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(EMAILWIRE.COM, June 10, 2013 ) Gold Canyon, AZ -- There are two separate settlement funds for homeowners who have had their houses foreclosed on. Millions of homeowners are part of the payout but so far, collecting has been nothing but a headache and the numbers have been very disappointing.
4.2 million homeowners are dividing the money from The Independent Foreclosure Review which equals out to about 3.6 billion dollars.13 different mortgage lenders are involved, including: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
The payments started going out to the ex-homeowners in mid-April and range from $300 to $125,000. According to those receiving it, the settlement has been called an expensive and lengthy debacle.
An Independent Foreclosure Review spokesperson said said that there have been issues with change of address forms, but they should still be going out next week.
Elizabeth Warren, Senator of Massachusetts, hammered regulators at a recent hearing before the Senate Banking Committee. She believes homeowners should get all the information about what servicers did illegally so they can use that information if they decided to sue, and how not to make the same mistakes again.
While that issue is being debated, another settlement will be coming from the National Mortgage Settlement. Homeowners were supposed to get around $840 each but that increased to $1,480. Those checks will start being distributed on June 10, 2013. The State of Texas also got $134 million as part of that settlement.
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Source: EmailWire.com
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