10K with foreclosed Md. homes to receive $1,480

Foreclosure 10K with foreclosed Md. homes to receive $1,480More than 10,000 Maryland residents who lost their homes to the foreclosure process will receive $1,480 in compensation from the National Mortgage Settlement, according to Maryland Attorney General Doug Gansler.

The National Mortgage Settlement is a joint state and federal settlement with the country’s five largest mortgage servicers – Ally/GMAC, Bank of America, Citi, JPMorganChase and Wells Fargo.

Investigators found that the companies “routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct.”

Borrowers in the state have already received $1.3 billion in relief from the settlement, according to Gansler’s announcement.

The checks are being mailed from Monday through June 17 to 10,470 state residents who submitted a valid foreclosure claim.

“Although this payment won’t fully compensate borrowers for the loss of their home due to mortgage servicing abuses, it does provide some relief and is much higher than the minimum $840 check amount initially announced,” Gansler said in the release.

To learn more about the settlement, visit the official Maryland Attorney General’s website.

 10K with foreclosed Md. homes to receive $1,480
Parkville Patch

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