Hoosiers involved in HSBC foreclosure abuses can begin filing claims Aug. 24

Staff Report

 INDIANAPOLIS – More than 2,000 Hooisers could have some money headed back their way thanks to a settlement with mortgage lender and servicer HSBC.

According to Attorney General Greg Zoeller, qualified Hoosiers will receive mailed notices this month with instructions on how to claim the reimbursement from the $470 million federal-state settlement with HSBC.

According to Zoeller’s office, an estimated 2,810 Indiana borrowers who lost their home from HSBC malpractices are eligible for reimbursements totaling up to $2 million.

The settlement, which was announced earlier this year, also forces the mortgage lender to follow more rigorous mortgage lending standards. The new standards prohibit past foreclosure abuses, such as robo-signing, improper documentation and lost paperwork.

“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,” Zoeller said in a statement. “My office and attorneys general across the nation have worked persistently over the years to hold these violators accountable, seek relief for victims and ensure exploitive practices by this industry don’t continue into the future.”

Hoosiers who qualify can start filing their claim on Aug. 24. All claims are due by Nov. 1, 2016. Payments are expected to be distributed in February and March 2017.

Hoosiers with questions about the process can call the toll-free hotline 1-888-538-5792 or visit www.nationalmortgagesettlement.com

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