Posts Tagged: ‘SunTrust mortgage abuse settlement’

SunTrust to Pay Florida Homeowners as Part of Multi-State Mortgage Abuse Settlement

December 18, 2015 Posted by kingcade

More than 4,000 Florida residents will be receiving checks this week from SunTrust Mortgage as part of a multi-state settlement over mortgage origination, servicing and foreclosure abuse. SunTrust has agreed to a $550 million joint state-federal mortgage settlement. The banking giant began mailing checks to claimants on December 8, totaling more than $1,300 for each valid claim.

SunTrust entered into the three-year settlement that provides direct payments to Florida borrowers for past foreclosure abuses, loan modifications and other relief for borrowers in 2014. The bank also had to agree to more stringent mortgage servicing standards and to oversight authority by an independent monitor.

According to the agreement, Florida, 48 other states, the District of Columbia and the federal government required SunTrust to provide $550 million in various forms of relief to homeowners, including a $40 million fund to payments to certain borrowers who lost their homes in foreclosure.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Florida Borrowers entitled to $40 Million from SunTrust Mortgage Abuse Settlement

June 19, 2014 Posted by kingcade

Florida Attorney General Pam Bondi joined 48 other state attorneys general, the District of Columbia and other federal agencies in reaching a $550 million nationwide settlement with SunTrust over mortgage and foreclosure abuses.

The civil charges accuse SunTrust of improper documentation of loans, lost paperwork and robo-signing. Approximately 8,421 Florida borrowers who had SunTrust loans or lost their homes from 2008-2013 to foreclosure, can apply for a portion of the $40 million designated to the state. This money could take the form of a cash payout, principal reductions or refinancing of underwater mortgages.

SunTrust has the responsibility to contact borrowers and has agreed to the following terms:

• Making foreclosure a last resort and evaluating homeowners for other loss mitigation options, first.
• Restricting foreclosure while the homeowner is being considered for a loan modification.
• New procedures and timelines for reviewing loan modification applications.
• Providing homeowners with the right to appeal denials.
• Requiring a single point of contact for borrowers seeking information about their loans.
• Maintaining adequate staff to handle calls.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:
http://www.bizjournals.com/southflorida/blog/morning-edition/2014/06/florida-borrowers-to-collect-40-from-suntrust.html?ana=e_sflo_rdup&s=newsletter&ed=2014-06-18&u=um2Eyo72dYSImvglWn/0xO6wsIE&t=1403093430