Cleveland: Homeowners skeptical of foreclosure settlements

CLEVELAND -- Ten major banks have settled with federal regulators over mishandled foreclosure filings. 

The banks have agreed to pay $8.5 billion to wrongfully foreclosed homeowners.

But many people who qualify for the settlement don't see it as an answer to problems with their lender.

Some homeowners cite miscommunication, payments missing from bank statements and late notifications as part of a greater problem.

Those eligible are people who filed for foreclosure in 2009 or 2010 with Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, US Bank and others.

Homeowners with money coming to them will get a letter in the mail by the end of March.

WKYC-TV

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