SunTrust customers could get cash back in mortgage settlement

Posted March 17, 2015

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— More than 2,200 homeowners who had mortgages with SunTrust and lost their homes to foreclosure in recent years are eligible for part of a cash settlement worked out by the North Carolina Attorney General's Office.

SunTrust settled a nationwide wrongful foreclosure lawsuit and is on the hook for more than $550 million in payments. North Carolina's portion of that payout is $21.5 million. SunTrust must also meet tougher mortgage servicing standards designed to prevent future problems for homeowners.

Former homeowners must meet the following criteria:

  • They were foreclosed on between January 1, 2008, and December 31, 2013.
  • Their mortgage was serviced by SunTrust at the time of foreclosure.
  • They made at least three payments on the loan.
  • They either lived in the home or intended to live in the home at the time they took out the mortgage.
  • The mortgage was for a property with at least one and no more than four residential units.
  • The unpaid principal of their first mortgage was within certain limits.

Claims forms were mailed this week, and homeowners have until June 4 to submit a claim. The average payment will be around $850, according to Attorney General Roy Cooper.

Consumers can contact the settlement administrator to obtain paperwork or ask questions at 1-866-590-8532 or


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