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08 Apr 2012

Colorado Springs Foreclosure: What National Settlement Means for You

A multi-billion national settlement among 49 states' attorneys general and five major banks will have implications for those who endured a Colorado Springs foreclosure.

Our Colorado Springs foreclosure attorneys have been closely following the news regarding the settlement, which aims to reduce the mortgage payments for those who are underwater on their homes, as well as grant monetary relief to those who may have been unjustly forced from their homes.


The settlement amounts to $26 billion in all. But what does it mean for you?

To understand this, we have to first look at what the loan servicers and mortgage lenders agreed to do. The servicers and banks essentially have pledged about $17 billion that will go toward decreasing mortgage payments for homeowners who owe a great deal more than their home is worth and who are behind on those payments. This is expected to equal out to about $20,000 of reduction for each homeowner. For those whose mortgages are held by Bank of America, those reductions could be even greater, equaling about $100,000 or possibly more.

Another thing that these entities agreed to do was refinance mortgages for homeowners who are up-to-date on their payments. This will allow them to clasp onto the low interest rates that are available right now.

Next, the banks have committed about $5 billion to the federal and state government. With that money, homeowners who were improperly forced from their homes will receive lump sum payments of between $1,500 and $2,000 - barely the cost for moving expenses, but certainly a start.

Another $1 billion is being paid to the Federal Housing Administration by Bank of America, the parent company of Countrywide Financial, which is alleged to have defrauded the federal housing agency.

The settlement also requires that banks get rid of their robo-signing techniques altogether. This was essentially a technique in which banks would churn out hundreds of foreclosure documents each day, often with agents having no verification of the facts to which they were attesting.

If your home was foreclosed upon between 2008 and 2011, you may be eligible to receive a payment, and you should notify your bank. The exact amount of the payment is going to depend on how  many people seize on it - and about 750,000 are expected to do so.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

      –  Sherry M., Colorado Springs, CO

     

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    "Steve explained things well so you know what you're doing.  The staff was very helpful with everything, including the paperwork." 

     

      – Raymond & Rhonda P.,                         Colorado Springs, CO

     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

      – Pete, Colorado Springs, CO  

     

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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