Foreclosure Settlement Payments to Date

Well, as you know from our prior posts, last year the attorneys general from 49 states reached a major agreement with the five largest mortgage lenders over the issues of improper foreclosures and related issues. In many cases the lenders were to pay affected homeowners various sums of money related to improper foreclosures or denied loan mods or short sales. This process is still going on, but, thanks to the Office of Mortgage Settlement Oversight, we have an accounting of how much has been paid so far--a scoreboard of sorts, if you will. According to the OMSO, total payments, adjustments and settlements under the agreement to date total $45.83 Billion made to a total of 550,000 homeowners. This is a pretty impressive sum, but it is not the final total as other settlements are still being worked out. Of the total so far, $24.7 Billion went to pay for 'relief to support home ownership'. An additional $19.5 Billion went to short sales. Complaints and claims are still coming into the OMSO, now at a rate of about 830 per month since November 2012, up from an average of about 550 per month in the first six months of the program. If you think you have a legitimate complaint and haven't yet filed it and your lender was one of the following,Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial, don't hesitate--get on the horn to OMSO and get your claim filed! As always, Good Luck.