Foreclosure-aid funds should be used as intended
Arizona has been ground zero of the foreclosure crisis for five years.
Foreclosures have swept away the perceived wealth of Arizonans, wiping out housing values, ruining credit scores for potential borrowers and killing jobs in the construction and mortgage lending industries.
These are long-term downward pressures on our economy, the aftereffects of which will be felt for years. Countless Arizona families are living with these pressures every day, but you can also see the scars in the stalled developments that ring Tucson and Phoenix or dot the countryside in Pinal County.
One of the legacies of the housing crisis is a failure to provide meaningful assistance to the millions of homeowners across the country who lost big on their homes. We bailed out Wall Street, but did nothing for borrowers, who often waited for loan modifications that never came. That’s one reason we strongly disagree with the diversion of $50 million from a fund that was supposed to be applied to foreclosure assistance, but instead is being used for the state budget.
The funds are part of a $26 billion settlement announced earlier this year between five major lenders and a number of states, including Arizona, which claimed lenders acted improperly in their supposed assistance to struggling borrowers. We believe the $26 billion was a pittance for the price homeowners have paid, but the bulk of the money was supposed to go directly to borrowers as either assistance for underwater homeowners or payments for people who lost their homes.
Arizona received $1.6 billion. Besides the assistance to borrowers, $99.7 million was directed to Attorney General Tom Horne’s office. The money was supposed to be used for things like foreclosure prevention and mitigation as well as the prosecution of financial fraud, which has been another missing piece of the housing crisis’s aftermath.
Paladin Securitization Auditors’ Comments:
Thousands of Arizona’s peoples are facing difficult times. Amidst higher prices at the supermarket and the gas pump and out-of-control credit card debt, many are also dealing with the very real possibility of losing their homes. Foreclosure is a huge issue in Arizona district and statewide, The lack of laws here at the state Legislature to help out foreclosure victims is really sad. During the foreclosure process people are overwhelmed with the amount of paperwork. Sometimes they don’t understand that they have rights.
Paladin Securitization Auditors is dedicated to helping distressed homeowners like you to save your home from foreclosure. Paladin Securitization Auditors specializes in finding securitization fraud in your loan documents. They provide you with the ammunition you need to possibly postpone your foreclosure sale and sue your lender for punitive damages. Often times this results in the lender providing new, reduced loan terms and reduced principle balances. We provide information that may help you stop foreclosure in Florida, and across the nation.
How would you like a free mortgage and securitization fraud evaluation?
If you want to see if there is fraud in your mortgage documents, Paladin Securitization Auditors will perform a preliminary evaluation to see if there is any evidence of mortgage, securitization, and foreclosure fraud. They will be able to tell you, for free, if a securitization audit can help your situation.
Simply complete the form at http://www.paladinwestcoast.com and one of Paladin Securitization Auditors’ experienced auditors will contact you.
