When it comes to banks, many times the left hand doesn’t know (or chooses not to acknowledge) what the right hand is doing . Looks like they are required to now… Among the new mortgage rules to protect homeowners from foreclosure is a rule that prohibits servicers from foreclosing on borrowers who are seeking loan modifications.
Read CNN Money’s story covering what banks can’t do to mortgage holders facing foreclosure here: New rules aim to protect homeowners from foreclosure
Slightly more than half of the people eligible for money from bank settlements on wrongful foreclosure suits have not stepped forward to lay claim to this cash. The deadline to file was extended bank in January, and has been extended again to February 15 in Florida.
Qualified candidates are eligible for payment of a couple hundred dollars up to $125,000.
For more info visit www.nationalmortgagesettlement.com
Click here to read comments from Florida Attorney General, Pam Bondi http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=286633
The only reason “free money” is in parentheses is because this free money is money the American people should have had in their pockets all along. Money big banks have squandered from the people for their own profit and gain. Money gained from profiting on others misfortune. Money gained from improperly foreclosing on countless properties when other alternatives were available. Money gained through robo-signing. Money being paid out because of the robo-signing scandal.
As part of settlement for this robo-signing debacle, homeowners who had a home foreclosed on in 2008-2011 and whose loan was serviced by Bank of America, Ally/GMAC, Citi, JPMorgan Chase, Wells Fargo & Co. and others could be entitled to a nice little chunk of change. Eligible borrowers can received hundreds of dollars up to $125,000! There is $25 billion dollars set aside to be distributed to people whose home was improperly foreclosed on – $170 million of it set aside for Florida alone! All you have to do is submit a claim form.
Unfortunately, two-thirds of the people who have been sent notices have not stepped forward and submitted a claim! This is for real folks, “free money” for your foreclosure being handled improperly. Personally, I feel it is a small victory – small, but certainly worth claiming. True victory will be had when big banks and corporations are escorted out of government, and the country is run for the people and by the people; that’s another story though.
In the meantime, go claim your cash! Here is the link to get started. Hurry though, the clock is ticking. The Deadline (which has been extended once) is January 18, 2013.