Settlement

Dear Shari - We went through this settlement mess with CountryWide, after no help or assistance from them, and them telling us we had to move immediately due to them foreclosing on us, we moved within a months time, it actually took
Bank of America 2 years to contact us, in the meantime the house sat and was vandalized. When it came down to possible refinance the repairs would have been tremendous/costly, we ended up in Short Sale, but took a $60,000.00 loss, ended up selling the house for $23,000.00. I filled out the paperwork for the review and was sent a check in the amount of $700.00, that is like a slap in the face, not sure how they determined the Homeowners eligible for the financial injury, that amount was welcomed but it didn’t even put a dent in the financial hardships we suffered and are still suffering. Can you please tell me what I should do now?
-Sandra

Dear Sandra – Unfortunately you are not alone. One aspect of the initial alleged wrong doing by banks which became abundantly clear from the regulators-government blundered attempt to set things right is that the scope of these problems, the sheer number of borrower involved and complexity of paperwork and issues, was a major contributor to the problems themselves and to any fixes that were attempted. At this point in time, you still have the option to pursue legal recourse. Admittedly hiring a lawyer to negotiate for you or file a lawsuit is costly and can open an entirely new can of worms. Certainly the fact that our country’s legal system is simply not accessible for most folks is a problem. You also have the option of complaining – to the settlement administrator, the Consumer Financial Protection Bureau and anyone else who will listen. If you are pursued for a deficiency, there may be other strategies, but I did not read that in your email. For these reasons many are deciding to learn what they can from the experience to make sure it never happens to them again and focus their efforts on moving forward and re-building. Its not the answer most want to hear. 

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