Redding Real Estate – Short Sale Information – 25 Billion Dollar Mortgage Services Settlement!

Redding Real Estate – Short Sale Information – 25 Billion Dollar Mortgage Services Settlement–we have heard recently about the Justice Department’s Settlement with the Banks. Here are the details and the resources where you can find out more. It is hopeful that this effort will help distressed home owners stay in their homes. Here are the details of the Mortgage Services Settlement:

Mortgage Services Settlement–the United States Department of Justice announced a recent settlement with five major banks accused of robo-signing and other fraudulent foreclosure practices.

The $25 billion dollar settlement (with $4 billion pending other smaller banks (9) involved Bank of America, Ally, Chase, Citi and Wells Fargo.

Where the Money will go:

$5 billion consisting of $2000 payments to borrowers who were foreclosed on between January 1, 2008 and December 31, 2011 and who were subjected to the fraudulent practices.

$20 billion will be used towards foreclosure alternatives:

  • $10 billion will go to the borrowers who are delinquent on their mortgages.
  • $7 billion towards assisting homeowners through short sales, forbearance relocation assistance or other alternatives.
  • $3 billion will be spent helping borrowers who own more than the value of their home to refinance.

The time frames/deadlines from March 2012:

  • The Banks have 30-60 for the Banks to select an administrator to handle logistics of the settlement and to monitor compliance.
  • The next 6 to 9 months the settlement administrator and the Attorney General will identify homeowners eligible for immediate cash payments and notify them by mail.
  • It anticipated that the settlement will be completed within 3 years.

Clarification is made on the following:

  • Robo-signing practices are forbidden.
  • Dual-track Foreclosures (working with the homeowner on modification of the loan while simultaneously pursuing foreclosure) is forbidden.
  • Fannie Mae and Freddie Mac insured loans are not impacted by this settlement.
  • Special recourse is in place for Servicemembers who were charged over 6% interest rates after a valid request to lower their rates under the Servicemembers Civil Relief Act (SRCA) or who were wrongly foreclosed on.
  • Money will be distributed differently fro different states.
  • California will receive the most of any state $12 billion
  • Oklahoma was not a party to this settlement creating their own agreement worth $18.6 billion

Here are important links and phone numbers for more information on the Settlement:

  • Ally/GMAC 800 766-4622
  • Bank of America 877 488-7814
  • Citibank 866 272-4749
  • JP Morgan Chase 866 372-6901
  • Wells Fargo 800 288-3212

Official Site for the Settlement

http://www.nationalmortgagesettlement.com

To locate the Attorney General in your state

http://www.NAAG.org

To determine if a loan is ineligible due to insurance by Freddie and Fannie

http://www.fanniemae.com/loanlookup

http://www.freddiemac.com/mymortgage

As real estate professional who has achieved the Certified Distressed Property Expert (CDPE) designation,

it is my mission to give homeowners the gift of a fresh start or to find alternatives to foreclosure that allow you to remain in your home.

Contact me TODAY and let’s get started.

ar131436405533494 Redding CA   Short Sale Agent   Avoiding Foreclosure   Mortgage Services Settlement!

I am Jeanean Gendron, your Redding and Shasta County Specialist.

Visit my website to learn more about the Settlement and about Avoiding Foreclosure.

You can reach me at 530 276-7417. I answer my phone I hold the Certified Distressed Property Expert, CDPE and the Certified Investment Agent Specialist, CIAS designation. I have taken special training so that I may help my clients in all their Real Estate Investment needs.  Knowing the Alternatives to Foreclosure in this market is critical in helping my clients.

I am here to help.

I am HAFA Certified!

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What Is A CDPE? Certified Distressed Property Expert

CDPELogo ezr Redding CA   Short Sale Agent   Avoiding Foreclosure   Mortgage Services Settlement!

The Certified Distressed Property Expert Designation (CDPE) is verification that a REALTOR® has taken the initiative to become an educated and prepared advocate on the behalf of a homeowner in distress. Earned by completing a comprehensive curriculum via the Distressed Property Institute, real estate agents with the CDPE designation are equipped with the expertise to help distressed property owners avoid foreclosure.

As a CDPE designated REALTOR®, I am committed to helping people who are facing foreclosure by finding the right solution for their individual needs and seeing the issue resolved. A portion of my CDPE designation course work involved short sales. Previously, short sales were a rarely accepted alternative by lenders, but in today’s world they are increasingly becoming a viable option. Although more common in recent years, lender’s still want the right deal with the right paperwork, and most real estate agents without the CDPE designation do not know the specifics. The CDPE course has taught me how to submit the proper documents to a variety of lenders as well as negotiation skills, allowing for quick resolve to a short sale. The education of a CDPE designated agent is continual, as CDPEs from across the county provide information to the Distressed Property Institute for a continual flow of new information to share with other CDPE designated agents.

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