(Newswire.net — January 26, 2014) Houston, TX — Five major banks negotiated in 2012 a $25 billion settlement so that it would put an end to the investigation into many foreclosure abuses. These five lenders that negotiated this settlement were Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.
Florida was hit very hard by the foreclosure crisis and the result was a collapse of the housing market, one of the worst in the United States. But every state in these United States has been severely affected by the abuse of these banks, ironically they will not be held responsible for the damaged caused, which was the reason for the settlement.
Even with a $25 billion settlement this banks still reported huge profits.
In Massachusetts the Senate has unanimously passed a bill that would return the titles of foreclosed properties to homeowners. This is something that every state should do in light of the government’s findings.
Senate leaders in Massachusetts said the bill was approved after thousands of foreclosure sales were determined to be void as the result of recent state Supreme Judicial Court decisions.
It was discovered that many residents are without a clear title to their home because of potential procedural errors that took place years ago. This is something that every homeowner should look into.
Denise McAdams in Houston Texas has found that the same issues and problems exist in her area and has helped many people facing foreclosure by providing real estate services to help those that are being foreclosed on. Her years of experience has given her the ability to navigate the maze that the banks have put in place.
Because of the government getting the Supreme Court’s decision against the banks they quickly yielded to the settlement to avoid more costly legal issues and possible jail time.
Now that the cards are on the table getting help and a straight answer from the banks is going to be easier and they are amazingly polite, but it is still recommended if you find yourself in this situation to consult with a professional who thoroughly understands the process.
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