FRANKFORT, Ky. - Hundreds of Kentuckians who have been through foreclosure or are struggling with high mortgage payments are getting help from the national mortgage foreclosure settlement.
The $25 billion agreement involves five lenders: Bank of America, JP Morgan Chase, Citi, Wells Fargo, and Ally. This week an independent settlement monitor released a progress report on the number of people who have completed loan modifications, short sales, and refinancing as of June 30.
“Those results include the fact that 477 Kentucky homeowners have already received relief through the program. That totals $14.1 million. So the average borrower had received $29,000 in assistance,” says Allison Martin, spokeswoman for Kentucky Attorney General Jack Conway.
Earlier this year 49 state attorneys general reached the agreement with the lenders. The Commonwealth’s total share of the settlement is $58 million.
“This isn’t over, but Attorney General Conway has personally heard the stories of several people who have been helped by this program and it is very rewarding. It’s rewarding for him and it’s a burden lifted off of these families,” says Martin.
Conway’s office continues to investigate cases involving mortgage-backed securities and the Mortgage Electronic Registration System.