$26 Billion Awarded to Relieve Foreclosure Abuse

$26 Billion Awarded to Relieve Foreclosure Abuse
Monday, November 19, 2012 - 5:34pm

More than 300 thousand homeowners have received $26 billion in relief under the terms of the foreclosure abuse settlement.

The government said Bank of America, JP Morgan Chase, Wells Fargo, Citibank and Ally Financial have modified home loans, reduced interest rates and forgiven debt as part of the settlement.

They're accused of using faulty paperwork to seize homes, including using robo-signers to sign thousands of legal documents in which they attested to neing unaware of the facts.

A local attorney, Richard Roman said within the last month, up to seven of his clients have received letters from Washington D.C. saying they may be eligible for some of that compensation.

They have to choose between that money and continuing on with their own lawsuits.

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