Banks make big settlement in wrongful foreclosures - 13abc.com Toledo (OH) News, Weather and Sports

Banks make big settlement in wrongful foreclosures

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If you went through a foreclosure in 2009 or 2010, you may be eligible for some relief after the country's ten largest banks agreed to a settlement.

Belinda Brooks went through foreclosure in 2009.  "I thought it was going to be a simple process and it turned into a four-year nightmare and it's still not over."

Her house in Luckey was one of many that went into foreclosure in 2009. Brooks says her lender convinced her to make a late payment so she would be eligible for a loan modification. That damaged her credit and put her house in jeopardy.

Brooks is not alone. Five thousand Lucas County homeowners are in he same boat.

If you went through foreclosure in 2009 or 2010, the country's largest lenders are offering an $8.5 billion settlement.

Senator Sherrod Brown explained that money is for those who went into foreclosure because of errors made by lenders.

"Eight billion dollars is a cause to celebrate something cause it's money. It's going to go to homeowners, most of who were wronged in this process. But it's not a cause to celebrate that much because of the pain that they inflicted."

To be eligible, your mortgage had to have been from one of these lenders: Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank or Wells Fargo.

You could be eligible for an average of $2,125 in payments and loan modifications. 

If you're eligible, Senator Brown says you should get a call from your former lender by the end of March.

 

 

 

 

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