The OTHER Foreclosure Settlement: You May Be Eligible to Be Paid TWICE – Even If You Didn’t Lose Your Home to Foreclosure
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Lately here on this blog, we’ve been discussing the foreclosure deal which was recently arrived at by five of the largest lenders in the housing crisis scandal. This deal offered some major benefits for homeowners who are facing and/or have faced foreclosure, namely, “the possibility of refinancing their home loan, mortgage forgiveness (aka principal reductions), home loan modifications, and even compensation — in the thousands of dollars.
Amid this hullabaloo, the CNN Money article, “The other foreclosure settlement: Millions of homeowners eligible,” reminds American homeowners that they’ve already had some recourse. How/why?
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The article explains, stating:
. . . there is also an earlier settlement that has been nearly forgotten — and that could lead to an even bigger payoff [for homeowners[, in some cases . . . As part of an enforcement action by federal authorities last April (2011), 14 mortgage servicers . . . agreed to hire independent consultants to investigate foreclosure abuses and compensate those who suffered financial harm.
Millions Eligible; Less than 100,000 Taking Advantage of This Foreclosure Settlement
The article goes on to state that very few homeowners who are eligible have taken advantage of this foreclosure settlement. How few? Well, out of the over 4 million who possibly qualify, less than 100,000 have submitted claims to have this sort of “foreclosure forensic loan audit,” if you will, done.
What You Need to Know about This Foreclosure Settlement: Key Points
Compensation; Get Paid for Even Small Infractions by Banks: It all depends on your circumstances, but you stand to get money back for even a single infraction if the independent “foreclosure consultants” discover that lenders committed a transgression during your foreclosure process.
Be Paid “Twice:” According to the CNN article, you can “double dip,” meaning you can qualify for compensation under this foreclosure settlement, as well as the other foreclosure deal. This is huge!
No Foreclosure to Qualify: You don’t actually have to have lost your home to foreclosure to qualify for compensation.
Not Papework Intensive: Homeowners don’t even have to provide initial documentation. All you have to do to get started is fill out a 5-page form. They foreclosure review specialists will take it from there.
Deadline to Submit Has Been Extended But is Coming Soon: Because so few homeowners have taken advantage of this particular foreclosure settlement, the deadline to submit a claim has been extended to July 31st, (from April 30th).
How to Find Out If You Qualify for Compensation Under This (or the Other) Foreclosure Settlement
To find out if you qualify for compensation in this foreclosure settlement, Read the last paragraph in the CNN article, which basically tells you to visit the website that has been set up by the loan servicers for this independent foreclosure review. For all of the lenders / loan servicers taking part in this foreclosure review process, you can also visit the Federal Reserve’s site.
To find out if you qualify for compensation in the previously mentioned foreclosure settlement, contact your lender. Also, as we mentioned in a previous post:
Watch your mail your local newspaper and listen to your local news to find out what to do. According to the agreement, lenders and regulators are alerting millions of homeowners who are eligible via these methods. It’s one of the reasons the deadline for taking action has been extended — to give homeowners time to become aware and then proceed.
Now get busy contacting the appropriate agency(ies). Get every dollar you can back from these lenders because they’re still getting off way too easy with all the crimes they commmitted during the foreclosure crisis.
Good luck!
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©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.