Last year a sizeable settlement was resolved with 49 state’s attorneys general and federal agencies. The result was the nation’s largest mortgage servicers – Bank of America, Wells Fargo, Ally Financial, JPMorgan Chase, and Citigroup – providing $45.83 billion of assistance to 550,000 homeowners.

The initial expectations of the settlement have been surpassed. The results have proved that reducing large-scale principle can help prevent foreclosures and avoid negative repercussions.

Results of the national settlement include:

  • The largest portion of the settlement, $24.7 billion, went toward supporting home ownership.
  • $19.5 billion went toward short sale efforts.
  • $6.04 billion went toward first-lien modifications.
  • $3.49 billion went toward trials currently in progress.
  • $2.2 billion went toward refinance relief.
  • $1.37 billion went toward forgiveness of pre-March 2013 forbearance.
  • $23.9 billion was turned over from services in the fourth quarter of 2012. This amount went toward consumer relief for 276,413 homeowners.
  • $3.86 billion of first-lien modifications were given to 33,000 homeowners for principal forgiveness.
  • $8.76 billion of second-lien modifications were given to 120,000 homeowners.
  • $6.41 billion of short sale relief was given in the fourth quarter of 2012 were given to 55,580 homeowners.

With the abundance of short sales, foreclosures, and lien modifications being processed in the market today comes the responsibility of accurate reporting and attention to details. Overlooking crucial details during this process can mean wasted time, money, and energy. Our document retrieval services provide thoroughness to mortgage professionals and attorneys. Blue Streak Docs ensures accurate information so they can better serve their clients. For more information on our services, including property reports, document recording, and document retrieval, give us a call today at 727-479-0007.

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