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Mortgage Settlement Finally Signed


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Mortgage Settlement

 

The long awaited mortgage deal that industry pundits have been waiting for has finally come to pass. Signed by some of the most important mortgage lenders like Citibank, Wells Fargo and Ally Financial, the deal amounts to a whopping $26 billion in aggregate value.


The finalization of the deal not only signifies some welcome relief to underwater homeowners, but will have repercussions in other areas as well (including, but not limited to, investment properties).

Following the robo-signing scandal, many lenders had halted proceedings on their foreclosure cases, not wanting to attract undue attention to their activities. This has resulted in almost a million foreclosures getting backlogged in the pipeline since 2010 (not including short sales), allowing delinquent homeowners to continue living in homes that they had no rights left to.


The finalization of the settlement is expected to bring to light clearer guidelines for banks to process delinquent mortgages, and experts anticipate a deluge of new foreclosures spilling into the market. Reports prove that filing numbers in states requiring judicial review for signing off on foreclosures are already climbing, and the worst of the backlog is expected to hit the market in the next 1-2 months, bringing teetering property values further down.

Yep, it’ll be an interesting couple of months, that’s for sure.¬† If you want more details on the settlement, please check out this great CNN Money article¬†here.



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