Talk with a Foreclosure Defense Attorney and Take Control
In light of today’s economy, foreclosure is a very real possibility for a number of property owners in many states. In the face of this frightening prospect, a foreclosure defense lawyer at The Porter Law Firm may be able to help. With a strong foundation of knowledge and experience with real estate law and foreclosure proceedings, the attorneys at The Porter Law Firm have been able to help numerous property owners. In these situations, it is important to act quickly in order to stay foreclosure proceedings and save the property. Consulting a foreclosure defense attorney immediately after being served a notice of foreclosure is the best way to get started. Speak with a consultant now at 800-692-6930 and receive your Free Consultation.
New National Mortgage Settlement | Who May be Eligible for Assistance in 2012
The Federal Reserve Board issued enforcement actions against four large mortgage servicers. A number of servicers supervised by the Office of the Comptroller of the Currency are also required to participate. If your primary residence was involved in a foreclosure process between January 1, 2009 and December 31, 2010, you may qualify for an Independent Foreclosure Review. The Independent Foreclosure Review (IFR) will determine whether individual borrowers suffered financial injury and should receive compensation or other remedy because of errors or other problems during their home foreclosure process. There is an $80Billion dollar fund available to Borrowers who were wrongfully foreclosed on.
All Requests for Review Forms must be submitted online or postmarked no later than July 31, 2012 so please do not hesitate to contact Porter Law Firm to find out if you qualify.
Below is a list of the Lenders/Servicers currently participating in the IFR.
Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief. Borrowers from states who did not sign the settlement will not be eligible for any of the relief directly to homeowners. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement. The settlement provides assistance for:
- Homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide. State attorneys general anticipate the settlement's requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.
- Borrowers who are current, but underwater. Borrowers will be able to refinance at today's historically low interest rates. Servicers will have to provide up to $3 billion in refinancing relief nationwide.
- Borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. $1.5 billion will be distributed nationwide to some 750,000 borrowers.
Read more on http://www.nationalmortgagesettlement.com/
News and Updates in Foreclosure
Can A Foreclosure Attorney Help?
National Foreclosure Defense Help
- Late or Delinquent Payments
- 6% Interest Rate Or Higher
- Current or Pending Foreclosure
- Adjustable Rate Loan
- Hardship Situation
- Negative Equity