Mortgage settlement to compensate homeowners -- Sun SentinelJan 07, 2013 19:08 EST
Homeowners should find out by late March if they're eligible for compensation as part of the $8.5 billion mortgage settlement announced Monday.
The deal puts an end to the independent foreclosure reviews that were started last year. Homeowners who did not ask for a review still could qualify for compensation, as long as they were involved in the foreclosure process in 2009 or 2010.
Some 3.8 million borrowers will receive money ranging from hundreds of dollars to $125,000, depending on what type of lender error occurred, according to the Office of the Comptroller of the Currency.
The OCC said a "payment agent" will contact eligible borrowers, but some settlement details remain vague. “I have no idea how they’re going to figure this out,” said Roy Oppenheim, a foreclosure defense lawyer in Weston. "It's a black box, and they don't want you to know what's inside the black box."