{"id":411,"date":"2012-03-29T16:00:32","date_gmt":"2012-03-29T16:00:32","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=411"},"modified":"2013-01-19T14:10:39","modified_gmt":"2013-01-19T14:10:39","slug":"bank-settlement-becoming-a-nightmare","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/bank-settlement-becoming-a-nightmare\/","title":{"rendered":"Bank Settlement Becoming a Nightmare"},"content":{"rendered":"

\"Settlement<\/a>Remember that massive $26 billion<\/strong> bank settlement that homeowners long rejoiced about?\u00a0 The one that brought homeowners that were facing potential foreclosure a bit of salvation?\u00a0 Yeah well it\u2019s not quite what it\u2019s cracked up to be.<\/p>\n

When the huge settlement between some of the nation\u2019s largest banks was announced, people expected to receive major savings on their mortgages.\u00a0 Now that is still the case, but the number of people receiving relief is far less than previously thought.\u00a0 The settlement will allow for roughly one million homeowners to have their principals slashed by upwards of $100,000<\/strong>.<\/p>\n

What exactly happened to other massive amount of people that were expecting relief though?\u00a0 Why are they no longer being recognized?\u00a0 The answer has been angering countless people.\u00a0 It\u2019s because the banks that issued the borrower\u2019s mortgage(s) simply did not hold their mortgage.\u00a0 In other words, several banks have been selling mortgages to both Fannie Mae<\/strong><\/em> and Freddie Mac<\/strong><\/em> without the knowledge of the homeowners.\u00a0 How many of the loans were sold-off though?\u00a0 Well that number is far higher than anyone would have imagined.\u00a0 The housing boom that occurred at the turn of the millennium until 2007 saw 20%<\/strong> of the loans go into the bank\u2019s own portfolios.\u00a0 The other 80%<\/strong>, well you can find those loans in the possession of Fannie Mae<\/em>, Freddie Mac<\/em> and other random investors.<\/p>\n

So what happens now?\u00a0 Bluntly put, the majority of borrowers lucked out.\u00a0 There doesn\u2019t seem to be any indication(s) that details of the settlement will be adjusted in anyway to accommodate everyone being left out.\u00a0 It\u2019s not all crappy news though, at least for those of you with Michigan property because even though you may have struck out in this bank settlement.\u00a0 You wont strike out with Riverbank Finance<\/strong><\/em> as our specialty is saving you a pretty penny by refinancing<\/strong> your mortgage<\/strong>. \u00a0Give us a call at 1-800-555-2098<\/strong> to get the ball rolling!<\/p>\n

Interested in a mortgage refinance program like HARP?<\/h2>\n\n
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