Foreclosure Reforms Beginning to Seem More Likely?

In the past, there have been a large number of attempts to resolve the massive foreclosure problem being experienced across the country, both on the part of private and government organizations.

These days it’s seeming more likely that these entities will begin to work together to help ease the nationwide foreclosure problem and the devastating effect it has on financially troubled Americans, according to a report from the Los Angeles Times. The robo-signing mess – in which lenders approved foreclosures on a large scale with little regard to whether or not these actions were being properly vetted – will soon be resolved following a settlement between the nation’s largest lenders and the 50 states’ attorneys general, which will signal meaningful progress toward hard and fast rules over the way property seizures can take place.

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And while some critics have come out against the terms of the settlement itself, it’s very likely that no matter what happens in that regard, the number of new foreclosures across the country is going to drop in the immediate aftermath of the deal, the report said. With millions of homes nationwide already in or nearing foreclosure, any relief would be welcome.

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A lot of foreclosure reform is also happening at the state level, according to a report from the Michigan Messenger. In the Wolverine State, lawmakers are pushing for changes to the current foreclosure system to one that puts judges in charge of proceedings.

[Resource: The Ultimate Guide to Underwater Mortgages]