How To Take Advantage Of The Foreclosure SettlementFeb 21 2012
Starting March 1st the $25 billion Robo-Signing (or Foreclosure) settlement will begin to go into effect. The settlement, put together between the US government and five major banks (Ally Financial Inc/GMAC Mortgage, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo), is designed to help relieve many borrowers who are either struggling to make payments, owe more than their home is worth or have already lost their home to foreclosure.
But how do you take advantage of this new settlement if you're not a borrower in the above situations? What if you're a new homebuyer, just starting to look for a home?
This settlement will encourage banks to deal with the delayed foreclosures they've been sitting on lately, and eventually speed up the foreclosure process.
As these foreclosures go through, there will be an increasingly large amount of available properties to be sold, all at extremely low prices, creating a great opportunity for new homebuyers and real estate agents alike to get homes at great deals!
If you want more information about the settlement or how you can take advantage, contact your Guaranteed Rate loan officer.