ALISO VIEJO, CA, Mar 07, 2012 (MARKETWIRE via COMTEX) –
Much media hype has been made about the recent settlement with the
nation’s five largest financial institutions related to
“Robo-signing” violations and illegal foreclosure actions. In
reality, the settlement will do little to help most distressed
homeowners, or those who have already lost their homes to unlawful
foreclosures, finds Orange County, California-based real estate and
litigation law firm Avid Law Center. As the failures of the national
settlement become known, it should only encourage homeowners to
personally fight for the relief and restitution they may be entitled
to rather than simply accept the flawed settlement terms.
The major announced goal of reducing mortgage principals for those
who owe more than their homes are worth appears to have been missed.
The national settlement is anticipated to reach less than five
percent of those who are underwater on their home values. Even for
those it does reach, the principal reductions are calculated to be
merely $12,000 to $17,000 a home, depending on total claims made.
For victims of foreclosure who had fraudulently recorded and forged
“robo-signed” documents filed in their cases may expect a maximum
payment of between $1,500 and $2,000. This is a negligible amount for
families who have been wrongfully thrown out of their homes and lost
everything due to the illegal and fraudulent activities of the banks
and their servicers. These amounts may be significantly less should
individual Attorneys General, or their legislatures, exercise their
option to keep the settlement money for their own state budgets as a
“penalty.”
The national settlement appears to have given away most of the
government’s right to prosecute and penalize those who broke the law.
“The big banks seem to have successfully negotiated a settlement that
places a price on forgery and criminal misconduct: $2,000 per
wrongfully taken home,” said Aron Rofer, President, CEO and Managing
Attorney for Avid Law Center. “Fortunately, homeowners still have the
right to demand more from the banks that have wronged them if they
are willing to fight for a settlement that is fair and just on an
individual basis.”
Avid Law Center reminds homeowners that the settlement does not
affect their rights as citizens to pursue their personal claims for
relief. Individuals are still permitted to file civil claims against
the mortgage servicers and banks, based on the same wrongful conduct.
Homeowners may seek much larger settlements and/or loan
restructuring, even if they ultimately do receive some small benefit
directly from the settlement.
For more information please visit
www.avidlawcenter.com .
About Avid Law Center
Based in Orange County, California, Avid Law
Center is a full service Real Estate Litigation Law Firm representing
consumers throughout the state. With over 30 years of legal
experience, as well as significant experience in business and
finance, Avid Law Center challenges banks on behalf of their clients
to stop foreclosure and reduce clients’ mortgage payments to an
affordable amount.
The information in this release is for general information purposes
only. Nothing in this release or on the Avid Law Center website or
blog should be taken as legal advice. Prior successes are no
guarantee of future performance. Litigation is inherently uncertain
and results in litigation are never guaranteed.
Media Contact:
Amanda Tsang
Email Contact
601-335-6578
SOURCE: Avid Law Center
http://www2.marketwire.com/mw/emailprcntct?id=BAC218C2F14F1055
Copyright 2012 Marketwire, Inc., All rights reserved.
Article source: http://www.marketwatch.com/story/avid-law-center-finds-national-mortgage-settlement-fails-to-help-most-homeowners-2012-03-07