· Under the terms of the settlement, 4.2 million borrowers who went through foreclosure proceedings during 2009 and 2010 are eligible for checks of between $300 and $125,000, for a.
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Illegal foreclosures cost many people their homes, and the recent foreclosure settlement is issuing checks that range between $300.00 and $125,000.00, which only accounts for a small percentage of the losses incurred by homeowners during the foreclosure spike of a couple years ago.
Two years after Citigroup Inc. was punished for widespread foreclosure abuses, the bank is dealing with another misstep: Thousands of people who were entitled to settlement checks never got any money..
Lost Equity Portion of Settlement Payment. If you lost your main home in foreclosure, you should treat the lost equity payment as an additional amount you received on the foreclosure of the home. You will have a gain on the foreclosure only if the sum of the lost equity payment and the value of the main home at foreclosure is more than what you paid for the home.
· 400,000 Foreclosure Settlement Checks Sent To Wrong Address By Ben Hallman Like millions of Americans who tried to stave off foreclosure in recent years, Lanette Worles says her bank repeatedly lost vital paperwork she submitted, scuttling her chance at saving her home.
Under the $25 billion national foreclosure settlement negotiated by 49 states and the federal. The deadline for claims is Jan. 18, 2013. payment checks are expected to be mailed in mid-2013. Free.
Foreclosure settlement check drama: bad for Citigroup. If you or anyone you know is expecting an Independent Foreclosure Review settlement check, you can contact rust consulting at 1-888-952.
· OCC’s Escheatment and the Federal Reserves’ Redistribution. The Independent Foreclosure Review settlement will not affect any other efforts you are making with your servicer to prevent a foreclosure sale, and it is not intended to replace your current active efforts with your mortgage loan servicer.
To some degree, the checks represent a math problem. In crafting the deal, regulators at the Office of the Comptroller of the Currency and the Federal Reserve determined that all 4.4. million people who received a foreclosure notice in 2009 or 2010 would receive a payout, regardless of whether they suffered any harm.