Checks sent to foreclosed homeowners are going un-cashed, another sign that the government’s national foreclosure settlement is falling short of its promised impact. 4.2 million checks have been distributed to foreclosed homeowners. The majority of those checks were just $300 each. A review by the Independent Foreclosure Review (IFR) suggested that almost a quarter million Americans lost homes under false or illegal pretenses and that about 1.2 million borrowers had to defend against wrongful foreclosure acts.
The latest evidence revealed in June 2013 confirms the housing industry is continuing to prey on borrowers.
Authorities recorded approximately 60,000 official complaints in just six months about bank actions that violate the mortgage settlement back in June. In addition, Bank of America was caught using sales tactics in their solicitation mailers that are illegal. Individual horror stories about wrongful foreclosures continue to crop up across the country.
Click here to read more on victims of mortgage fraud refusing to cash settlement checks.
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 website, www.miamibankruptcy.com.