Boise – June 5, 2013 – (RealEstateRama) — The Attorney General’s Consumer Protection Division has rescheduled an informational presentation on foreclosure issues in Fort Hall, Attorney General Lawrence Wasden said. The Fort Hall presentation originally scheduled for January was canceled due to weather conditions.
The presentation will be held Monday, June 17th at 6:00 pm in the Large Conference Room of the Fort Hall Housing Authority, 161 Wardance Circle.
Housing Specialist Ramon Hobdey-Sanchez will discuss foreclosure prevention, Idaho’s foreclosure process and how the National Mortgage Settlement affects Idaho homeowners. The presentation is free and open to the public.
“There are many resources, tools and tips that can assist individuals through the foreclosure process, or, better yet, provide them with the necessary knowledge to avoid foreclosure altogether,” Attorney General Wasden said. “I hope these presentations will help Idahoans who have been through or are facing foreclosure.”
Wasden joined a state-federal settlement with the nation’s five largest mortgage servicers: Bank of America, Citi, J.P. Morgan Chase, Ally, and Wells Fargo. The agreement provides more than $100 million in direct relief to Idaho homeowners whose mortgages are owned and serviced by any of the five settling banks and to individuals whose mortgages were serviced by one of the settling banks and who lost their homes to foreclosure.
From that total:
Eligible Idaho borrowers will receive an estimated $90 million in benefits from loan modifications and other direct relief.
Approximately 6,500 Idaho borrowers who lost their home to foreclosure between January 1, 2008 and December 31, 2011, because of substandard servicing practices, will receive more than $9 million in cash payments, averaging at least $1,480. The settlement administrator will begin mailing checks to borrowers on June 10.
The settling servicers paid more than $15 million to fund a program that allows underwater borrowers to refinance their loans.
The settlement preserves the rights of individual borrowers and investors to pursue lawsuits against the banks and the ability of governments to pursue civil or criminal legal remedies on other issues related to the financial and housing crises.