MAJOR BANK FORECLOSURE SETTLEMENT

The Attorney Generals of 49 states and the US Justice Department have reached a settlement with the five biggest mortgage servicers - Wells Fargo. JP Morgan Chase, Ally Financial, Bank of America, and Citigroup – regarding their fraudulent foreclosure practices. You were asking me, what does this settlement mean for me. Probably NOTHING! That’s right, NOTHING or at the most – next to nothing!
It’s a great deal – FOR THE BANKS!! It’s a ROTTEN deal for the PEOPLE!! Here are five reasons why:
1. The banks are now OFF THE HOOK as far as being prosecuted by either the states or federal governments for CRIMINAL document FORGERY and FRAUD! There will be no punishment for these politically connected banksters who knowingly committed these frauds.
2. Of the $26 Billion in “fines”, $17 Billion has been designated to be used towards principal reductions. The average principal reduction will only be $20,000 and will only be for people who are current in their payments. If you now owe $300,000 and it is worth $150,000 in today’s market – you will then ONLY owe $280,000 on a house worth $150,000. WOW, not that helps doesn’t it?
3. The banks have up to THREE YEARS to implement the terms of the settlement. Based upon how they’ve worked with distressed homeowners to get a modification, I don’t see them moving quickly on something they have three years to implement. You might NOT want to plan on getting any help from this settlement any time soon
4. A small part of the settlement ($1.5 Billion) is to go to those unfortunate homeowners whose properties were stolen using the fraudulent, robo-signed documents. They will get only $2000 each!! Not their home back, but $2000 period.
5. Foreclosures will most likely increase !!! Now that the banks know how small the penalties are for their criminal acts, they will move forward with full speed to continue their outright theft of property through foreclosure.
If you are in foreclosure or facing the prospect of a foreclosure, you will NOT GET HELP from the government.
The only way to protect your rights is to have a knowledgeable and capable attorney fighting for you. That’s where we come in!
You can SAVE and KEEP YOUR HOME through FORECLOSURE DEFENSES NETWORK!
www.ForeclosureDefensesNetwork.com
One-On-One FREE consultations, FREE educational workshops with the next upcoming workshops on March 1st and 3rd.
Call anytime and we will connect you to one of our trained consumer advocates, speak to a live person