{"id":893,"date":"2012-03-07T17:28:42","date_gmt":"2012-03-07T17:28:42","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=893"},"modified":"2012-03-07T18:32:48","modified_gmt":"2012-03-07T18:32:48","slug":"mortgage-servicers-required-to-review-foreclosure-files-and-compensate-veteran-victims","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=893","title":{"rendered":"Mortgage Servicers Required to Review Foreclosure Files and Compensate Veteran Victims"},"content":{"rendered":"

On March 6th<\/sup>, 2012, the White House announced two methods to provide relief for the struggling U.S. housing market pursuant to the February settlement between the Federal government and 49 state Attorneys General.
\n<\/span><\/p>\n

The first method is aimed at providing relief to servicemembers and veterans. Mortgage servicers will be required to conduct a review of every foreclosure file since 2006. If the servicer finds that it violated the Servicemembers Civil Relief Act<\/em>, then the victim will be compensated in the amount of the victim’s lost equity, plus interest, plus a fee of $116,785.00.
\n<\/span><\/p>\n

If servicemembers were wrongfully charged an interest rate exceeding 6% after they requested a rate reduction, servicers will have to pay the victim at least four times the amount wrongfully charged. The look back period for this provision reaches back to 2008.
\n<\/span><\/p>\n

The Administration will also require servicers to issue short sale agreements to servicemembers who were forced to sell their home for a loss due to a Permanent Change in Station (PCS), and were not able to claim the Department of Defense’s Homeowners’ Assistance Program. This protection will apply to servicemembers who purchased a house between July 1, 2006 and December 21, 2008, or who received a PCS post October 1, 2010.
\n<\/span><\/p>\n

Finally, servicers will pay into the Veteran’s Housing Benefit Program Fund an amount of $10 million. This fund guarantees certain beneficial loan terms to eligible veterans.
\n<\/span><\/p>\n

The servicers responsible to taking these actions are Bank of America, J.P. Morgan Chase, Ally, Citi, and Wells Fargo. They will carry out these requirements under the supervision of the Civil Rights Division of the Department of Justice.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

On March 6th, 2012, the White House announced two methods to provide relief for the struggling U.S. housing market pursuant to the February settlement between the Federal government and 49 state Attorneys General.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[40,164,29,3,61],"tags":[],"class_list":["post-893","post","type-post","status-publish","format-standard","hentry","category-closing","category-litigationdisputes","category-mortgages","category-real-estate-law","category-short-sales"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":911,"url":"https:\/\/blog.topbev.com\/?p=911","url_meta":{"origin":893,"position":0},"title":"Short Sale Review Time Shortened by the FHFA","date":"April 23, 2012","format":false,"excerpt":"Any improvements made to the short sale process will be welcomed. The shorter review process will reduce the stress that both the seller and the buyer must endure. The additional status communications will provide information to the parties as they wait for the final approval so they are not waiting\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224,"url":"https:\/\/blog.topbev.com\/?p=224","url_meta":{"origin":893,"position":1},"title":"Helping your customer purchase an REO–Some important observations which may help you walk through this minefield.","date":"June 29, 2010","format":false,"excerpt":"One of the areas which my law firm, Topkins & Bevans, with offices in Boston, Waltham and Braintree, Massachusetts, has recently become extremely active is real estate owned by banks and other financial institutions after foreclosure (generally known as \"REOS\"). REO purchases are not for the meek, and I thought\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":361,"url":"https:\/\/blog.topbev.com\/?p=361","url_meta":{"origin":893,"position":2},"title":"Massachusetts Buyer Beware!!!! If there is a foreclosure in your back title, you may not be getting what you are expecting","date":"July 9, 2010","format":false,"excerpt":"Here is a tale of woe that is real, and may be repeated many times in the future for Massachusetts real estate scenarios. Well before I started representing my client, he purchased a home which had a recent foreclosure in its title. My client, now attempting to do a refinancing\u2026","rel":"","context":"In "Short Sales & Foreclosures"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":854,"url":"https:\/\/blog.topbev.com\/?p=854","url_meta":{"origin":893,"position":3},"title":"Do Lower Mortgage Defaults Signal a Recovery?","date":"February 17, 2011","format":false,"excerpt":"It was reported today by the Mortgage Bankers Association that fewer Americans are falling behind on their mortgage payments. This has nothing to do with the foreclosure \"robo-signing\" mess, because the number they were looking at was the first indication of a potential foreclosure, the number of borrowers that had\u2026","rel":"","context":"In "Mortgages"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":375,"url":"https:\/\/blog.topbev.com\/?p=375","url_meta":{"origin":893,"position":4},"title":"Is Your Massachusetts Client About to be Foreclosed Upon?–No Need to Start Packing Up Things Just Yet","date":"July 9, 2010","format":false,"excerpt":"This\u00a0is an actual situation which is confronting a client of mine who has not made a mortgage (or tax) payment in the last eighteen (18) months. The mortgage lender has finally gotten around to scheduling a foreclosure sale. This course of action has really been necessitated by the lender's unwillingness\u2026","rel":"","context":"In "Short Sales & Foreclosures"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":907,"url":"https:\/\/blog.topbev.com\/?p=907","url_meta":{"origin":893,"position":5},"title":"Bank of America\u2019s Exclusive “Deed in Lieu” Pilot Program","date":"March 27, 2012","format":false,"excerpt":"Bank of America launched an invitation-only \"deed-in-lieu\" pilot program. This program will permit struggling homeowners to convey the deed to their property to Bank of America in exchange for a lease to remain in their home.","rel":"","context":"In "Estate Planning"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=893"}],"version-history":[{"count":3,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/893\/revisions"}],"predecessor-version":[{"id":896,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/893\/revisions\/896"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}