Wrongful Foreclosure Settlement Amounts
No one can predict what the future holds,, but there is a slight chance that wrongful foreclosure settlements will decrease. This is because mortgage companies are more than willing to negotiate with homeowners who are facing foreclosure. The banks have become very lenient and flexible with their loan programs in the past few years. This has been good for the homeowners,, but now it could be bad for the economy.
What is Wrongful Foreclosure
It is important to understand what is wrongful foreclosure if you ever face this problem. Foreclosures are becoming more commonplace and many homeowners have no idea what they are up against when they face this problem. If you are facing this problem and are not sure what you are up against, contact a foreclosure lawyer today.
Some families have lost their homes due to mismanagement and misuse of funds. But the wrongful foreclosure happens when you when lenders goes for non-judicial foreclosure. You can lose home without any chances to save it. If there is no way to clear your name from this financial mess, then you should file for bankruptcy to remove your name from debts and liabilities. How wrongful foreclosure can effect you:
- Eligible Compensation
- Negotiated Settlement
- Credit Rating/Score
Filing for bankruptcy should not be the first option for homeowners who are facing wrongful foreclosure. You neet to contact attorney to fight versus wrongful foreclosure and to get settlements you deserve.
Settlements When Wrongful Foreclosure Happened
Amout of settlements you will get depends on your foreclosure plus equity. Here are decision by the court about settlements paying:
Underneath the initial settlement, Bank of America is needed to pay over $36.8 million to support members whose homes were unlawfully foreclosed upon between 2006 and 2010. Every service member will get a minimum of 116,785, also compensation for any equity dropped with interest. Bank of America has begun compensating 142 support members whose houses were foreclosed on involving 2006 and the middle of 2009. Under precisely the same agreement, Bank of America agreed to give information regarding its foreclosures from mid-2009 through the end of 2010. As a result of this review, Bank of America will now pay 155 service members upon whose homes it illegally foreclosed. Borrowers receiving payment under this settlement may receive an additional payment under a settlement between Bank of America and national banking authorities — the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System — when the foreclosure happened in 2009 or 2010. Payments provided under the national banking regulators’ settlement will bring the total amount received by qualified borrowers to $125,000 plus equity where applicable.
This shows that you still can get help about your case. The biggest settlements amounts get people who hired lawyer to prove wrongful foreclosure and the damage of its. So it’s always a good idea to contact attorney for complex help in documents filing and reviewing the best options.