The Obama administration and nearly every U.S. state are reportedly ready to settle for $26 billion with five of the country's largest banks over allegations of abusive foreclosure practices.
Bloomberg News reports a case of a J.P. Morgan Chase letter to a homeowner that said "you could sell your home, owe nothing more on the mortgage, and get $30,000."
Monday is the deadline for states to sign onto a settlement with the nation's largest banks over abusive foreclosure practices. The deal would reportedly force banks to pay billions of dollars to people who lost their homes.
According to one study, the average hit to a home near a foreclosed home is over $7,000 in property value. What you and your neighbors could do if an abandoned property is in the neighborhood.