NC homeowners to receive $30M as part of national mortgage settlement
Posted June 4, 2013
Raleigh, N.C. — More than 21,000 people in North Carolina can expect refund checks this month totaling $30.6 million as part of a national mortgage settlement reached last year with the nation's five largest mortgage servicers, Attorney General Roy Cooper said Tuesday.
Homeowners who had their mortgage serviced by Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase or Wells Fargo and lost their home to foreclosure between 2008 and 2011 could receive approximately $1,480 each if they submitted a valid foreclosure payment claim.
Checks will be mailed out between June 10 and June 17, and everyone who filed a claim will receive a letter regarding their outcome.
The payouts are part of $338 million North Carolina received as part of a $37 billion national settlement that Cooper said "is preventing unfair foreclosures, helping people keep their homes and stabilizing home values here in North Carolina and across the country."
The remainder of the money will go toward a variety of state initiatives, such as helping current homeowners at risk of defaulting on their mortgages, refinancing loans at lower rates and hiring more housing counselors through the North Carolina Housing Finance Agency.
Funding will also go to provide legal guidance for those facing foreclosure as well as aiding in the prosecution of lending and financial crimes and enforcing laws.