Arizonans to see checks in mortgage settlement - KTRE.com | Lufkin and Nacogdoches, Texas

Arizonans to see checks in mortgage settlement

Posted: Updated:
CBS 5 News CBS 5 News
PHOENIX (CBS5) -

Restitution checks for Arizonans who lost their homes to foreclosure and filed claims with the Attorney General's Office should be getting their money in coming weeks, Attorney General Tom Horne said Thursday. 

The funds are part of the settlement with the nation's five largest mortgage loan servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo), along with the separate settlement with Bank of America.

The resources to assist homeowners still struggling in the wake of the housing crisis will amount to $1,480 for those who filed claims. That's more than what was originally thought to be available - $845.

People receiving the checks can still pursue remedies for wrongful conduct, Horne said.

When the settlement was first made, it was announced that $1.6 billion would go to Arizona homeowners, most of it directly from banks. Banks report to date that help has been given in the amount of $1.9 billion.

In addition, $57 million of relief was to be administered directly by the AGO. Gov. Jan Brewer signed legislative authorization to spend this money on April 17. The AGO said it immediately began signing contracts with outside agencies to assist in the administration of this help.

Here's the breakdown:

$41 million - Direct assistance to help keep people in their homes, and consumer restitution.

$5 million -· Enforcement and monitoring ($1.6 million per year for three years)

$5 million - Housing counseling ($1.6 million per year for three years)

$4 million - legal services ($1.3 million per year for three years)

$2 million - outreach, marketing, education ($666,000 per year for three years)

"Although the housing market is showing signs of improvement, thousands of Arizonans are seeking help to stay in their homes so there is still work to be done," Horne said in a news release.

Since the mortgage settlements were announced in February of 2012, the Attorney General's Office said it has answered more than 4,000 consumer phone calls, 2,560 emails, and received more than 1,900 written complaints from consumers related to the mortgage crisis.

People with questions regarding the mortgage settlements or who wish to file a consumer complaint can visit the attorney general's website at www.azag.gov/foreclosure.

The phone number is 602-542-1797 or 1-855-256-2834 for those outside the Phoenix area.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

  • Arizonans to see checks in mortgage settlementMore>>

  • Sidebar: Foreclosures

    Related

    Monday, August 13 2012 11:46 PM EDT2012-08-14 03:46:14 GMT
    READ: Arizona foreclosures drop, still No. 2 (8/9/12) READ: Buyer snaps up 275 Phoenix-area foreclosure homes (7/31/12) READ: Phoenix sets pace in national real estate recovery (7/16/12) READ: InsiderMore >>
    READ: Arizona foreclosures drop, still No. 2 (8/9/12) READ: Buyer snaps up 275 Phoenix-area foreclosure homes (7/31/12) READ: Phoenix sets pace in national real estate recovery (7/16/12) READ: InsiderMore >>
Powered by WorldNow
KTRE logo

KTRE

358 TV Road,
Pollok TX 75969

FCC Public File
publicfile@ktre.com
936-853-8639
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KTRE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.