HARRIS REAL ESTATE UNIVERSITY Alert: Principal Forgiveness Plan To Be Announced!
Repost from RealEstateInsiderNews.com
Remember the whole robo-signing fiasco that lead to state’s Attorney Generals filing suit against the nations largest lenders?
Well, there is a proposed settlement on the table.
Now the question is, who gets what?
* 17 Billion for principal reduction.
* 3 Billion for foreclosed borrowers who can prove some sort of fraud with their loan or foreclosure.
* 850,000 borrowers will get a $20,000 Principal Reduction.
Sounds good, right? Not so fast,
4,000,000 Already foreclosed, lost their homes.
6,000,000 In the foreclosure process (will lose their homes to foreclosure IF they don’t do a short sale.)
11,000,000 Now Underwater on their Mortgages. You read that right…eleven million homeowners are STILL UNDERWATER.
Think there will be any sort of meaningful housing recovery anytime soon?
Watch this video in its entirety. The housing info is about half way through…
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Those are some scary numbers and you are absolutely right, with settlements like the one on the table, it doesn't feel like we'll pull out of this any time soon.
Wow 11 million home owners under water that is scary!
Those are BIG numbers!! I just seen the HBO movie "Too Big to fail" interesting movie on Big banks,mortgages, and Wall street greed.