Servicemember Settlements Hit $311 Million
The Justice Department announced $186 million in settlements from the big five mortgage services for an additional 1,461 service members and their co-borrowers bringing the total settlement compensation to $311 million under the protections of the Servicemembers Civil Relief Act (SCRA). The settlements stem from servicers obtaining foreclosure without a judicial proceeding or where the servicer obtained a default foreclosure judgment without filing a proper affidavit with the court stating that the service member was in military service. [10/2/15]
