To fully understand the situation, you have to take a look at the number of homeowners affected by the housing crisis.
Los Angeles, CA (PRWEB) February 17, 2012
This week, five of the nation’s largest home loan servicers agreed to a settlement totaling 25 Billion Dollars for conducting abusive foreclosure practices that resulted in countless families losing their homes. While a portion of the settlement will go towards helping those who have already lost their homes, the majority of the money will be spent to help those who are currently trying to avoid foreclosure.
“To fully understand the situation, you have to take a look at the number of homeowners affected by the housing crisis.” said Wasser. “Nearly 4 million families have already lost their homes and another 11 million are upside down on their mortgages in the amount of almost 750 billion dollars.” “Are all of these cases directly caused by fraudulent practices conducted by the banks? Maybe not, but if even a small percentage of them were, then you are looking at a massive number of homeowners who have been affected by foreclosure fraud.”
According to Wasser, the settlement is a step in the right direction when it comes to writing the wrongs that have been done, but it may not be enough to stop foreclosure for everyone who needs the help. “$25 billion is a lot of money, but when you’re talking about 11 million people owing $750 billion more than their properties are worth, you begin to realize that this isn’t a cure-all for the housing crisis. “What many homeowners don’t realize is that if they are headed for foreclosure, a short sale is another option that doesn’t have such a negative impact on their credit rating, or their lives in general. A short sale often only affects them for a period of 24 months, whereas a foreclosure can potentially damage their chances of receiving another home loan for years to come.” Lee Wasser and his team at ShortSaleCenter.net have successfully helped hundreds of families nationwide avoid foreclosure by completing short sales that spared them years of credit trouble. Their services are 100% free to their clients.