EverBank, a Jacksonville, Fla.-based bank that entered into a settlement agreement with the Federal Reserve in 2011 for “robo-signing,” will now be paying out $43.3 million to borrowers and housing groups. Basically the bank was using fraudulent or incomplete paperwork to speed up the foreclosure lawsuits, something that has unfortunately become all too common.
EverBank was one of 16 banks who entered into the agreement with the Federal Reserve back in 2011. Part of the agreement was that servicers would have their foreclosure files independently reviewed; however, most banks were encouraged to abandon the process once it became apparent that the review process simply took too long to actually help any of the borrowers who were victim to the process.
Nothing can actually reverse what foreclosure does to a family, and we know that now banks are generally doing what they have to in order to assist families who want to keep their homes, but at least some of victims will receive compensation for bank’s wrong-doings. EverBank will be making cash payments to more than 23,000 mortgage borrowers, in amounts ranging from $1,050 to $125,000. These particular payments will be going to people who were in the foreclosure process with EverBank from 2009 to 2010.
Just because banks draft up shoddy paperwork to try to foreclose your home quickly, doesn’t mean that we can’t fight back. An experienced foreclosure defense attorney will know where to look and how to stop them in their tracks. Regardless of where you are in the foreclosure process, make an appointment at Graham Legal to see how we can help.