The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

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The foreclosure deal, as discussed in yesterday’s post here, has been finalized. And, it offers relief to homeowners in a number of ways, ie, refinancings, mortgage forgiveness (eg, principal reductions), home loan modifications, and even payouts — in the thousands of dollars — to those who’ve already lost their home to foreclosure.

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According to the Bloomberg article, Foreclosure Deal to Offer $17B Mortgage Relief, this foreclosure deal settlement with 5 major lenders would:

. . . provide as much as $3 billion in refinancings, enabling borrowers to secure new loans “at today’s historically low rates,” . . . [and] Another $1.5 billion would be distributed to about 750,000 borrowers who have lost their homes to foreclosure. . .

The Foreclosure Deal: The Bad News for “The Average Joe” Homeowner

Projections are that it could take as long as three years for these things to come to fruition. But heck, many homeowners have been fighting this long — or longer — with their lenders for some kind of relief.

Does this mean that the housing crisis will finally come to an end?

The Average Joe can only hope.

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