Sep 25, 2012
Victims of illegal foreclosure will soon get payment
25 Sep 2012
Posted by Andrew Kantor
About 46,000 Virginians will soon be able to get their due from the national mortgage foreclosure settlement — they’ll be receiving the paperwork in the mail.
That settlement was reached with the nation’s five biggest lenders, which had been caught creating fake documents, forging signatures, and otherwise breaking the law so they could foreclose more quickly. And now at least some of their victims are getting a chance to recoup their losses.
Borrowers who were foreclosed on between January 1, 2008 and Dec. 31, 2011 — and who had their loan serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase, or Wells Fargo — are eligible for part of the $1.5 billion set aside for borrower restitution.