Recently, well last year, I wrote about both the National Mortgage Settlement (In February 2012, 49 state attorneys general and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers), and the Independent Foreclosure Review (Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers).
Today I received an e-newsletter from BPE Law Group which summarizes the most recent happenings with both lawsuits settlements. I thought it was very well put together and so I’m sharing it with you below. I highly recommend BPE Law Group (info at the end of this post) should you have any further questions regarding these legal matters, and how they might affect you.
If your loan was owned or serviced by any of the settling banks – BofA, Wells Fargo, Chase, Citi, or Ally – and your home was foreclosed upon between January 1, 2008 and December 31, 2011, you may be eligible to receive a cash payment as part of the settlement. A settlement administrator has been appointed to accept claims and to oversee the distribution of settlement payments.
Claim forms must be submitted by no later than January 18, 2013.
The easiest and fastest way to submit your claim is online.
Go to: https://nationalmortgagesettlementclaim.com/ and follow the instructions.
Information about the settlement administrator is also available at: www.nationalmortgagesettlement.com. The e-mail address for the administrator is firstname.lastname@example.org The administrator can also be called toll-free at 1-866-430-8358.
In addition, a separate Program had been lauched previously creating a Independent Foreclosure Review for those who may have been foreclosed between 2009-2010. However, the processing has been a nightmare. Last week, a Settlement was reached whereby the settling lenders agreed to pay $8.5 Billion to a fund and the Foreclosure Review was shut down. Within the next few weeks, a process will be set-up to submit claims. Watch your mail box for more. You can learn more at: http://www.federalreserve.gov/newsevents/press/bcreg/20130107a.htm
None of the above Settlement programs bars a foreclosed party from asserting separate damage claims against their lender, assuming they have the financial capacity to do so. A few Class Action lawsuits have been set up around the country although they, like individual lawsuits, appear to be bogged down in the Courts.
If you have questions concerning your rights and possible recovery against your lender, you may want to have a follow-up consultation with us.
This home loans crisis is destroying hopes and dreams and families across our nation. If you know anyone struggling with these problems, please do them a favor and pass this newsletter along to them. We have a flat fee $200 consultation that guides you in identifying the problems and risks and creates a strategy to deal with them. A similar program is being set-up for Commercial Property Owner Consultations.
Steve Beede, Founder and Managing Partner
BPE Law Group, Inc.
Main: 11140 Fair Oaks Blvd., Suite 300, Fair Oaks, CA 95628
Satellite: 9245 Laguna Springs Dr., Suite 200, Elk Grove, CA 95758
Don’t miss out on an opportunity to get your financial house in order.