Compensate Servicemembers for Wrongful Foreclosures

23 02 2012
Home ownership & foreclosure is a major area of need among military and civilian families alike.  The resource below may be able to provide assistance to Servicemember’s who have lost their homes to foreclosure – either by returning the home or providing the fair market value of the home.  The Servicemember would have to have been eligible for Servicemembers Civil Relief Act (SCRA) protections at the time of foreclosure.  If they are eligible, this is an amazing opportunity for military families who’s legal rights were violated.
 
The settlement agreement with the nation’s five largest servicers announced by Attorney General Eric Holder includes substantial financial compensation to homeowners who are Servicemembers and establishes significant new protections for them. Wells Fargo, Citigroup and Ally will be required to provide any Servicemember who was a victim of a wrongful foreclosure a minimum payment of $116,785 plus lost equity and interest for violating the Servicemembers Civil Relief Act (SCRA). JP Morgan Chase will provide any Servicemember who was a victim of a wrongful foreclosure either his or her home free and clear of any debt or the cash equivalent of the full value of the home at the time of sale. Servicemembers and their dependents who believe that their SCRA rights have been violated should contact the nearest Armed Forces Legal Assistance office at: http://legalassistance.law.af.mil/content/locator.php
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