Mortgage settlement could mean money in your pocket!
If you are a homeowner who was in foreclosure in 2009 or 2010, whether that process is completed or is still continuing, you will want to be aware of a settlement reached last January between the government and 11 mortgage servicer banks, including Bank of America, J.P. Morgan, Chase, Citibank and Wells Fargo. Originally begun under the name Independent Foreclosure Review, the Program was ostensibly meant as recompense to millions of homeowners victimized by their bank’s fraudulent foreclosure practices. However, after it became publicly known that because the process involved self-auditing and reporting by the offending banks, and was therefore anything but “independent,” it was then morphed into its current shape.
According to the Office of the Comptroller of the Currency (OCC), the government agency overseeing the settlement, $3.6 billion in checks will start to be mailed out on April 1 of this year to qualifying participants. To qualify, you must have submitted an application by December 31, 2012. Individual awards will range from a few hundred dollars to $125,000. Whatever end of the spectrum you may end up at, if you submitted an application, you definitely will want to keep an eye on your mailbox in the coming months. You may not only be finding that long-awaited tax refund check in there, but also an unanticipated bonus, which actually is only a small payback for what your bank did to you.
Note from the author: If you have questions or comments regarding this or any Foreclosure Story article, please visit www.mcgookeylaw.com.
Next week: Bank gets cold feet in foreclosure case.
Copyright 2013 Daniel L. McGookey