Avid Law Center Finds National Mortgage Settlement Fails to Help Most Homeowners
Attorney General's National Mortgage Settlement Provides Little Real Assistance for the Majority of Homeowners in Need of Mortgage Relief
(firmenpresse) - ALISO VIEJO, CA -- (Marketwire) -- 03/07/12 -- Much media hype has been made about the with the nation's five largest financial institutions related to "Robo-signing" violations and illegal foreclosure actions. In reality, the settlement will do little to help most distressed homeowners, or those who have already lost their homes to unlawful foreclosures, finds Orange County, California-based real estate and litigation law firm . As the failures of the national settlement become known, it should only encourage homeowners to personally fight for the relief and restitution they may be entitled to rather than simply accept the flawed settlement terms.
The major announced goal of for those who owe more than their homes are worth appears to have been missed. The national settlement is anticipated to reach less than five percent of those who are underwater on their home values. Even for those it does reach, the principal reductions are calculated to be merely $12,000 to $17,000 a home, depending on total claims made.
For victims of foreclosure who had fraudulently recorded and forged "robo-signed" documents filed in their cases may expect a maximum payment of between $1,500 and $2,000. This is a negligible amount for families who have been wrongfully thrown out of their homes and lost everything due to the illegal and fraudulent activities of the banks and their servicers. These amounts may be significantly less should individual Attorneys General, or their legislatures, exercise their option to keep the settlement money for their own state budgets as a "penalty."
The national settlement appears to have given away most of the government's right to prosecute and penalize those who broke the law. "The big banks seem to have successfully negotiated a settlement that places a price on forgery and criminal misconduct: $2,000 per wrongfully taken home," said Aron Rofer, President, CEO and Managing Attorney for Avid Law Center. "Fortunately, homeowners still have the right to demand more from the banks that have wronged them if they are willing to fight for a settlement that is fair and just on an individual basis."
Avid Law Center reminds homeowners that the settlement does not affect their rights as citizens to pursue their personal claims for relief. Individuals are still permitted to file civil claims against the mortgage servicers and banks, based on the same wrongful conduct. Homeowners may seek much larger settlements and/or loan restructuring, even if they ultimately do receive some small benefit directly from the settlement.
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About Avid Law Center
Based in Orange County, California, Avid Law Center is a full service representing consumers throughout the state. With over 30 years of legal experience, as well as significant experience in business and finance, Avid Law Center challenges banks on behalf of their clients to stop foreclosure and reduce clients' mortgage payments to an affordable amount.
The information in this release is for general information purposes only. Nothing in this release or on the Avid Law Center website or should be taken as legal advice. Prior successes are no guarantee of future performance. Litigation is inherently uncertain and results in litigation are never guaranteed.
Media Contact:
Amanda Tsang
601-335-6578
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Datum: 07.03.2012 - 17:00 Uhr
Sprache: Deutsch
News-ID 122806
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ALISO VIEJO, CA
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Legal
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