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Alert: Cash From Lenders

Cash from Lenders means finally, some cash in homeowner’s pockets……

In today’s cash strapped world that we are living in, Tampa homeowners are looking anywhere they can to find some help.  But would you turn to the very entity that deprived you of your home?  Well, some are, or soon will be.  Florida homeowners who were directly impacted by the mass foreclosure proceedings over the last 4-5 years may be about to cash in.  Thousands of homeowners will be receiving a check in the mail from the very banks that put them out on the street.  As part of the country-wide settlements reached last year with over 11 lenders, including the Nations “Big 5”, homeowners who were foreclosed upon during 2009 and 2010 will receive check in the mail in amounts ranging from $300.00 to a whopping $125,000.00.  Those receiving checks on the higher end are largely those active duty military members whose homes were foreclosed upon while overseas.  There will also be payments made to over 50 homeowners nationwide that were wrongly foreclosed upon.  These individuals were current on their mortgage payments, but their homes were ultimately foreclosed nonetheless.  These individual were victims of the widespread foreclosure free for all, and the so called “rocket dockets” in Florida courts.  The smaller amounts will go to homeowners who requested independent reviews of their foreclosure cases.   While these check certainly will not make everyone whole, they go a little ways in starting to right some of the wrongs of the banks.

Please be advised that this article does not constitute legal advice nor does it provide any basis to form an attorney-client relationship. Nothing in this article should be copied without the express permission of the author.

Mr. Hoek has a law degree from Florida State University College of Law and is the managing attorney of the Tampa office of DeWitt Law Firm, P.A.  Mr. Hoek earned his undergraduate degree from the University of Florida and also holds a Legal Masters (LL.M.) in Land Use and Environmental Law from the University of Florida College of Law.
Mr. Hoek is also a licensed real estate agent with Smith and Associates in Tampa, Florida, and also works closely with Florida Property Title Services, LLC.  Mr. Hoek is actively involved in both the Tampa Bay community and real estate market.  He can be reached by phone at (813) 251-2701 or via email at Andrewhoek@dewittlaw.com.