LPS Agrees To Pay $120.6M Settlement To 46 States With California Leading The Pack
If you thought that the states, including California, had finished with suing lenders for faulty foreclosure practices think again. For all of the robo-siging allegations that took part LPS (Lender Processing Service) recently agreed to pay $120.6 million to 46 states and Washington D.C.
The $120.6 million settlement requires that LPS review the foreclosure documents executed between January1, 2008 and December 31, 2010 to determine if any wrongdoing took place or if any of the documents need to be corrected.
Lender Processing Services Inc. has agreed to pay more than $120 million and review three years of documents to settle allegations that the company “robo-signed” and otherwise improperly handled mortgage documents that LPS and its subsidiaries handled for loan servicers in foreclosure proceedings.
California Heads The Settlement Payout With $35, 592,284.
California, one of the thirteen states that lead the probe, heads the settlement payout with a total of $35, 592,284. To view a full state-by-state breakdown of payouts click on the last page of the settlement.
All of this settlement money may look impressive at first glance but where the settlement money actually ends up represents an entirely different question.