they handle foreclosures. If you’ll remember, some Attorney Generals took action, suing lenders because they used illegal tactics like robosigning to foreclose on thousands of homeowners across the country.
The Washington Post blog article, Foreclosed houses in U.S. squatted, occupied and sold on the cheap, states that:
Monday, after nearly 500 days of hard-fought negotiations, state and federal officials came to a settlement that would force banks to overhaul the way they foreclose homes.
So, what does this mean for the Average Joe homeowner?
Well, according to the above-mentioned article, a lot.
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The main benefit is dual tracking can no longer happen. Basically, this is a practice whereby banks still went through with foreclosures, even when a homeowner was trying to work out a home loan modification.
This is huge because it means that homeowners now don’t’ have to worry about being foreclosed on while working with their lender. It also means they’re free to make better decisions.
How This Settlement Saves Homeowners Facing Foreclosure Thousands of Dollars
Dual tracking can cost a homeowner thousands of dollars. How? Well, if they’re sending money to their lender thinking that their home loan is being modified, only to be hit with a foreclosure notice, then that’s money that they could save in case they eventually have to move (ie, lose the home to foreclosure).
And, this is no small thing when you consider what one bankruptcy attorney said about homeowners seeking home loan modifications. See the post Home Foreclosure News: Bankruptcy Attorney Explains Why Foreclosure Is Inevitable for the Vast Majority of Homeowners Going Through the Home Loan Modification Process.
This will allow many homeowners facing foreclosure to easily answer the questions, “Should I pay my mortgage while waiting for a home loan modification.
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©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.