Nationstar Mortgage has reached a $5.8 million settlement to resolve allegations that it violated mortgage servicing laws, resulting in some borrowers losing their homes due to foreclosure. This settlement presents an opportunity for affected individuals to claim compensation without needing to submit extensive documentation.
The settlement benefits borrowers whose loans were transferred to Nationstar for servicing between February 1, 2011, and December 18, 2017. Specifically, the settlement covers those whose loans were marked as 30 days overdue within 90 days of the transfer. Additionally, borrowers whose properties were inspected by Nationstar, designated as vacant, and had their locks changed during this period may be eligible for compensation. For these individuals, the lock change must have occurred between June 24, 2011, and December 29, 2017, and they must have requested access to the property within 30 days.
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Nationstar is accused of numerous servicing errors and abuses, which allegedly caused financial harm to borrowers, leading some to lose their homes. As part of the settlement, the mortgage company will provide cash payments to eligible claimants, though the exact amount will depend on the group to which they belong.
The deadline for submitting a claim form is March 3, 2025.
In addition to this mortgage settlement, other opportunities for compensation are available. Individuals affected by a data breach at Arthur J. Gallagher & Co. could claim part of a $21 million settlement due to an alleged cyberattack that compromised personal information between June 3, 2020, and September 26, 2020. Claims must be submitted by February 10, 2025.
Furthermore, Progressive Insurance has agreed to a $3.25 million settlement over claims of failing to protect client data. Those eligible can receive up to $5,000, with a claim deadline of February 18, 2025.
Time is running out for these settlements, so eligible individuals are encouraged to submit their claims promptly.
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