With more than 25 years of experience in Real Estate Law, Consumer Law as well as Foreclosure Defense, Surety Law Group continues to expand their services and implement the most recent tools to provide their clients with nothing less than top notch legal counsel. Providing their clients with the up-to-date information pertaining to the Home Affordable Modification Program (HAMP) is a top priority for the firm.
On Jan. 7, 2012 the Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency released a press release stating that 10 mortgage servicing companies had reached an “agreement in principle” with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers.
That sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. Per their report, Eligible borrowers are expected to receive compensation ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error.
A month later in February of 2012 49 State Attorneys General and the federal government announced on their site (nationalmortgagesettlement.com) the United States’ largest false claim act settlement relating to mortgage fraud involving five of the largest mortgage servicers:
- Ally/GMAC
- Bank of America
- Citi
- JPMorgan Chase
- Wells Fargo
This historic settlement is to provide $25 Billion in relief to affected borrowers as well as direct payments to state and federal governments. In follow up of the United States’ largest false claim act settlement relating to mortgage fraud, notice letters and claims forms were sent to all of those borrowers who lost their homes due to foreclosure between Jan. 1, 2008 and Dec. 31, 2012 by the National Mortgage Settlement Administrator.
The notice letters and claims forms were mailed out in late September and early October of 2012. The site, “developed and maintained by the Attorneys General on the Executive Committee that negotiated the settlement” also announces that the deadline to submit your claim is Jan. 18, 2013.
Multiple reports however do state that a payment agent will be appointed to administer payments to borrowers on behalf of the servicers. Eligible borrowers are expected to be contacted by the payment agent by the end of March with payment details. Borrowers will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment.
If you are a homeowner who lost their homes between Jan. 1, 2008 and Dec. 31, 2012 Surety Law Group has skilled and experienced attorneys standing by to provide their expert legal counsel and guidance.
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