On February 9, a $25 billion settlement was announced with Ally Bank, Bank of America, Citicorp, JPMorgan and Wells Fargo, five of the largest mortgage lenders in the country, due to perceived failings on the parts of the banks in dealing with homeowners. With the exception of Oklahoma, every state, as well as Washington D.C., took part in the settlement agreement in an attempt to facilitate the resurgence of the housing market.
Getting short sale approval always takes persistence and dedication, but when one client's file seemed jinxed, our team had to fight back with more than our usual willfulness.
The Federal Housing Finance Agency's HARP program was detailed on October 24th 2011 and promises to help homeowners who's mortgages are underwater due to the current economic climate. President Obama is hoping this will help the homeowners avoid foreclosure and help stabilize the economy.