Real Estate Law Center Reviews
Twenty-five billion dollars sounds like a great deal of money, but since the people who paid the fine got to decide how the money would be paid out, very few actual homeowners got to see any benefit. That is to say nothing of the fact that millions of homeowners should have received some compensation for the acts of the mortgage lenders and banks.
Before looking at what the Real Estate Law Center Reviews can do for you, it might be helpful to look at how the country got to where it’s at now.
During the mid-2000s, housing prices began to increase. Thanks to deregulation that occurred from the 1980’s right through today, there were few regulations overseeing the mortgage business. Lenders began to make loans to people with no income or they would inflate the income of the people that did have some money coming in.
The loans themselves were also onerous. Each of the Real Estate Law Center reviews reveals loans with the outrageous interest rates, ridiculous balloon payments and payment schedules that were impossible to maintain.
While the housing price stayed high, there were very few foreclosed homes. If people got into trouble they were able to sell their homes and pay the loans, particularly as the home’s value usual increased.
As the housing bubble popped, according the Real Estate Law Center reviews, people found that they couldn’t sell their house or could sell them, but for too little to cover the mortgage.
At that point, the banks went into robo-signing mode. They began processing foreclosures at a fantastic rate, by having unqualified people signing them, by not taking the time to have them notarized and without an inspection of the individual loan that circumstances of the debtor.
Fast forward a couple of years. About 49 state’s attorneys general filed suit against the mortgage companies for the robo-signing scandal. They found that the mortgage companies acted illegally and unethically. The companies paid the National Mortgage Settlement and admitted no blame. Ally/GMAC, Citi, J P Morgan Chase, Wells Fargo and Bank of America paid into the $25 billion settlement.
It was this settlement that the government perceived would be a justifiable recompense for the damage that was done.
As part of the settlement, the banks got to choose the consultants who decided where the money would go. The consultants were closely tied the banks and made sure that they acted on behalf of the client. They used the money to take of the mortgages and expenses that were most advantageous to the banks, not to the homeowners that had been taken advantage of.
When the Real Estate Law Center reviews your cases they will look for actions that are illegal or unethical on the part of the banks. Doctored paperwork, unverified documents and inflated rates all a part of the review that they will do.
The Real Estate Law Center reviews (http://realestatelawcenterreviews.biz)
for more information please visit http://lenderlawlitigation.com