Mortgage Settlement Monitor Offers Online Help to Military
Joseph A. Smith, the monitor of the national mortgage settlement, said Monday that his office has launched an outreach program specifically for military members and veterans.
Smith is encouraging service members and their advocates to report mortgage-servicing complaints by using two online forms provided on the settlement monitor’s website. The website has fact sheets to explain parts of the settlement that are specific to service members. The information from the complaints will be used to investigate trends in how mortgage servicers are treating their customers.
The $25 billion national mortgage settlement included additional provisions for military veterans and service members who were victims of foreclosure abuses or were wronged in the mortgage process.
The five largest mortgage servicers are mandated to review the files of every service member foreclosed upon since 2006 to look for foreclosure violations under the Servicemembers Civil Relief Act.
Mortgage servicers also are required to compensate service-member clients who were wrongfully charged higher interest rates and to provide relief to those who were forced to sell their home at a loss because they were relocated.