Ten major banks reached a settlement to pay $8.5 billion in order to settle claims alleging that they wrongfully foreclosed on many homes. JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, MetLife Bank, PNC, SunTrust, GMAC Mortgage and HSBC Finance are among the banks included in this settlement. They will pay $3.3 billion directly to homeowners and the other $5.2 billion will be used for assistance with loan modifications to homeowners wishing to stay in their homes.
Homeowners whose property was improperly foreclosed on may be eligible to receive anywhere from $1,000.00 to $125,000.00. This settlement that the banks have reached includes property foreclosed on during 2009 and 2010.
For more information on whether you qualify to receive a part of this settlement please contact me.