Tucson real estate: National Mortgage Settlement

Tucson real estate: A national mortgage settlement deal has been reached between AZ and 49 other states, the federal government and the five largest residential mortgage servicers – Ally/GMAC, BofA, Citibank, JP Morgan Chase and Wells Fargo. Arizona residents are projected to receive $1.6 billion from this settlement. Over the next 6 months settlement administrators the Attorney General and mortgage servicers will work to identify homeowners eligible for the settlement. Homeowners can also contact the AZ Attorney General’s office or their mortgage servicer to ask to be included.

Highlights of the Settlement
– Principal reductions to eligible homeowners needing loan modifications
– Refinancing at today’s historic interest rates for eligible borrowers
– Direct payments to eligible borrows who lost their homes to foreclosure
– Banks remain liable for claims not covered by this settlement
The above settlement is expected to boost the housing market’s recovery. Nonetheless, in 2012 AZ and other states may experience an uptick in foreclosures since the above banks developed a backlog while negotiating the settlement.
Below find a snapshot look at the current inventory of single family foreclosures and short sales in the Catalina Foothills and Oro Valley.
Homes Currently                   Foothills                   Oro Valley
For Sale
All homes                                       356                                  323
Foreclosures                                14                                      24
Short sales                                    18                                      20
% distressed                                 8.9%                                 13.6%
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.  Contact Lisa for all your Tucson real estate needs.

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