Possible Financial Relief--FROM THE BANKS!?

Well, for those of you who have lost your home to what you feel is an improper foreclosure, there may be some financial hope on the horizon. A fund has been established by a number of major lenders as a way for them to try to avoid liability in cases of suits over improper foreclosures.Participants include Bank of America, JP Morgan Chase and Wells Fargo. The fund is aimed at providing compensation to those who can prove that their foreclosure was improper. Admittedly, proving such a thing is not going to be a slam dunk, but at least the fund is there, although the details are still being finalized as to who and how someone might successfully receive compensation from the fund. One of the details being considered is whether lenders who improperly foreclosed would have to make a legitimate new attempt at doing a loan mod for the homeowner who'd lost their home, and, if so, would those mods require that the principal balances of the loans be written down in value.

Of course an interesting thing to consider is what if your home was improperly foreclosed and the bank is willing to reconsider a loan mod for you, but, unfortunately, they sold off the foreclosed home already? Do they have to buy you a replacement home? Do they merely reach a settlement with you for the value of your home? Do they allow it to proceed to litigation, with the courts deciding what is a proper settlement? These are all questions that need answering. You may wish to consult an attorney. If/when we hear some further info, we'll also post it here.

Meanwhile, Good Luck!