Idaho homeowners have reportedly received $96.4 million in mortgage loan relief under the national mortgage settlement.
According to a progress report issued by the settlement monitor, the five participating banks reported that more than 1,600 Idaho homeowners received consumer relief in the past seven months.
The national mortgage settlement is a court-approved agreement between state attorneys general, the federal government, and five banks – Ally, Bank of America, Citi, J-P Morgan Chase, and Wells Fargo. The settlement obligates those banks to provide $20 billion in consumer mortgage relief nationwide. It includes a formula to calculate how much credit the banks receive toward their relief obligation, based on the type of relief they provide to homeowners.
The banks reported providing financial assistance to Idaho homeowners in the form of first and second lien principal reductions, completed short sales, deficiency waivers, and refinances. The banks also have offered or approved more than 100 first lien modification trials in the Gem State.
Additionally, the banks identified 12,000 Idahoans who are eligible to receive money from a $10 million restitution fund. Eligible borrowers were notified by mail in late September, and the deadline to respond to the claims administrator is Jan. 18.
More information about the settlement is available on the Idaho Attorney General’s website at www.ag.idaho.gov. (Idaho Attorney General’s Office)