5 Servicers To Pay $123 Million to Military Members and Families

 

AlfonsoGomezBroker.com - Five of the largest mortgage services will pay more than $123 million to 952 service members and their co-borrowers as part of the settlement with the U.S. Department of Justice over non-judicial (California is a non-judicial foreclosure state) foreclosures that violated the Servicemembers Civil Relief Act (SCRA), according to an announcement from the Justice Department.

 

The 5 servicers that will payout are:

1. JPMorgan Chase
2. Citi
3. Wells Fargo
4. GMAC Mortgage
5. BAC Home Loans Servicing (a division of Bank of America)

The breakdown is as follows:

• Bank of America has paid $35,365,756 to 286 service members and their co-borrowers
• Citi will pay $14,880,578 to 126 service members and their co-borrowers
• GMAC Mortgage will pay $13,720,588 to 113 service members and their co-borrowers
• JPMorgan Chase will pay $31,068,523 to 188 service members and their co-borrowers
• Wells Fargo will pay $28,358,179 to 239 service members and their co-borrowers

For the full DSNews article click HERE