Good News for Military Foreclosure Victims

Everybody has heard by now of the settlement between the five largest lenders and the states that was reached last week. The news has been full of details of how borrowers who're trying to avoid foreclosure, as well as some of those who have already lost their homes may obtain some relief from the settlement.
What hasn't received much coverage at all is the benefits in the settlement for military active duty individuals who may have been foreclosed upon. Let's rectify that omission right now! Four of the five lenders involved, JP Morgan Chase, Citi, Wells and Ally, have agreed to review foreclosures of active duty military personnel that were made since January 2006. This is to determine if any of these were in violation of the Servicemembers Civil Relief Act, a federal law to protect active duty mil personnel during time of service from certain financial issues/problems they may confront.Wells, Citi and Ally have agreed to compensate those who wrongfully lost homes a minimum of $116,785, as well as to reimburse the service member for lost equity. In the case of Chase, the bank will either allow the service member to return to the home with all debt on it erased, or, failing that, reimburse the full value to the service member as of the time of sale.
If all of this isn't enough for you, Citi, Wells and Ally have also agreed to compensate all service personnel with interest rates over 6% who have wrongfully been denied refinancing to lower interest rates. BofA isn't mentioned in this deal as it had previously agreed to an assistance plan for mil personnel in May, 2011.
So, the message here is: if you or a family member or friend is an active service member and have/has been having difficulties with any of these lenders over a mortgage on your personnel home, call the lender IMMEDIATELY and get them to discuss your situation in view of this info and the Servicemembers Civil Relief Act. That's an order!
Good luck!