The mortgage foreclosure crisis is slowly winding down, and the mortgage industry is beginning to see light at the end of the tunnel. The good news for homeowners is that the light is not likely a train.
On Pro Publica, a website for journalism in the public interest, journalists have recently updated an article entitled Our FAQ on The National Foreclosure Settlement and Independent Foreclosure Review. The news article, written on November 4, 2011, is an excellent piece about the mortgage foreclosure crisis the United States has been going through these past four years.
The FAQ gives information about the federal and state government’s efforts to compensate homeowners who were harmed during the foreclosure crisis. Although your opportunity to participate in the program ended December 31, 2012, the updates are still of interest to those of us who own homes and are wanting the crisis to come to an equitable conclusion.
Here are the two updates listed verbatim and taken from their website:
“This post was revised Oct. 1, 2012, to include information about the mailing of claim forms to homeowners eligible for the National Mortgage Settlement.”
“On Jan. 7, 2013, banking regulators announced the Independent Foreclosure Review would end for 10 banks and be replaced by a $3.3 billion settlement. See our report for the initial rundown. We will update this FAQ when the settlement is finalized and the details are available.”
Governments Provide Settlement in Mortgage Foreclosure Crisis
These updates are interesting because we get a glimpse of how the federal system is working to help alleviate suffering homeowners who got caught up in the mortgage foreclosure crisis. Homeowners that have been harmed by over-zealous mortgage banks are now beginning to receive a portion of the $25 billion settlement.
Although the settlement will most likely be between $800 and $2000 for each homeowner who selected to participate, the owners will be receiving some type of compensation. It may not be much, but it does include the opportunity to move forward and get past the foreclosure.
For those of you harmed and not participating in the settlement, it is my understanding you can still sue the mortgage banks. If you feel you were harmed and the statute of limitations has not run out, consult with an attorney about any lawsuit possibilities.
Closure for the Mortgage Foreclosure Crisis
Another interesting fact revealed in the updates is that the Foreclosure Review is coming to an end. That means to me the whole mortgage foreclosure crisis is slowly winding down through the legal process. There is nothing better sometimes for our spirit than closure.
The homeowners of America deserve closure on this mortgage foreclosure mess. It is a little strange to me that in the word “foreclosure” there is an indication of closure. Yet, in the mortgage foreclosure crisis, anything but closure has been happening these past four years.
I for one am glad we are beginning to see a light at the end of the mortgage foreclosure tunnel.
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