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Home News Categories Society & Politics Wrongfully Foreclosed Veterans to Receive Settlements

FridayJuly 21, 2017

Wrongfully Foreclosed Veterans to Receive Settlements

VA Home Loan CentersThis week, President Obama announced a series of initiatives to help rebuild the American economy. As outlined in the plan, certain veterans will be entitled to wrongful foreclosure settlements in excess of $116,785. Today, VA Home Loan Centers is announcing its directive to provide free assistance and counseling to those seeking claims for foreclosure relief.

President Obama announced a series of initiatives to help rebuild the American economy. As outlined in the plan (designated as the Blueprint for America), certain veterans will be entitled to wrongful foreclosure settlements in excess of $116,785 (The case is U.S. v. Bank of America Corp., 12-00361, U.S. District Court, District of Columbia Washington). Today, VA Home Loan Centers is announcing its directive to provide free assistance and counseling to those seeking claims for foreclosure relief.

Veterans who are eligible may claim the funds regardless of their mortgage type (including non-VA loans such as FHA or conventional backed mortgages).

Veterans entitled to the funds must be victims of a wrongful foreclosure from specific lenders who violated the Servicemembers Civil Relief Act, also known as SCRA.

"The main idea behind the SCRA was to look out for the rights of American military and civil service personnel who devote every fiber of their being to the defense of democracy at home and abroad," said Philip Georgiades, Chief Loan Steward for VA Home Loan Centers. "These efforts are a major step forward in preserving the middle class and expressing gratitude and justice towards our military personnel."

As part of the SCRA legislation, the servicemembers are supposed to be protected against wrongful foreclosure and repossession.

As a byproduct of the housing crisis, many military members were foreclosed upon illegally. Those whose rights have been violated due to improper foreclosure are entitled to a payment equal or greater to the servicemember's lost equity, along with interest and an additional $116,785.

Other borrowers may also receive a reimbursement if they have had to sell their homes as a result of a permanent change of station (PCS).

Current homeowners who meet certain eligibility criteria may also qualify for other foreclosure relief, grants or short sale assistance.

The repayments and foreclosure avoidance alternatives are a part of the landmark $25 billion Homeowner Relief settlement reached between major servicers and both state and federal governments in February 2012.

VA Home Loan Centers is providing free assistance and counseling to aid veterans in determining their eligibility for foreclosure avoidance, assistance and relief.

About VA Home Loan Centers

VA Home Loan Centers is a qualified lender of mortgage loans to United States Veterans. The VA loan program helps veterans, active and former military personnel, and certain spouses of United States service personnel to achieve the ultimate American dream: home ownership.

Services provided by VA Home Loan Centers include counseling, real estate representation, VA loan short sale processing, purchase assistance, and VA loan application processing.

VA Home Loan Centers offers beneficial loans to all eligible veterans and their families. A loan through VA Home Loan Centers is easier to qualify for than other loan programs, as it offers no down payment, no mortgage insurance, and no closing costs option (VA no/no/no).

Other VA loan benefits include no prepayment penalties, low interest rates and monthly costs.

Available VA loans include 15-year and 30-year fixed mortgage rates. Borrowers who apply directly through VA Home Loan Centers may also be eligible for a maximum rebate or credit for closing costs. You can call 1-888-573-4496 (option 1) to find out how to apply for a VA loan.


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