February 10th, 2012
Posted in 
FRANKFORT, KY — Kentucky is now officially onboard with the foreclosure settlement that was agreed upon between five of the nation’s top lenders, state attorneys general and the federal government.
Kentucky will receive $58.8 million as part of a $25 billion national foreclosure settlement against Citigroup, Bank of America, JP Morgan Chase, Wells Fargo and Ally Financial.
The settlement came about after the lenders were found guilty of fraudulent foreclosure practices that left hundreds of thousands of homeowners without properties unfairly. Representatives for the lenders would skim over foreclosure documents and sign papers without even looking at the data. This “robo-signing” scandal took over 16 months to finally resolve, ending with the $25 billion settlement.
Negotiations for the settlement have been under way since 2010. Kentucky Attorney General Jack Conway’s office entered into the agreement on Tuesday, leaving Oklahoma as the only state that has not agreed to the terms.
The agreement will affect several thousand homeowners in Kentucky, including 5,400 homeowners whose properties were foreclosed between Jan. 1, 2008 and Dec. 31, 2011.
While portions of the settlement will be allocated toward establishing foreclosure relief efforts, Conway says this is just one piece of the puzzle that has been solved. The state has a long way to go before all the wrongs that lenders engaged in are righted.
“This matter is not closed,” Conway said. “It’s an important first step, but we’re going to continue working on the issue.”
If you have defaulted on your mortgage or have already received foreclosure notifications, it is still not too late to fight for your rights. Turn to a leading foreclosure attorney to discuss your options and file a case. With a top paralegal on your side, you can rest assured your case will end with the best possible outcome.
Foreclosure attorneys review your financial situation to come up with an alternative plan to seizure. Some ideas may include mortgage modification, refinancing or even a temporary halt in payments. No matter what the plan, you can be sure that your foreclosure attorney will not stop fighting for your rights.
Contact a skilled team of foreclosure attorneys to get started on your case today.
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