U.S. military members who were victims of wrongful foreclosures will receive a substantial payout as part of the provisions in the $25 billion nationwide foreclosure settlement reached between states, the federal government and five major lenders last week.
Delaware Attorney General Beau Biden led negotiations that resulted in a payout of $116,785 for each service member who lost their home to illegal foreclosure since 2006 by lenders Wells Fargo, Citigroup or Ally Financial. The three banks also agreed to pay the soldiers any lost equity and interest.
JPMorgan Chase, which agreed to provide compensation in an earlier settlement, will provide victims with either his or her home free and clear of any debt or the cash equivalent of the full value of the home at the time of the sale.
The agreement requires each of the lenders to conduct a full review of their foreclosures to determine whether any service members were foreclosed on in violation of the Servicemembers Civil Relief Act.
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