Congressman Andrews Announces $1.34 Billion Dollars to New Jersey in Foreclosure Relief So Far
HADDON HEIGHTS, NJ – February 25, 2013 – (RealEstateRama) — This week Congressman Rob Andrews announced that New Jersey residents have received $1.34 billion dollars in foreclosure relief so far from the largest mortgage abuse settlement in American history.
Last year, five banks and mortgage lenders assured the federal government that they would provide over $45.83 billion dollars in relief to consumers. This money comes as a result of a lawsuit brought by the federal government, after state and federal investigations found that the country’s five largest mortgage servicers routinely violated lending and consumer protection laws. A homeowner is eligible for relief under the global settlement if their bank made factual errors on foreclosure documents, did not sign documents in the presence of an official witness, or foreclosed on their homes without making sure that the homeowner actually owed them any money.
According to the settlement, at least $25 billion must go to forgive consumer debt and unfair penalties. After over a year, residents of New Jersey that needed to change the terms of their mortgage, lower their monthly payments, or whose homes were worth less than their mortgages have received over $1.34 billion dollars in relief. Additionally, the banks have agreed to use $1.5 billion dollars to compensate those who wrongfully lost their homes to foreclosure during the period of January 1, 2008, to December 31, 2011. Checks to those families are expected to be mailed around the middle of 2013.
“Families who were victims of unfair mortgage practices deserve to be made whole,” said Rep. Rob Andrews. “I am glad that these funds will go the people who were wronged by careless errors. Owning your own home is part of the American Dream and mortgage lenders are supposed to help families reach that dream not prey upon them.”
For more information, or to check your eligibility to receive relief, please go to http://www.nationalmortgagesettlement.com. If you feel that you fit the above-mentioned criteria for relief under the settlement please contact Congressman Andrews’ Haddon Heights District Office at 856-546-5100.
