Foreclosure Settlements: It’s Compensation Time!

by on Foreclosures

Man Holding a Large Settlement Check

Have you been patiently waiting (or at least trying to wait) for the compensation that you have been promised in regards to your wrongful foreclosure actions from major lenders from 2009 to 2010? If so, then you will be happy to know that it is finally compensation time for those who experienced wrongful foreclosures and other effects of the unethical actions of major lenders throughout 2009 and 2010.

Banks to Payout Agreed Upon Settlement

The major lenders associated with the foreclosure settlement agreements include the following: Bank of America, Wells Fargo, Citibank, HSBC, JPMorgan Chase, U.S. Bank, Aurora, MetLife Bank, Morgan Stanley, SunTrust, Goldman Sachs, PNC, and Sovereign. In an effort to stop the independent foreclosure review process that proved to be unsuccessful, these lenders reached an agreement that would require them to send settlement checks to all individuals involved in the foreclosure process with one of these lenders between 2009 and 2010.

Even though victims knew they would be receiving compensation for their suffering, the exact date in which these checks would be sent out has been up in the air and therefore has left many victims patiently awaiting compensation.

Finally, these lenders are being held accountable for their actions and are being required to send out the settlement agreement checks to foreclosure victims start this week.

When Will You Get Your Money?

The Office of the Comptroller of the Currency and the Federal Reserve reached an agreement with the 13 lenders for the $3.6 billion payout that will be sent to those who suffered from unethical actions of major lenders from 2009 to 2010.

If you are one of the 4.2 million individuals who have been promised compensation for unethical lender actions, then you can expect to get your check sometime between April and July of this year. Individuals who will be compensated can expect to get between $300 and $125,000. The first 1.4 million checks will be sent out on April 12 and the remaining will be distributed in waves between now and the middle of July.

Therefore, by the end of July these major lenders will finally be able to put these issues to rest and victims will finally receive their much deserved compensation.

In conclusion, those who have been waiting for the compensation that was promised to them as a result of the foreclosure settlement agreement will finally receive their long-deserved compensation.