Affected Indiana Residents Could be Awarded $2 Million in Foreclosure Abuse Settlement

Indiana residents should be on the lookout for mailed notices coming this month that provide instructions on how to claim reimbursements from the state of Indiana’s $470 million federal-state settlement with mortgage lender and servicer, HSBC.

Indiana Attorney General Greg Zoeller says Hoosiers can claim $2 million in reimbursements from the settlement for foreclosure abuses starting August 24.

The settlement was announced in February and it addresses foreclosure abuses by HSBC during the financial crisis.

An estimated 2,810 Indiana borrowers lost their homes from 2008-2012 and encountered servicing abuses by HSBC. Those 2,810 people are eligible for reimbursements. Individual payments will start at $780 and total reimbursement statewide could exceed $2 million.

Attorney General Zoeller says, “Many Hoosiers still feel the impact of the financial crisis, which was exacerbated by abuses and unethical practices in the mortgage lending and servicing industry.”

A postcard notice will be sent informing people of their eligibility on August 24.

All claim forms are due by November 1, 2016. Payments would be mailed out in February and March of 2017.

For more information about the D.O.J HSBC settlement, click here.


11 Responses

  1. We got a settlement form from this in Mississippi as well. The 470 million is for distribution in 49 states. Our minimum payment is 800$, but really wont know the amount until we get the check sometime in the first quarter of 2017.

  2. homeowners get $2 million who gets the other $468 million? Thatt i s my question. Never turn down $700 but that doesn’t begin to even cover moving expenses…..

  3. answer to Sheri, I’m pretty sure that’s a max that will be paid for any one foreclosure, even if losses exceed that, and a lesser amount for lesser losses until the settlement is depleted. I’m sure this is subject to a new type of business, who can file the most effective and favored paperwork, and specialized firms will certainly be rewarded handsomely.

  4. This looks like a great victory, am I wrong? We the people are rarely, if ever, represented by the government, did it happen this time? am I wrong?

  5. I was being sarcasticc….if homeowners get $ 2 million WHO gets the other $468 million?

    There has to be immense pressure from the American public to end the foreclosure crisis by giving free homes to homeowners affected with defective assignments of mortgage and missing promissory notes.

    The banks in the world may now know that there are a lot of fraud and coverups in the banking industry. It is all over the internet. This could affect the value of the US dollar if the dollar looses the standing as world currency. It s better for pretender mortgagees to loose standing before this possibility. Hope not.

  6. I was being sarcasticc….if homeowners get $ 2 million WHO gets the other $468 million?

  7. If its to good to be true, it mostly is, especially when pretenderlender/service HSBC is a part of the equation

  8. $470 million settlement with a whopping $2 million going to the homeowners harmed??????? What’s wrong with this picture?

  9. “Individual payments will start at $780 and total reimbursement statewide could exceed $2 million.” This is a FN insult to displaced homeowners…

  10. Reblogged this on Matthews' Blog.

  11. Thank you

    Is there any way of getting Charles Marshall ‘ s blog following up on his radio appearance this past week?

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