About 4.2 million people across the nation could be eligible for $100 dollars up to $125,000 dollars—after their homes were foreclosed on in 2009 and 2010.
Janie Maldonado, director of the Advocacy Resource Center for Housing, told Action 4 News that the Federal Reserve and Office of the Comptroller of the Currency are regulators that oversee the mortgage industry.
She said they found there were discrepancies in paperwork filed by some of these lenders and now want to compensate those homeowners who were affected.
"It will mean that they will have some type of compensation,” Maldonado explained. “It will never be enough for what they've gone through or what they've lost. They will be compensated some way or another."
It will take time for all of this to get fixed.
Maldonado said people will receive a postcard in the mail that will provide a number to call.
The outreach will start on March 31st.
For more information on this program simply go to http://archnonprofit.org.
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