SOURCE: RKE Law Group

RKE Law Group

April 12, 2012 06:00 ET

RKE Law Group Plans to Help Clients Capitalize on New $25 Billion Mortgage Settlement

Qualifying Borrowers to See Reduction in Mortgage Payments

FORT LAUDERDALE, FL--(Marketwire - Apr 12, 2012) - With the recent go ahead for the $26 billion foreclosure settlement, RKE Law Group, advocates of financial responsibility, will be helping their clients understand the settlement terms, and how they can take advantage of the available funds if they qualify.

The settlement, which has been underway for more than a year, was agreed upon by the nation's five largest banks and attorneys general from 49 states and the District of Columbia. The banks will refinance some mortgages to today's low interest rates, reduce the principal on loans held by homeowners underwater and pay funds to those who lost their homes due to foreclosure.

"This settlement could prove to be a huge relief for almost two million borrowers who were hit the hardest during this foreclosure turmoil," said Alexandra Kontos, Lead Attorney for RKE Law Group. "Hopefully, the borrowers see a significant reduction in their mortgage payments."

Most of the new rules and policies are already being enforced through the bank policies. The first step banks plan to take is to identify borrowers who qualify under the program. Here are some of the details included under the settlement:

  • The banks and loan servicers have committed at least $17 billion to help reduce principal for borrowers who either owe more than their home's worth or are behind on their mortgage payments.

  • $3.7 billion will be used to refinance mortgages for borrowers who are current on all payments. This will help the borrowers take advantage of the low interest rates of today.

  • The banks will pay $5 billion to the states and federal government. This fund will provide payments of $1,500 to $2,000 to homeowners who lost their homes to foreclosure.

  • The mortgage lenders taking part in this settlement are Bank of America, Wells Fargo, Citigroup, Ally Financial and JP Morgan Chase.

  • If you were foreclosed on in the years 2008-2011, you may be qualify for a payment of up to $2,000.

To learn more about the foreclosure settlement or to seek professional assistance from a bankruptcy attorney or a foreclosure defense attorney, visit www.rkelawgroup.com.

About RKE Law Group: RKE Law Group, based in South Florida, is a firm of experienced foreclosure defense attorneys dedicated to providing their clients with unyielding excellence to help achieve the best possible results for their personal situations. They have maintained excellent relations with their clients and the community by building their firm around time tested and lasting values -- respect and courtesy. To learn more about how RKE Law Group can help you, visit them at www.rkelawgroup.com.

Contact Information

  • Contact

    Name: RKE Law Group

    Address: 6301 NW 5th Way #2000
    Fort Lauderdale, FL, 33309
    Phone: (954) 905-2189

    Web Address: www.rkelawgroup.com