 |
For Immediate Release Contact |
|
Utahns Get More Than $150 Million in Mortgage Relief
![Foreclosure[1].jpg](cmsimages/Foreclosure[1].jpg "Foreclosure[1].jpg")
Utah homeowners have received $152,992,578 in mortgage loan relief so far under the national mortgage settlement. Attorney General Mark Shurtleff made the announcement today after the progress report came out from the National Mortgage Settlement Monitor that shows 2,491 Utah borrowers received relief during the past seven months.The national mortgage settlement is a court-approved agreement between state attorneys general, the federal government and five banks—Ally (GMAC), Bank of America, Citi, J.P. Morgan Chase and Wells Fargo.
"This is good news that the settlement has already brought in a substantial amount of relief to Utah borrowers,” says Shurtleff.
The average amount of relief for Utah homeowners was $61,418. Nationally, the banks disclosed they have extended more than $26.11 billion in gross relief to more than 300,000 borrowers, or roughly $84,384 per homeowner. The amounts still need to be verified by the Monitor.
The settlement obligates the five 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. The amount of credit is based on the type of relief they provide to homeowners. For example, first mortgage principal reductions receive more credit than other types of relief.
The banks reported providing financial assistance to Utah homeowners in the form of first and second lien principal reductions, completed short sales, deficiency waivers and refinances.
Utah borrowers who lost their home to foreclosure from January 1, 2008 through December 31, 2011 and suffered servicing abuse would qualify for the settlement. Eligible borrowers were notified by mail in late September. The deadline for borrowers to respond to the claims administrator is January 18, 2013.
To read the monitor’s complete report, go to www.mortgageoversight.com.
###
"This is good news that the settlement has already brought in a substantial amount of relief to Utah borrowers,” says Shurtleff.
The average amount of relief for Utah homeowners was $61,418. Nationally, the banks disclosed they have extended more than $26.11 billion in gross relief to more than 300,000 borrowers, or roughly $84,384 per homeowner. The amounts still need to be verified by the Monitor.
The settlement obligates the five 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. The amount of credit is based on the type of relief they provide to homeowners. For example, first mortgage principal reductions receive more credit than other types of relief.
The banks reported providing financial assistance to Utah homeowners in the form of first and second lien principal reductions, completed short sales, deficiency waivers and refinances.
Utah borrowers who lost their home to foreclosure from January 1, 2008 through December 31, 2011 and suffered servicing abuse would qualify for the settlement. Eligible borrowers were notified by mail in late September. The deadline for borrowers to respond to the claims administrator is January 18, 2013.
To read the monitor’s complete report, go to www.mortgageoversight.com.
###