Americans are really struggling to pay their mortgages. Currently, approximately 11million people are “underwater” in their homes and it seems Florida is one of the states being impacted heaviest with a staggering 45 percent of their homes in this category. And one of the biggest gripes people in trouble are having is that the banks and financial firms that were somewhat responsible for this situation are not being penalized.
But things might finally be changing. A recent poll was undertaken for attorneys general throughout the nation to determine if they are willing to fight the terrible practices undertaken vis-à-vis foreclosure practices in the late 2000s.
The settlement would force banks to provide assistance in the form of billions of dollars to those who have had their homes foreclosed or who are at risk. Government officials have not been particularly active in forcing the large banks to change their ways and help these people. Should the deal be activated, up to $17b would be set aside in order to pay for various relief for around a million borrowers who are not up to date on their payments but owe more than the current value of their properties. As well it would give around 750,000 individuals who lost homes in the foreclosure checks worth $2,000.