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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

Get The Fresh Start You Deserve

Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

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Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

FIND OUT MORE

Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

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Loan
Modifications

Preventing
Foreclosure

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Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

FIND OUT MORE

Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

Is the National Mortgage Settlement Agreement Working?

| Jun 6, 2013 | Foreclosure Saving Your Home, News Bankruptcy and Debt |

I recently came across a CNBC article discussing how millions of Americans have their home stuck in limbo despite government programs meant to help them. Bank regulators ordered a national review of troubled loans, only for the government to cancel the review and settle mortgage processing violations with 14 major lenders. The lenders agreed to make $3.6 billion in payments to borrowers who were harmed, averaging about $1,000 each in addition to actively working out loan modifications. Many homeowners are still waiting to receive their payment and learn how their mortgage is going to be handled. What are the problems? The CNBC article reports there are widespread reports of three main areas of lender’s failure:

·         Lax procedures

·         Flawed, inaccurate or missing documentation

·         Poor communication with borrowers

In an effort to fix these failures, the Department of Justice and 49 state attorneys general signed the National Mortgage Settlement agreement with five of the nation’s largest mortgage lenders to adhere to comprehensive new standards in dealing with mortgage borrowers. Unfortunately, the new procedures and guidelines are not working because lenders are not fully complying with them. Some areas are better, but unacceptable violations are still occurring. As a result, the foreclosure crisis is ongoing. CNBC reports that according to RealtyTrac, a real estate research site, the average foreclosure across the nation now takes a record 477 days! If you are facing a foreclosure or need assistance with a loan modification, contact Levitt & Slafkes. We are experienced in negotiating loan modifications and stopping foreclosure actions via bankruptcy.

If you would like to make your home more affordable, now is the time to schedule a free initial consultation with a New Jersey loan modification lawyer at Levitt & Slafkes, P.C. Contact our attorneys online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.

 

 

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