Roughly $25 billion in relief for distressed borrowers, states and federal government…

In February 2012, 49 state attorneys general and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers:

 

 

 

  • Ally/GMAC
  • Bank of America
  • Citi
  • JPMorgan Chase
  • Wells Fargo

The settlement provides as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. It’s the largest multi-state settlement since the Tobacco Settlement in 1998.

The agreement settles state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct.  Both of these practices violate the law.  The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

What does this mean for you?

For homeowners and those whose homes were foreclosed between January 1, 2008 and December 31, 2011, the deal means that you could receive a cash payment, a principal write down or refinancing with the money from the settlement, depending on your specific situation. If you received a letter in the mail, follow the instructions to register.  The deadline to  make your claim is January 18, 2013!

For more information and updates, please visit their official website.

 

For several years now, The Aladin Group has participated in the charity Blanketing Arizona, helping to give blankets, sleeping bags, necessities and food to Phoenix’s homeless on Christmas Eve morning.

Last year we were able to share over 1,600 blankets and sleeping bags, serve about 40 gallons of chili and disperse many other items to help make the holiday season a little brighter and warmer for the less fortunate in our city.

Giving back to our community is so important to us, and we invite you to join us in this worthy cause.  Volunteers are welcome, or you can donate any of the following items:

 

•           Blankets – (Only New Please)

•           Sleeping Bags (Only New)

•           Hygiene Items

•           Food, Canned Chili, Cheese, Fruit, other canned goods to give away

•           Sturdy disposable bowls

•           Plastic silverware

•           Cardboard serving trays (like McDonald’s cup holders)

•           Cases of bottled water

•           Snack size bags of chips

•           Toys – No batteries needed

•           Wind-up radios and wind-up flashlights

•           Dry Dog Food

•           Cash $$

Donations may be dropped off at our office:

11201 N Tatum Blvd. Suite 140 Phoenix, AZ 85028

Or call us for pick up!

 

Thank you in advance for your generosity!

 

 

Metro Phoenix home prices continued to rapidly climb in May.

The median sales price of a home in the region is up 32 percent from May 2011, according to the latest report from the W. P. Carey School of Business at Arizona State University.

During last month alone, the cost to buy a Phoenix-area house climbed 7 percent to $147,000. The region’s home prices have rebounded back to early 2003 levels.

More regular buyers and investors coupled with a shrinking supply of homes for sale are propelling metro Phoenix home prices higher.

ASU housing analyst Mike Orr said in his report “high demand and low supply” remain the dominant factors in Phoenix’s housing market.

The number of homes for sale in the area is down 50 percent from May 2011. Currently, 8,550 homes are listed for sale and don’t have pending contracts from buyers.

Moderately-priced homes continue to draw the most buyers and bids.

“Most houses below $250,000 priced realistically are attracting large numbers of offers in a short time, and many exceed the asking price,” said Orr, director of the Center for Real Estate Theory and Practice at W. P. Carey School.

He said a Chandler owner recently received 84 offers, and a Glendale owner snared 95.

The Glendale house closed within four weeks for 17 percent above the original asking price.

“Needless to say, this is not something we would see in a normal market,” Orr said.

Metro Phoenix home prices can’t continue to climb at the “extremely fast rate” recorded in the past few months.

“The most likely time for prices to stabilize is during the hot summer months of June through September,” Orr said.

 

Want to have the leading edge in this competitive market?  Have questions about what your home might be worth?  Contact The Aladin Group!

 

The Aladin Group has come out with a new youtube blog series called “5 Things Your Realtor CAN’T Tell You!” Subscribe to their channel HERE! Check out Part 1 of 5 below! Enjoy!

This series will be very helpful for prospective buyers! There are some great questions that need to be asked but Realtors can’t legally or morally give the answers to.

 

Aladin Abdin discusses the effects of Realty Executives Bankruptcy on our clients. If you have any questions, comment below, comment on the youtube video , comment on Facebook or emailing Aladin@TheAladinGroup.com! Enjoy!

 

Check out some other YouTube Videos of Properties for sale!

 

 

 

 

This is a great home located in Phoenix! Check it out! View it in High Quality!

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