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Home Mortgage Scandal Update

On February 9 of this year the U.S. Attorney General announced that the federal government and 49 states had reached a settlement agreement with the nation’s 5 largest mortgage servicers to address mortgage servicing, foreclosure and bankruptcy abuses. On April 5, 2012 the settlement was approved by the US District Court for the District of Columbia.

The settlement covers home mortgages serviced by Bank of America, J.P. Morgan Chase and Company, Citigroup Inc., Ally financial Inc./GMAC and Wells Fargo and Company.

Under the settlement the banks are required to spend at least 17 billion on different forms of relief for homeowners. Clearly this is not a large sum of money for the vast numbers of homeowners who have been harmed by the banks irregularities–such as Robo signings and the like.

If your loan is serviced by one of the above listed banks and you are interested in knowing if you are eligible for any recovery (and whether or not there are any funds still available) than we suggest that the easiest thing to do is just call your bank and find out – Bank of America 877-488-7814, Chase 866-372-6901, Citi 866-272-4749, Ally/GMC 800-766-4622, Wells Fargo 800-288-3212.

If your Bank is not one of the above, note that U.S. State Attorneys General are also seeking to have additional settlements from additional Regional Banks and you can get a bit more on that here:

More questions? Contact us, of course, to see if we can be of help to you or anyone close to you regarding a troubled mortgage or other Real Estate legality.

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