Wednesday, September 26, 2012

840.00 buys your home?

"About 432,600 Californians who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 could receive at least $840 under the national mortgage settlement forged between the nation’s five largest mortgage servicers, federal regulators and 49 state attorneys general.

The settlement administrator has sent postcards to these homeowners notifying them to expect a claim form, which they must fill out and return to be eligible for a payment. To qualify, the mortgage must have been serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo."

Somehow 840.00 does not seem adequate compensation for losing your home.

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