A large part of the mortgage settlement fund received by the states in a legal settlement with large mortgage lenders are being used to patch up other state-related concerns, according to a USA Today report published on Tuesday, October 8.
According to reports, almost half of the $2.5 billion mortgage settlement fund that is supposed to help homeowners against inappropriate mortgage procedures in foreclosures is being used for other purposes. In the list of the National Conference of State Legislatures, some of the budgets were allocated to general funds, economic development, and other non-housing related projects.
Enterprise Community Partners staffer Andrew Jakabovics said that probably only about $1.4 billion is being spent to help troubled homeowners.
Unfortunately, at Hong Law, PLC, we know that many homeowners in Cedar Rapids are being threatened by foreclosure. However, for those in this situation, there are likely certain options available that may help you keep your home. Call a lawyer at (319) 632-1400 to find out how we might be able to help you.
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