Washington foreclosure victims will get $24 million in settlement
Feb 9, 2012, 10:30 AM | Updated: 11:36 am
Washington’s share of a $25 billion national settlement with the nation’s biggest mortgage lenders will be about $648 million.
Attorney General Rob McKenna said Thursday that the state will get $455 million to help borrowers with loan modification, relocation help, and other assistance for those who can’t afford their payments.
Another $70 million will help Washington borrowers who are current on their mortgage payments, but owe more than their homes are worth.
People who lost their homes through foreclosures may be eligible for a $2,000 payment that is also part of the settlement. The state will get another $45 million for foreclosure prevention hotlines, free legal help for borrowers, and other assistance.
“This settlement is designed to stop the past foreclosure abuses we saw, such as robo-signing, improper documentation, and lost paperwork,” McKenna said.
He said thousands of Washington residents will benefit from the settlement.
The Associated Press contributed to this report.
