February 10, 2012 in City

States get $762 million of settlement

Settlement sharesDescription
Loan relief

Washington $483 million

Idaho $75 million

Programs to benefit homeowners include loan modifications and principal reductions for qualifying delinquent borrowers. Goal is to help those who cannot afford current payments but have a reasonable chance of succeeding with a reduction in the amount they owe.
Underwater refis

Washington $84 million

Idaho $15 million

Refinancing homes worth less than the amount owed. Borrowers who qualify must be current on payments on a mortgage owned by one of the five servicers in the settlement.
Foreclosure payments

Washington $24 million

Idaho $10 million

Borrowers not properly offered loss mitigation or who were otherwise improperly foreclosed on will be eligible for a one-time payment of $1,500 to $2,000, for foreclosures between Jan. 1, 2008, and Dec. 31, 2011.
Other payments

Washington – $57 million

Idaho – $14 million

States will receive cash payments for additional foreclosure relief and housing programs, plus civil penalties and attorney fees.
Total settlement shares

Washington $648 million  Idaho $114 million

Where to go for help

For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers. Consumers may contact the banks directly for additional information:

Bank of America: (877) 488-7814; Citi: (866) 272-4749; Chase: (866) 372-6901; GMAC: (800) 766-4622; Wells Fargo: (800) 288-3212

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