California Home Owners Receive Massive Settlement
The Texas housing market remains on an upward trajectory, but the Lone Star State can still look to other states when it comes to giving their home owners mortgage relief.
A recent piece from The Fresno Bee reported that Fresno County home owners will benefit from a new agreement between California’s attorney general and several of the nation’s largest banks that will lead to a settlement of more than $235 million in mortgage relief.
The banks in question: JPMorgan Chase, Bank of America and Wells Fargo, have provided $18.4 billion in mortgage relief statewide in a year, which is a 50 percent increase over three years, the news source stated.
“That is a little bit of a surprise,” John Shore, executive director of the Community Housing Council of Fresno, a nonprofit housing counseling agency, told the news source. “I would think the banks would get to their quota and shut the program down. They probably in all honesty didn’t know they were over that quota. This industry is so crazy that it’s hard to keep up with numbers.”
Although the California and Texas mortgage industries are entirely different beasts, it’s important to note that state, as well as federal governments, are looking out for the best interests of borrowers and ensuring that they are not taken advantage of by the larger banks.
Potential borrowers are encouraged to know their rights, but they should also understand what it takes to secure a home loan: Including a satisfactory credit score, reliable income and not too many outstanding debts. If you’d like to learn more about Texas mortgages and what it takes to secure one in today’s housing market, contact me today.