Wis. homeowners benefiting from mortgage settlement
Wisconsin Attorney General J.B. Van Hollen said people across the state are taking advantage of relief offered under the National Mortgage Settlement.
According to the Settlement Monitor report released Monday, through the end of September 2012, five settling banks reported that 1,873 Wisconsin borrowers have benefited from some type of consumer relief totaling $86,204,414. That’s an average of $46,025 per borrower.
Wisconsin homeowners are receiving money as part of February’s national $26 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses.
The Settlement Monitor report also shows more than 500 Wisconsin borrowers have been approved for trial modifications which are expected to provide more than $32 million in additional relief over the next months. That averages $64,869 per borrower.
“I am encouraged by these numbers,” said Van Hollen. “The settling banks appear to be honoring the settlement agreement by offering a range of relief to people across Wisconsin. That said, Wisconsin residents need to continue to come forward and claim the modification and refinancing offers that the banks are extending to residents under the settlement.”
Under the National Mortgage Settlement, Ally/GMAC, Bank of America, Citi, J.P. Morgan Chase, and Wells Fargo, must identify homeowners who are eligible for relief, such as first and second mortgage principal write-down modifications, short sale relief and refinancing options. To learn if you are eligible for relief under the settlement, you may contact your bank directly:
- Ally/GMAC: 800-766-4622
- Bank of America: 877-488-7814
- Citi: 866-272-4749
- JPMorgan Chase: 866-372-6901
- Wells Fargo: 800-288-3212
Van Hollen also advises people who may be eligible for relief under the settlement, and others, to be wary of possible scams.
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