Deal in Foreclosure Case Could Happen Today

by Isaac Benmergui, Esq on January 7, 2013

USMapHomeowners across the nation, including thousands in the Greater Miami area could be getting some needed cash soon, notes real estate attorney Isaac Benmergui. A $10 billion settlement to resolve allegations of foreclosure abuses by 14 major lenders could be announced early today, according to several people close to the case.

Weeks of negotiations between federal regulators and the banks identified abuses of mistakes in paperwork and botched loan modifications, including many for Miami area residents.

The settlement could mean an estimated $3.75 billion of the $10 billion would be distributed as cash relief to Americans suffering foreclosure in 2009 and 2010. Additionally, $6 billion would be earmarked for homeowners currently in danger of losing their homes after delinquent payments.

Second Deal for Foreclosures and Big Banks

All 14 banks, including the major players JPMorgan Chase, Bank of America and Citigroup and Wells Fargo were expected to sign on. This new agreement would come almost a year after a previous deal in February 2011 between state attorneys general and five large mortgage lenders.

Representatives from the Federal Reserve and the Office of the Comptroller of the Currency, which led banking regulators in the negotiations, declined to provide further details on the settlement.

Getting Legal Help

If you’re a homeowner in danger of losing your home, the law offices of Isaac Benmergui can help. Call 780-800-2510 or email Isaac@benmerguilaw.comfor more information or to set up an appointment today.



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