{"id":265,"date":"2013-01-24T15:33:01","date_gmt":"2013-01-24T15:33:01","guid":{"rendered":"http:\/\/bankruptcyattorneystl.com\/?p=265"},"modified":"2013-01-24T15:33:01","modified_gmt":"2013-01-24T15:33:01","slug":"banks-agree-to-pay-8-5-billion-to-foreclosure-victims","status":"publish","type":"post","link":"http:\/\/bankruptcyattorneystl.com\/?p=265","title":{"rendered":"Banks Agree to pay $8.5 Billion to Foreclosure Victims"},"content":{"rendered":"

The United States Comptroller of the Currency and the Federal Reserve announced on Monday, January 7, 2013, that many of the Nation’s largest banks have agreed to pay $8.5 billion in damages to millions of foreclosure victims who were affected by wrongful foreclosure practices. \u00a0The agreement ensures that more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010 with the banks involved will receive cash compensation for damages in a timely manner.\u00a0 The Banks included in this settlement include large banks such as: Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, US Bank, and Wells Fargo.\u00a0\u00a0 According to a press release, the $8.5 billion sum includes $3.3 in direct payments to eligible borrowers, and $5.2 billion in other assistance to borrowers such as loan modification and forgiveness of deficiency judgments.<\/p>\n

The victims of the wrongful foreclosure practices do not have to prove damages under this settlement; they will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment.\u00a0 The amount of the compensation will, however, vary; eligible borrowers are expected to receive anywhere from hundreds of dollars upwards to $125,000.\u00a0 The full amount received by borrowers will depend on the type of possible service error.\u00a0 As for borrowers receiving the settlement amount, a payment agent will be appointed to administer payments to borrowers on behalf of the bank involved.\u00a0 Eligible borrowers should expect to be contacted by the agent by the end of March 2013 with payment details.\u00a0 Some critics of this settlement agreement think that this deal is letting some banks off easier than they should be.\u00a0 However, with this settlement, the banks involved hope to put the entire mortgage mess behind them.<\/p>\n

Some people may be wondering how this could effect their bankruptcy case.\u00a0 If you filed for bankruptcy and could potentially be receiving money from this settlement, your bankruptcy case could be effected by this.\u00a0 Because this is a large, lump sum of money that you are going to receive, your bankruptcy trustee could either hold your case open, or re-open your case, to wait until you receive the settlement check.\u00a0 Your trustee could then take an interest in a portion of the check to disburse to your creditors.\u00a0 If you know you are going to be receiving a settlement check, or have the potential to, you should contact your St. Louis bankruptcy attorney<\/a> immediately to discuss your options.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The United States Comptroller of the Currency and the Federal Reserve announced on Monday, January 7, 2013, that many of the Nation’s largest banks have agreed to pay $8.5 billion in damages to millions of foreclosure victims who were affected … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,53,8,34,29],"tags":[],"class_list":["post-265","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-general","category-chapter-13-bankruptcy","category-chapter-7-bankruptcy","category-foreclosure","category-judgement-liens"],"yoast_head":"\nBanks Agree to pay $8.5 Billion to Foreclosure Victims - St. Louis Bankruptcy Attorneys<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/bankruptcyattorneystl.com\/?p=265\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"St. Louis Bankruptcy Attorney\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265\"},\"author\":{\"name\":\"St. Louis Bankruptcy Attorney\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"headline\":\"Banks Agree to pay $8.5 Billion to Foreclosure Victims\",\"datePublished\":\"2013-01-24T15:33:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265\"},\"wordCount\":411,\"articleSection\":[\"Bankruptcy General\",\"Chapter 13 Bankruptcy\",\"Chapter 7 Bankruptcy\",\"Foreclosure\",\"Judgement Liens\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265\",\"name\":\"Banks Agree to pay $8.5 Billion to Foreclosure Victims - St. Louis Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\"},\"datePublished\":\"2013-01-24T15:33:01+00:00\",\"author\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"breadcrumb\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=265#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Banks Agree to pay $8.5 Billion to Foreclosure Victims\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\",\"name\":\"St. Louis Bankruptcy Attorneys\",\"description\":\"by A & L, Licker Law Firm with offices in Florissant, St. Louis, Manchester, Granite City, and St. Charles. 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