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How The National Mortgage Settlement Could Benefit San Diego Homeowners

Appaswamy "Vino" Pajanor, president and executive director of Housing Opportunities Collaborative, and Matt Battiata, CEO of the Battiata Real Estate Group, speak with Joanne Faryon about the recent mortgage settlement.

Guests

Appaswamy"Vino" Pajanor is President and Executive Director of Housing Opportunities Collaborative

Matt Battiata is CEO of the Battiata Real Estate Group

Transcript

Free Events For Distressed Homeowners

Saturday, February 25, 2012, 10:00 am to 2:00 pm at the Bonita Library details

Saturday, March 31, 2012 Time: 10:00 am to 2:00 pm details

Resources

National Mortgage Settlement FAQs

Mortgage Servicers Involved In Settlement

Ally/GMAC: 800-766-4622

Bank of America: 877-488-7814

Citi: 866-272-4749

JPMorgan Chase: 866-372-6901

Wells Fargo: 800-288-3212

A multi-billion-dollar settlement with the nation's big banks over their foreclosure policies was announced last week.

The $25 billion settlement was meant to assist struggling homeowners with mortgage relief, principal reductions and short sales.

California Attorney General Kamala Harris said California negotiated for the biggest slice of the settlement, about $18 billion.

But while the settlement will bring some money to homeowners who were illegally foreclosed on or who are upside down on their homes, those funds are just a “drop in the bucket,” Matt Battiata, CEO of the Battiata Real Estate Group, told KPBS Television’s “Evening Edition.”

Appaswamy "Vino" Pajanor, president and executive director of Housing Opportunities Collaborative, said since the decision came down, his office has been flooded with calls.

“We’ve been advising these home owners or those callers to take the time off on a Saturday and come to one of our home clinics,” he said.

There, counselors will provide advice free of charge.

Battiata said he does not believe the settlement will stabilize the housing market in San Diego because there are so many people who owe at the peak levels from 2004 and 2005.

“Until the market bottoms out and then comes all the way back to those peak prices, until these people get out of all these homes they really can’t afford, the market really can’t stabilize,” he said.

Full disclosure: The Battiata Real Estate Group has been an underwriter for KPBS.

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