Did You Know??... 1st Round of Payments to Eligible Borrowers goes out 4/12/13 (Part 1 of 2)

Did you know?... Beginning April 12, the 1st wave of payments to eligible borrowers (from $300 to $125,000) from the settlements with 13 bank servicers are being sent out?  These check payments to borrowers are the result of State and Federal lawsuits brought against the big banks and servicers for the "robo-signing" allegations, wrongful foreclosure actions, and deficient foreclosure and servicing actions.

To see more details, go the Federal Reserve Board's website or click HERE to see the FRB's article post.

The Federal Reserve Board has also posted this LINK with details on payments under the recent agreement.

There are nearly 4 million borrowers that qualify for these checks, but of course a large portion of these checks are only for $300-$800 depending on the circumstance.

Stay tuned - I will be posting Part 2 of this article this week with additional info and some opinions on these actions, and what it all means for homeowners and borrowers.

Mike Rosenthal​, CDPE, PSC
Direct 818-968-2601 / Office 805-978-5530
mike@conciserealestate.com
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