Compensation Fund Being Considered as Part of Settlement
A spokesman for Iowa Attoreny General Tom Miller, who is spearheading the 50 state investigation into mortgage lender foreclosure practices, indicated a general compensation fund will be considered as part of any possible settlement.
Geoff Greenwood, Miller’s spokesman, made the following clear in an interview: “That [a settlement] is one of the many options being considered. There are no details that have been hashed out. Any characterization of it as a done deal is just inaccurate.”
The fund would serve to compensate borrowers, without litigation, who can prove they improperly lost their home through a faulty foreclosure. This will help to keep the court system from being clogged. There are a lot of borrowers and a potential for a lot of claims.
Attorney General wont limit settlement to fund
Miller would like to see more modifications and more resources dedicated to the process. Another practice the Iowa Attorney General wants stopped is servicers pursuing foreclosures on borrowers who are in the modification process-often referred to as dual-tracking. Many homeowners have been shocked and surprised to receive foreclosure notices despite their servicer agreeing to reduce their payments to more affordable levels. While dual tracking is allowed under the Obama administration’s loan modification program, a bank cannot sell the home until it has determined that the borrower is not eligible for a modification. Finally, the AG’s would also like to see one person assigned to a borrower’s case to simplify the modification process.
While I don’t expect a settlement to be reached anytime soon I can respect and appreciate the hardwork the 50 AG’s have done thus far to protect borrowers. From my vantage point it appears they are well aware of the problems that plague modifications, short sales, and foreclosures and what needs to be done to correct the situation going forward. I will continue to update the blog as details emerge.
if you are facing a foreclosure or short sale and you feel like quitting don’t! Contact me today. I can help you better understand the process
and answer any questions you may have! I can help you short sale your property and possibly never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation. I will
explain how the process works in detail and answer any questions you may have.
Thanks for reading this!
Joe Hildebrand is a real estate agent at RE/MAX Unlimited
Phone: (303) 671-3078 firstname.lastname@example.org
Joe Hildebrand specializes in short sales in Denver, Colorado. Denver Short Sales. Denver Short Sale Realtor. Centennial Short Sales. Centennial Short Sale Realtor. Castle Rock Short Sales. Castle Rock Short Sale Realtor. Parker Short Sales. Parker Short Sale Realtor. Highlands Ranch short sales. Highlands Ranch realtor. Littleton short sale.
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