Will homeowners benefit from reimbursements the government has ordered 16 mortgage lenders pay? Foreclosure victims and housing activists say it’s not likely. Under a settlement between regulators and banks announced last week, an independent review will be conducted of all foreclosures that took place in 2009 and 2010 to determine whether fees were improperly charged or homes were wrongfully foreclosed upon.
Included in the settlement was a cease-and-desist order against Mortgage Electronic Record Systems (MERS), a privately held company that operates an electronic registry system designed to track mortgage ownership and rights of mortgaged properties. Many experts think last Wednesday’s settlement is only a “drop in the bucket” and not adequately addressing the billions and trillions of dollars lost and the pain and suffering of not knowing who owns what.
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Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.