EverBank, based in Jacksonville, Florida has agreed to pay over $43 Million for foreclosure wrongdoing, which occurred in 2009 and 2010. $37 Million will be paid to wronged borrowers and over $6 Million will be paid to organizations that assist low and moderate income individuals and families.
EverBank was subject to a cease and desist order for unsafe and unsound practices in mortgage servicing and foreclosure processing. More than 32,000 borrowers are eligible for a portion of the settlement proceeds, which will range from $1,050 to $125,000 per person.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “These settlements are long overdue and insufficient to solve the problems that exist. EverBank made unsafe and unsound loans. This settlement allows EverBank to retain most of the profits it made from the bad loans. Meanwhile, a settlement payment of $1,050 does nothing to compensate a victim of a wrongful foreclosure.“
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com