UA-9726592-1

Friday, January 13, 2012

Working America wants to Hold Banks Accountable For Mortgage Foreclosures


1/11/2012


By Doug Cunningham
Working America is urging the White House and all 50 state attorneys general to hold big banks accountable for the mortgage crisis and not let them off with what amounts to as slap on the wrist. Working America’s Christian Norton.
[Christian Norton]: “Mortgage banks and the state attorney generals are in a conversation right now to try to work out a settlement basically to hold them accountable for the fraudulent mortgage practices that really put us in this economic strife that we’re in right now. And we want to make sure that we get the best possible settlement for workers. This is really one of our last chances to get real relief for working families. There’s about 7.5 million homes that are in the foreclosure process and another 11 million at risk. So the settlement needs to make sure that it takes into account all of those families. It needs to be real accountability and if we just go with a slap on the wrist that’s not going to really help the working families. We need to have a full accountability, we need to have real relief.”
By Doug Cunningham
Working America is urging the White House and all 50 state attorneys general to hold big banks accountable for the mortgage crisis and not let them off with what amounts to as slap on the wrist. Working America’s Christian Norton. Norton said: 
Mortgage banks and the state attorney generals are in a conversation right now to try to work out a settlement basically to hold them accountable for the fraudulent mortgage practices that really put us in this economic strife that we’re in right now. And we want to make sure that we get the best possible settlement for workers. This is really one of our last chances to get real relief for working families. There’s about 7.5 million homes that are in the foreclosure process and another 11 million at risk. So the settlement needs to make sure that it takes into account all of those families. It needs to be real accountability and if we just go with a slap on the wrist that’s not going to really help the working families. We need to have a full accountability, we need to have real relief.
The TARP program originally authorized expenditures of $700 billion and was expected to cost the U.S. taxpayers as much as $300 billion. Unfortunately the banks didn't return the favor to mortgage holders. 
Rightardia recently went to a mortgage relief seminar and the attorney said in most cases it is best for a person that is being foreclosed on to fight it. Most government programs are ineffective . Also, Only 10 per cent of short sales go through.

The advantage of a short sale is that it only affects your credit for three years rather than 7 of a foreclosure. Also, if a bank accelerates your note, You only have 20 days to take action. Contact a lawyer immediately. Otherwise you are looking a default judgment.

If a banks forecloses on a $200,000 mortgage and can only resell the house for $120,000, the bank can come after the mortgagee for the remaining $80,000.

The banks don't have the original promissory note in about 40 per cent of the cases and if they don't have it, they will be unable to foreclose on you home. You can also ask the bank for forbearance. It will not foreclose or require mortgage payments for a set period while you rework your finances. However, you are not forgiven for any monies owed.

If you have your ducks in a row on the mortgage and the bank is being unreasonable, request a mediation. This could save thousands in legal bills.

Don't try to sue the bank unless you have deep packets. It is cheaper to let them sue you for foreclosure and then to get an attorney. You will be able to get plenty of data during the discovery process that would be otherwise expensive to get if you sued the bank.



source: WIN
Subscribe to the Rightardia feed: http://feeds.feedburner.com/blogspot/UFPYA   Netcraft rank: 6627 http://toolbar.netcraft.com/sifor a set period while you reorganize your fiances. te_report?url=http://rightardia.blogspot.com Creative Commons License
Rightardia by Rightard Whitey of Rightardia is licensed under a Creative Commons Attribution 3.0 Unported License.
Permissions beyond the scope of this license may be available at rightardia@gmail.com.

No comments: