Wade B. Coye, Attorney at Law

Wade Coye, Foreclosure Defense Attorney

The Servicemembers Civil Relief Act (SCRA) was designed and put in place to aid those on active military service from being involved in civil issues when they are overseas on deployment, fighting for their country. The SCRA helps alleviate worries for many deployed military personnel – it prevents them from being involved in a lawsuit such as a breach of contract, divorce, or bankruptcy. It helps servicemembers keep their debts manageable by assuring that mortgage companies and credit cards are limited in the interest amount they can charge to “protected” military personnel. It also includes provisions to protect active duty servicemembers from having their homes foreclosed upon. Unfortunately, in the last few years, many banks were conducting business against the servicemembers protected by this act.

In February the Department of Justice (DoJ) reached a settlement on behalf of active duty servicemembers whose rights were being violated in respects to their mortgages. Either these servicemembers were being charged too high an interest rate, or had been put into foreclosure although they were considered “protected” by SCRA. The settlement amount totals $25 billion. JPMorgan Chase & Co, Wells Fargo & Company, Citigroup Inc., and Ally Financial have all been instructed to conduct reviews into the matter, with the DoJ overseeing the investigation. These banks must provide mortgage relief and pay back the military homeowners who were foreclosed upon – at least $116,785 apiece, in addition to any home equity that would have accrued since the foreclosure. If a military servicemember was not foreclosed upon, but has been charged an interest rate in excess of the allotted amount, they may be eligible to receive up to four times the amount they overpaid in interest.

To find out if you qualify as a member of this settlement, there are a few simple questions to ask yourself:

• Is one of the mortgage holders on active duty with the Army, Navy, Air Force, Marine Corps, Coast Guard, or National Guard?
• Was the active duty servicemember’s mortgage held through one of the financial companies listed above? (Wells Fargo, Citigroup, or Ally Financial)
• Was the home foreclosed on since 2006?
• Was the mortgage rate on the home above 6%, or is it currently still above 6%?

If you can answer “yes” to these questions, you should consider contacting the Coye Law Firm immediately to discuss your rights and seek assistance as a recipient of this settlement. While the White House has stated) that eligible servicemembers do not have to apply to receive compensation, consulting with an attorney can help speed the process along and aid getting you your settlement amount quicker.

Wade Coye, Insurance Attorney

Central Florida is no stranger to wild weather. As Summer approaches, many residents are preparing themselves for what seems like daily afternoon thunderstorms. And before we know it, hurricane season will be here.

Even the most weathered Floridian may be rattled by severe storms, like the ones our area experienced last week. Severe thunderstorms rolled through central Florida and left a wake of downed powerlines, uprooted trees, and damaged property in it’s path. Local news channel WFTV notes on it’s website that the area was put under tornados watches and warnings for multiple days. This isn’t anything new to our climate, but that fact doesn’t make things any easier when storms cause damage to your home.

Tornadoes can shock homeowners or property owners in places that the weather phenomenon wouldn’t be expected, such as upstate New York. My family owns and operates a dairy farm in Georgetown, where a massive storm hit a few years ago. In the video below, a local news station interviews my father on the impact the storm’s damage had on him.

You can imagine what this type of damage does to a business’s bottom line. Property owners protect themselves from the costs of this type of damage by buying insurance for their home or place of business. But simply filing a claim doesn’t guarantee benefits to repair that torn roof, flooded basement, or broken pipe.

Damage to your home can cost a lot of money, which is why some insurance companies decide to diminish or deny the value of your claim. Depending on the terms of your policy, you may be covered for damage done to your home, shed, detached garage, or personal property within the home. Additionally, your policy may include payments for loss of use of the home, such as having to stay in a hotel while repairs are completed. The costs add up quickly.

An insurance dispute can become complicated easily, so it is important to thoroughly understand your policy and keep a copy of it handy in case of an emergency. If your claim is being denied in part or as a whole, a Florida storm damage attorney can help you sort through the details. Having to repair your home’s storm damage can be a financially and emotionally draining experience, but you don’t have to go through it alone.