The bank foreclosure settlement applies to the people of Tennessee. There are many questions that people want answered. How do I get a check for the bank foreclosure settlement in Tennessee? What are the Bank foreclosure settlement details? Am I eligible for the big bank foreclosure settlement? If my house was foreclosed on by Bank of America, Wells Fargo and JPMorgan Chase will I be eligible for a payment? What other mortgage companies are giving money for a foreclosure that happened on my home in Tennessee? What if my house was foreclosed on in Tennessee during the years of 2008-2010?
In my years of experience with the Big banks and Tennessee foreclosures I have come to the conclusion that the Banks have to be forced to do the right thing. They can’t be taken at their word. The Banks were given a tremendous amount of money under the National Foreclosure Settlement to reduce principle balances on home loans in Tennessee. The Banks in Tennessee were also to do loan modifications. They have not made good on their promises to do so.
The Banks have created a process, where they ask you to submit paperwork, and refer you to a representative about your situation. Many people have complained that after the paperwork was sent in, the Big Banks denied receiving the paperwork or that there was an error with the submission. The Banks often have denied the loan modifications to stop the Tennessee foreclosure for no reason. Some banks returned checks that were sent to them causing the Tennessee homeowners mortgage bill to be too high for them to catch up on the payments (add late fees to this as well). The Banks told some Tennessee Homeowners to stop paying their mortgages so that the loan modification specialists could review their situation. After being told not to pay, the banks denied the loan modifications sent a Notice of Substitute Trustees sale and foreclosed on the homeowners. This happened to homeowners that had been trying to work with the bank to resolve the problem. If any of this sounds familiar it’s a story that I hear everyday.
The Big bank Regulators were conducting a mortgage review process for people that had been foreclosed on in Tennessee. The Tennessee mortgage review sought to determine if specific loans were unfairly foreclosed. The regulators have determined that this was too costly and time-consuming. This is why there is now a new Big Bank deal which includes 10 mortgage companies, including Bank of America, Wells Fargo and JPMorgan Chase. The Banks have agreed that they will pay $8.5 billion. Of that with $3.3 billion in direct payments to “eligible borrowers.” “Eligible borrowers” are people whose foreclosures were handled improperly. The remaining $5.2 billion is supposed to be given to struggling borrowers with programs such as loan modifications.This new deal is separate from the $25 billion mortgage settlement involving five large banks and the state attorneys general, including Tennessee, earlier this year. The banks misconduct with that was the same as it was with HAMP and all other attempts to make the Banks do the right thing. For more than five years in Tennenssee, mortgage companies have made errors in the management home loans. The banks handling of the Tennnessee foreclosure cases pushed many people into foreclosure. This all needs to stop. The only way that the banks will do the right thing is if they are forced to do so. They have shown the people in Tennessee time and time again that they do not want to play by the rules. If you think that you should receive a check through the settlment, I would be happy to schedule a time to review your situation and discuss whether or not you have legal options. Please feel free to email me at John@HigginsLawFirm.Net to schedule a consultation. Know your rights before you deal with the people who wronged you in the past. John Frank Higgins
Other lawsuits I have against the banks: