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Jan
29
The Settlement Check Not in The Mail for Many in Illinois

The Settlement Check Not in The Mail for Many in Illinois

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Home Foreclosure Defense on Wednesday, January 29, 2014.

During the mortgage crisis of just a few short years ago, the pain of losing one’s home was tragic. After a federal foreclosure settlement was inked, a huge number of mortgage fatality victims have been waiting endlessly for their checks to arrive. These disenfranchised former homeowners, who eyed their piece of a relief pie, assessed by regulators to be in the millions, have been sorely disappointed.

It has been estimated that over four million homes were lost during the worst of the mortgage crisis. Many former homeowners held onto the hope the Independent Foreclosure Review would provide some solace in the face of their losses. Beset by mountains of paper work hoping to provide evidence in their case, some individuals have been rewarded by a check for just a few hundred dollars.

Thousands of foreclosure checks have gone unclaimed, while others went to the wrong address. Some even bounced. Most are sitting in a huge pile with nowhere to go.

According to one individual who has been waiting for a check rumored to be in the thousands, answers have not been forthcoming. Frustrations is building and hope is running out. Trying to get answers to the countless questions has been as exasperating as dealing with the lending institutions in the first place. The consulting firm who has been contracted to track down former mortgagees has stated much of the confusion stems from inaccurate contact information.

This is little help to those who have suffered the loss of their homes. While regulators scramble to navigate through a management nightmare, former homeowners are resigning themselves to the fact that the foreclosure relief measure has been a waste of everyone’s time. Added to that is the irony that the very institutions who appropriated their homes were those calculating the amount and issuing the checks in the relief program.

While the mortgage crisis has somewhat abated, there are still thousands of people in the state who are faced with the tragic loss of a home. An Illinois home foreclosure defense advisor can explain options available to those in danger of foreclosure. While the mortgage relief act may not have provided you with financial compensation, you may still have options to explore. Don’t be the person who waits for a check that will never come.

Source: Huffington Post, “Foreclosure Settlement Still Failing 700,000 Families One Year Later” Ben Hallman, Jan. 22, 2014


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Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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