Nationstar Mortgage will be providing up to $30 million dollars to distressed Milwaukee homeowners under a special agreement with the city.
In a move worthy of Washington politics, the majority owner of Fortress Investments, which owns Nationstar, is also the co-owner of the Milwaukee Bucks. There have been months of negotiations, bad media press and upcoming hearings on how the city will finance a proposed $500 million Bucks arena. Analysts say the two are definitely related.
Milwaukee Mayor Tom Barrett and the city’s Common Council President Michael Murphy announced the City of Milwaukee and Nationstar will provide assistance through a combination of programs to help homeowners maintain their homes.
Mayor Barrett stated, “For Milwaukee homeowners who face economic challenges, this commitment is an opportunity to help more homeowners in our city. Home foreclosures will be avoided with new modification agreements, and more owners will receive low interest loans to help finance critical repairs to their homes. Residents who own their homes add value and stability to Milwaukee neighborhoods, and I don’t want anyone to lose their home unnecessarily. “
Over the course of the next three years, Nationstar will give up to $30 million in financial help for Milwaukee Nationstar customers through loan modification programs. They estimate they’ll have a 57% increase in loan modifications than would normally be given.
Nationstar will be giving $500,000 over the next three years to the city’s “Strong Homes Loan Program”. Nationstar will also offer face-to-face outreach events to Nationstar customers with a commitment to work with other mortgage loan holders in the city such as GSE-owned REOs and city program opportunities to help struggling homeowners.
Additionally, Nationstar will donate as many foreclosed properties as possible to non-profits to rehabilitate along with a stipend of $10,000 for renovations.
Throughout the U.S., Nationstar handles over 2.4 million customers with 3,500 in Milwaukee. Out of those 3,500 customers, 86% are current. There are 150 Nationstar loans in foreclosure in Milwaukee, 42 vacant homes owned by Nationstar and 19 REO properties Nationstar services for private investors. That’s $30 million to be distributed to those customers. GO BUCK$!
If you are experiencing problems with Nationstar, contact our experienced real estate attorneys at 303-618-2122. Our Denver real estate attorneys can give you your best options for foreclosure defense, loan modifications, hoa defense, quiet title, and other real estate issues.
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