Tennesseans and the Mortgage Bank Foreclosure Deal
Tennessee Banks to return money to people who were foreclosed upon
What does the Tennessee Mortgage Bank Foreclosure deal mean to me? Am I eligible for a portion of the settlement funds? If so, how can I collect my money? What does all this mean?
It means that in Tennessee and around the country, banks have been foreclosing on houses that they did not own. They were given money by our federal government to help people with loan modifications on houses the banks didn’t own! Bank of America and Wells Fargo Bank were just two of the big banks that were involved in the mortgage foreclosure scheme. Many people were denied loan modifications–apparently, for no real reason. What’s worst, many people were told that in order to qualify for a loan modification, they had to stop paying their mortgages. Trusting Tennessee customers did as they were told. This put many people in a position where they were at the mercy of the bank’s loan modification department. The bank would then string them along until the foreclosure date- which the bank suggested was the customer’s best action-then stop answering people’s calls and foreclose on the property. The banks never had any legal right to foreclose on the properties because the banks had sold their interests in the properties long before. Now that the Banks have foreclosed on the properties, the banks are receiving money from the government, and are paying out a fraction of what the consumers lost–and the banks are being allowed to keep the property!
Protect yourself and your family! Before any Tennessean innocently settles for pennies on the dollar compared to what they lost in a foreclosure process like the ones I described above, please, inform yourself. Learn and know your rights about mortgage foreclosures. I am prepared to advise and represent Tennessee residents in cases of this type, and I would be happy to discuss this with you. Don’t let the banks get away with any more of your money! Please contact my office and arrange an appointment today!
Photo credit: JefferyTurner / Foter / CC BY