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SunTrust Agrees to Settlement Over Mortgage Abuse Accusations

Alex Constantine - April 3, 2015

More than 8,000 Floridians whose mortgages were serviced by SunTrust Mortgage Inc. and lost their homes to foreclosures between Jan. 1, 2008 and Dec. 31, 2013, are eligible for a refund.

SunTrust might owe you money for taking your home.

Attorney General Pam Bondi on Friday announced that claim forms have been sent to Florida borrowers eligible to receive payment under the National SunTrust Settlement.

SunTrust agreed to the joint state-federal settlement in July 2014 to resolve allegations of mortgage origination, servicing and foreclosure abuses. SunTrust foreclosed more than 45,000 homes during the five-year period covered by the settlement. Approximately $39 million of the settlement money will be used for payments to borrowers nationwide, with more than $6.5 million expected to go directly to eligible Floridians.

Borrowers should expect a package including a cover letter, claim form and instructions this week. A reminder postcard will be sent out the week of April 30, 2015. All claims must be submitted by the June 4, 2015 deadline. Eligible claimants will receive a minimum of $850 for each loan, and payment checks should be mailed starting in the fall of 2015.

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