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JEREMY-17

The true Soldier fights not because he hates what is in front of him, but because he loves what is behind him.
Articles Posted: 42  Links Seeded: 267
Member Since: 1/2010  Last Seen: 5/16/2012

Millions owed to families in foreclosure deal

Seeded on Sat Feb 11, 2012 8:00 PM EST
Read ArticleArticle Source: Army Times
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Seeded by jeremy-17
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In a release Thursday, Justice said financial institutions JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — formerly GMAC — will review their foreclosures to determine whether any since Jan. 1, 2006 violated the Servicemembers Civil Relief Act.

If any are found, the lenders must pay service members $116,785 each, in addition to any lost equity and interest.

Under a separate agreement, those who held mortgages with JP Morgan Chase will receive their home free and clear of any debt, or the cash equivalent of the full value of the home at the time of sale.

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Also under the agreement, three banks — Citigroup, Wells Fargo and Ally — will review their records to see if any service member from Jan. 1, 2008, until present paid more than 6 percent on their mortgage interest after they’d requested a lower rate.

Those who have paid interest above 6 percent will receive a refund, with interest on any amount charged in excess of six percent plus triple the amount refunded, or $500, or whichever is larger.

Now the question is will they actually pay out? I forsee a lot of problems with these Soldiers getting what is theirs.

  • 2 votes
Reply#1 - Sat Feb 11, 2012 8:01 PM EST
backroads

Who is your best advocate?

  • 2 votes
#1.1 - Sat Feb 11, 2012 9:33 PM EST
jeremy-17

Who is your best advocate?

Me. I have no problem being a pain in somebody's ass if they owe me something.

  • 2 votes
#1.2 - Sat Feb 11, 2012 9:39 PM EST
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