It has taken years for the big banks to finally begin to redress homeowners who were victimized by shoddy foreclosure practices, wrongful eviction and mortgage servicing abuses. So, in early April, the banks began to issue payments to homeowners that at least partially compensated them for their losses. When many of the homeowners went to cash these checks, however, the checks bounced because those funds are not available. Unbelievable, right?

While this is a fitting end to the lengthy ordeal suffered by so many, it is but the latest setback for troubled homeowners. Not only did it take more than two years to resolve a federal investigation into the foreclosures, but these checks that were received have been delayed for weeks. The checks generally range from $400 to $1,000, although the banks promised that some homeowners would receive checks up to $125,000. These payments, even federal regulators will concede, hardly make up for losing a home or being unlawfully put through the foreclosure process.

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.