ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/06/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/06/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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States have until the close of the business day to agree to the latest draft deal aimed at relieving homeowners struggling with mortgages bigger than their home’s value. Attorneys general from California and New York, who had been cold to the deal in past weeks, are now involved in talks that could signal their participation.

A source close to the talks told CNN that California Attorney General Kamala Harris is now inclined to sign on to the deal. New York Attorney General Eric Schneiderman is also talking with negotiators, sources say.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Federal officials and state attorneys general could announce — perhaps as early as this week — a deal with some of the nation’s largest banks that could yield up to $25 billion for those homeowners. That would be more than any housing relief program has produced since the financial crisis began.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Under the latest draft, about 1 million U.S. homeowners who are “underwater” on their mortgages — with principal exceeding the home’s value — could be eligible for as much as $20,000 in relief of principal owed, according to U.S. Housing and Urban Development Secretary Shaun Donovan.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

In return, mortgage servicers in states that agree to the deal would get immunity from future state servicing and originating claims — although homeowners could pursue claims against banks and states could still pursue criminal investigations, according to reports.

Driving the deal originally were allegations that mortgage servicers cut corners and enlisted robo-signers that improperly foreclosed on homeowners. However, the deal under negotiation now wouldn’t be able to return houses to those who have already been foreclosed on, according to reports.

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