EL SEGUNDO, CA (April 13, 2012)—Chris Adishian, President of the Adishian Law Group in El Segundo, CA and an expert in real estate law was quoted in an article appearing in Lawyers.com concerning the recently approved $26 billion settlement agreement between Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial and 49 states.
The agreement settles allegations against the banks for unlawful and unfair foreclosure practices.
Chris Adishian, who has reviewed the case says, “Although it’s described as a $26 billion settlement, the lenders involved will only have to pay about $5 billion (roughly 20 percent) in hard cash, with the remainder ‘paid’ in the form of adjustments to existing mortgages that haven’t yet been foreclosed upon.”
For homeowners wondering how this settlement affects them, Adishian says, “First your mortgage must have been originated and held by one of the banks in the settlement: Bank of America, Wells Fargo, JPMorgan Chase, Citigroup or Ally Financial. The settlement specifically excludes loans held by Fannie Mae or Freddie Mac or insured by the Federal Housing Administration.”
To read the complete article “What the Recent Mortgage Settlement Means for Homeowners,” please click the following link to see the post at Lawyers.com: “What the Recent Mortgage Settlement Means for Homeowners.”
Says Adishian, “This is a substantial settlement that will benefit some homeowners, and help put an end to a dark chapter in American economic history. If you have questions about your situation, you should seek competent legal counsel with specific knowledge of real estate finance, your specific mortgage, your specific financial situation and this particular settlement.”
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Adishian Law Group is a California law firm with a statewide practice in the areas of Corporate law, Employment law, Real Estate law and Mediation Services. Adishianlaw.com is one of the oldest continually operating law firm websites on the Internet. The firm serves its clientele via three offices located in the major business hubs of El Segundo, Palo Alto and San Francisco. As of March 2013, Adishian Law Group, P.C. has represented individual and corporate clients located across 20 California counties, 4 States outside of California and 9 foreign countries — in over 340 legal matters.
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